Pfizer 2008 Annual Report Download - page 95

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Quarterly Consolidated Financial Data (Unaudited)
Pfizer Inc and Subsidiary Companies
QUARTER
(MILLIONS OF DOLLARS, EXCEPT PER COMMON SHARE DATA) FIRST SECOND THIRD FOURTH
2008
Revenues $11,848 $12,129 $11,973 $12,346
Costs and expenses 7,715 8,614 8,872 10,093
Acquisition-related in-process research and development charges 398 156 13 66
Restructuring charges and acquisition-related costs 178 569 366 1,562
Income from continuing operations before (benefit)/provision for
taxes on income, and minority interests 3,557 2,790 2,722 625
(Benefit)/provision for taxes on income 763 25 463 394
Minority interests 666 5
Income from continuing operations 2,788 2,759 2,253 226
Discontinued operations:
Income/(loss) from discontinued operations—net of tax (4) (1) 1 2
Gains/(losses) on sales of discontinued operations—net of tax —1824 38
Discontinued operations—net of tax (4) 17 25 40
Net income $ 2,784 $ 2,776 $ 2,278 $ 266
Earnings per common share—basic:
Income from continuing operations $ 0.41 $ 0.41 $ 0.34 $ 0.03
Discontinued operations—net of tax — — — 0.01
Net income $ 0.41 $ 0.41 $ 0.34 $ 0.04
Earnings per common share—diluted:
Income from continuing operations $ 0.41 $ 0.41 $ 0.33 $ 0.03
Discontinued operations—net of tax — — 0.01 0.01
Net income $ 0.41 $ 0.41 $ 0.34 $ 0.04
Cash dividends paid per common share $ 0.32 $ 0.32 $ 0.32 $ 0.32
Stock prices
High $ 24.08 $ 21.51 $ 19.97 $ 19.00
Low $ 20.50 $ 17.17 $ 17.17 $ 14.45
Basic and diluted EPS are computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS
amounts may not agree to the total for the year.
Revenues include a reduction of $217 million recorded in the third quarter of 2008 to adjust our prior years’ liabilities for product
returns. (See Note 4C. Certain Charges: Adjustment of Prior Years’ Liabilities for Product Returns.)
Costs and expenses includes a charge of $2.3 billion recorded in the fourth quarter of 2008 resulting from an agreement in principle
with the U.S. Department of Justice to resolve the previously reported investigation regarding allegations of past off-label
promotional practices concerning Bextra, as well as certain other open investigations, and charges of $900 million recorded in the
third quarter of 2008 related to our agreements and agreements in principle to resolve certain litigation and claims involving our
NSAID pain medicines. (See Note 4A. Certain Charges: Bextra and Certain Other Investigations and Note 4B. Certain Charges:
Certain Product Litigation—Celebrex and Bextra.)
Acquisition-related in-process research and development charges primarily includes amounts incurred in connection with our
acquisitions of Serenex, Encysive, CovX, Coley and a number of animal health product lines in Europe from Schering-Plough, as
well as two smaller acquisitions also related to Animal Health (see Note 2. Acquisitions).
Restructuring charges and acquisition-related costs includes restructuring charges primarily related to our cost-reduction initiatives
(see Note 5. Cost-Reduction Initiatives).
As of January 31, 2009, there were 226,383 holders of record of our common stock (symbol PFE).
2008 Financial Report 93