Pfizer 2006 Annual Report Download - page 39

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2006 Financial Report 37
Consolidated Statements of Income
Pfizer Inc and Subsidiary Companies
YEAR ENDED DECEMBER 31,
_______________________________________________________________
(MILLIONS, EXCEPT PER COMMON SHARE DATA) 2006 2005 2004
Revenues $48,371 $47,405 $48,988
Costs and expenses:
Cost of sales
(a)
7,640 7,232 6,391
Selling, informational and administrative expenses
(a)
15,589 15,313 15,304
Research and development expenses
(a)
7,599 7,256 7,513
Amortization of intangible assets 3,261 3,399 3,352
Acquisition-related in-process research and development charges 835 1,652 1,071
Restructuring charges and acquisition-related costs 1,323 1,356 1,151
Other (income)/deductions—net (904) 397 803
Income from continuing operations before provision for taxes on income,
minority interests and cumulative effect of a change in accounting principles 13,028 10,800 13,403
Provision for taxes on income 1,992 3,178 2,460
Minority interests 12 12 7
Income from continuing operations before cumulative effect of a change
in accounting principles 11,024 7,610 10,936
Discontinued operations:
Income from discontinued operations—net of tax 433 451 374
Gains on sales of discontinued operations—net of tax 7,880 47 51
Discontinued operations—net of tax 8,313 498 425
Income before cumulative effect of a change in accounting principles 19,337 8,108 11,361
Cumulative effect of a change in accounting principles—net of tax — (23) —
Net income $19,337 $ 8,085 $11,361
Earnings per common share—basic
Income from continuing operations before cumulative effect of a change
in accounting principles $ 1.52 $ 1.03 $ 1.45
Discontinued operations 1.15 0.07 0.06
Income before cumulative effect of a change in accounting principles 2.67 1.10 1.51
Cumulative effect of a change in accounting principles — ——
Net income $ 2.67 $ 1.10 $ 1.51
Earnings per common share—diluted
Income from continuing operations before cumulative effect of a change
in accounting principles $ 1.52 $ 1.02 $ 1.43
Discontinued operations 1.14 0.07 0.06
Income before cumulative effect of a change in accounting principles 2.66 1.09 1.49
Cumulative effect of a change in accounting principles — ——
Net income $ 2.66 $ 1.09 $ 1.49
Weighted-average shares—basic 7,242 7,361 7,531
Weighted-average shares—diluted 7,274 7,411 7,614
(a)
Exclusive of amortization of intangible assets, except as disclosed in Note 1K. Amortization of Intangible Assets, Depreciation and Certain
Long-Lived Assets.
See Notes to Consolidated Financial Statements, which are an integral part of these statements.