Pfizer 2005 Annual Report Download - page 74

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2005 Financial Report 73
AS OF/FOR THE YEAR ENDED DECEMBER 31
(MILLIONS, EXCEPT PER COMMON SHARE DATA) 2005 2004 2003 2002 2001 2000
Revenues(a) $51,298 $52,516 $44,736 $32,294 $28,947 $25,958
Research and development expenses(b) 7,442 7,684 7,487 5,208 4,982 4,374
Other costs and expenses 29,278 28,561 27,893 14,690 13,183 12,890
Merger-related in-process research and development charges(c) 1,652 1,071 5,052———
Restructuring charges and merger-related costs(d) 1,392 1,193 1,058 630 819 3,223
Income from continuing operations before provision for taxes
on income, minority interests and cumulative effect of a change
in accounting principles 11,534 14,007 3,246 11,766 9,963 5,471
Provision for taxes on income (3,424) (2,665) (1,614) (2,599) (2,426) (1,936)
Income from continuing operations before cumulative effect of
a change in accounting principles 8,094 11,332 1,629 9,161 7,523 3,522
Discontinued operations—net of tax 16 29 2,311 375 265 204
Cumulative effect of a change in accounting principles—net of tax(e) (25) —(30) (410) — —
Net income 8,085 11,361 3,910 9,126 7,788 3,726
Effective tax rate—continuing operations 29.7% 19.0% 49.7% 22.1% 24.4% 35.4%
Depreciation and amortization 5,576 5,093 4,025 1,030 965 877
Property, plant and equipment additions 2,106 2,601 2,629 1,758 2,105 2,073
Cash dividends paid 5,555 5,082 4,353 3,168 2,715 2,197
Working capital(f) 13,448 12,630 6,768 6,242 5,502 6,073
Property, plant and equipment—net 17,090 18,385 18,156 10,712 9,783 8,757
Total assets(f) 117,565 123,078 116,775 46,356 39,153 33,510
Long-term debt 6,347 7,279 5,755 3,140 2,609 1,123
Long-term capital(g) 82,291 87,646 84,203 23,505 21,348 17,575
Shareholders’ equity 65,627 68,278 65,377 19,950 18,293 16,076
Earnings per common share—basic:
Income from continuing operations before cumulative effect of
a change in accounting principles 1.10 1.51 0.22 1.49 1.21 0.57
Discontinued operations—net of tax ——0.32 0.06 0.04 0.03
Cumulative effect of a change in accounting principles—net of tax(e) ———(0.07) — —
Net income 1.10 1.51 0.54 1.48 1.25 0.60
Earnings per common share—diluted:
Income from continuing operations before cumulative effect of
a change in accounting principles 1.09 1.49 0.22 1.47 1.18 0.56
Discontinued operations—net of tax ——0.32 0.06 0.04 0.03
Cumulative effect of a change in accounting principles—net of tax(e) ———(0.07) — —
Net income 1.09 1.49 0.54 1.46 1.22 0.59
Market value per share (December 31) 23.32 26.89 35.33 30.57 39.85 46.00
Return on shareholders’ equity 12.1% 17.0% 9.2% 47.7% 45.3% 24.8%
Cash dividends paid per common share 0.76 0.68 0.60 0.52 0.44 0.36
Shareholders’ equity per common share 8.96 9.19 8.63 3.27 2.95 2.58
Current ratio 1.47:1 1.48:1 1.28:1 1.34:1 1.40:1 1.50:1
Weighted average shares used to calculate:
Basic earnings per common share amounts 7,361 7,531 7,213 6,156 6,239 6,210
Diluted earnings per common share amounts 7,411 7,614 7,286 6,241 6,361 6,368
Financial Summary
Pfizer Inc and Subsidiary Companies