Pfizer 2006 Annual Report Download - page 79

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78 2006 Financial Report
Financial Summary
Pfizer Inc and Subsidiary Companies
AS OF/FOR THE YEAR ENDED DECEMBER 31
(MILLIONS, EXCEPT PER COMMON SHARE DATA) 2006 2005 2004 2003 2002 2001
Revenues
(a)
$48,371 $47,405 $48,988 $41,787 $29,758 $26,593
Research and development expenses
(b)
7,599 7,256 7,513 7,279 5,153 4,896
Other costs and expenses 25,586 26,341 25,850 25,652 12,742 11,397
Acquisition-related in-process research and development charges
(c)
835 1,652 1,071 5,052 — —
Restructuring charges and acquisition-related costs
(d)
1,323 1,356 1,151 1,023 594 757
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 2,781 11,269 9,543
Provision for taxes on income (1,992) (3,178) (2,460) (1,614) (2,598) (2,424)
Income from continuing operations before cumulative effect of
a change in accounting principles 11,024 7,610 10,936 1,164 8,665 7,105
Discontinued operations—net of tax 8,313 498 425 2,776 871 683
Cumulative effect of a change in accounting principles—net of tax
(e)
— (23) — (30) (410) —
Net income 19,337 8,085 11,361 3,910 9,126 7,788
Effective tax rate—continuing operations 15.3% 29.4% 18.4% 58.0% 23.1% 25.4%
Depreciation and amortization
(f)
5,293 5,576 5,093 4,025 1,030 965
Property, plant and equipment additions
(f)
2,050 2,106 2,601 2,629 1,758 2,105
Cash dividends paid 6,919 5,555 5,082 4,353 3,168 2,715
Working capital
(g)
25,560 18,433 17,582 6,059 5,868 4,485
Property, plant and equipment, less accumulated depreciation 16,632 16,233 17,593 17,573 10,264 8,717
Total assets
(g)
114,837 116,970 125,848 111,131 44,251 35,601
Long-term debt 5,546 6,347 7,279 5,755 3,140 2,609
Long-term capital
(h)
84,993 81,895 88,959 78,866 21,647 17,997
Shareholders’ equity 71,358 65,764 68,433 60,049 18,099 14,948
Earnings per common share—basic:
Income from continuing operations before cumulative effect of
a change in accounting principles 1.52 1.03 1.45 0.16 1.41 1.14
Discontinued operations—net of tax 1.15 0.07 0.06 0.38 0.14 0.11
Cumulative effect of a change in accounting principles—net of tax
(e)
— — — — (0.07) —
Net income 2.67 1.10 1.51 0.54 1.48 1.25
Earnings per common share—diluted:
Income from continuing operations before cumulative effect of
a change in accounting principles 1.52 1.02 1.43 0.16 1.39 1.11
Discontinued operations—net of tax 1.14 0.07 0.06 0.38 0.14 0.11
Cumulative effect of a change in accounting principles—net of tax
(e)
— — — — (0.07) —
Net income 2.66 1.09 1.49 0.54 1.46 1.22
Market value per share (December 31) 25.90 23.32 26.89 35.33 30.57 39.85
Return on shareholders’ equity 28.20% 12.0% 17.7% 10.0% 55.2% 56.8%
Cash dividends paid per common share 0.96 0.76 0.68 0.60 0.52 0.44
Shareholders’ equity per common share 10.05 8.98 9.21 7.93 2.97 2.41
Current ratio 2.20:1 1.65:1 1.63:1 1.26:1 1.32:1 1.33:1
Weighted-average shares used to calculate:
Basic earnings per common share amounts 7,242 7,361 7,531 7,213 6,156 6,239
Diluted earnings per common share amounts 7,274 7,411 7,614 7,286 6,241 6,361