Pfizer 2007 Annual Report Download - page 84

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82 2007 Financial Report
Financial Summary
Pfizer Inc and Subsidiary Companies
AS OF/FOR THE YEAR ENDED DECEMBER 31
(MILLIONS, EXCEPT PER COMMON SHARE DATA) 2007 2006 2005 2004 2003 2002
Revenues $48,418 $48,371 $47,405 $48,988 $41,787 $29,758
Research and development expenses(a) 8,089 7,599 7,256 7,513 7,279 5,153
Other costs and expenses 28,234 25,586 26,341 25,850 25,652 12,742
Acquisition-related in-process research and development charges(b) 283 835 1,652 1,071 5,052 —
Restructuring charges and acquisition-related costs(c) 2,534 1,323 1,356 1,151 1,023 594
Income from continuing operations before provision for taxes
on income, minority interests and cumulative effect of a change
in accounting principles 9,278 13,028 10,800 13,403 2,781 11,269
Provision for taxes on income (1,023) (1,992) (3,178) (2,460) (1,614) (2,598)
Income from continuing operations before cumulative effect of
a change in accounting principles 8,213 11,024 7,610 10,936 1,164 8,665
Discontinued operations—net of tax (69) 8,313 498 425 2,776 871
Cumulative effect of a change in accounting principles—net of tax(d) —— (23) — (30) (410)
Net income 8,144 19,337 8,085 11,361 3,910 9,126
Effective tax rate—continuing operations 11.0% 15.3% 29.4% 18.4% 58.0% 23.1%
Depreciation and amortization(e) 5,200 5,293 5,576 5,093 4,025 1,030
Property, plant and equipment additions(e) 1,880 2,050 2,106 2,601 2,629 1,758
Cash dividends paid 7,975 6,919 5,555 5,082 4,353 3,168
Working capital(f) 25,014 25,559 18,433 17,582 6,059 5,868
Property, plant and equipment, less accumulated depreciation 15,734 16,632 16,233 17,593 17,573 10,264
Total assets(f) 115,268 115,546 116,970 125,848 111,131 44,251
Long-term debt 7,314 5,546 6,347 7,279 5,755 3,140
Long-term capital(g) 80,134 84,993 81,895 88,959 78,866 21,647
Shareholders’ equity 65,010 71,358 65,764 68,433 60,049 18,099
Earnings per common share—basic:
Income from continuing operations before cumulative effect of
a change in accounting principles 1.19 1.52 1.03 1.45 0.16 1.41
Discontinued operations—net of tax (0.01) 1.15 0.07 0.06 0.38 0.14
Cumulative effect of a change in accounting principles—net of tax(d) —————(0.07)
Net income 1.18 2.67 1.10 1.51 0.54 1.48
Earnings per common share—diluted:
Income from continuing operations before cumulative effect of
a change in accounting principles 1.18 1.52 1.02 1.43 0.16 1.39
Discontinued operations—net of tax (0.01) 1.14 0.07 0.06 0.38 0.14
Cumulative effect of a change in accounting principles—net of tax(d) —————(0.07)
Net income 1.17 2.66 1.09 1.49 0.54 1.46
Market value per share (December 31) 22.73 25.90 23.32 26.89 35.33 30.57
Return on shareholders’ equity 11.94% 28.20% 12.0% 17.7% 10.0% 55.2%
Cash dividends paid per common share 1.16 0.96 0.76 0.68 0.60 0.52
Shareholders’ equity per common share 9.65 10.05 8.98 9.21 7.93 2.97
Current ratio 2.15:1 2.16:1 1.65:1 1.63:1 1.26:1 1.32:1
Weighted-average shares used to calculate:
Basic earnings per common share amounts 6,917 7,242 7,361 7,531 7,213 6,156
Diluted earnings per common share amounts 6,939 7,274 7,411 7,614 7,286 6,241