Pfizer 2015 Annual Report Download - page 40

Download and view the complete annual report

Please find page 40 of the 2015 Pfizer annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 134

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134

Financial Review
Pfizer Inc. and Subsidiary Companies
2015 Financial Report
39
2013
IN MILLIONS, EXCEPT PER COMMON SHARE DATA
GAAP
Reported
Purchase
Accounting
Adjustments(a)
Acquisition-
Related
Costs(a)
Discontinued
Operations(a)
Certain
Significant
Items(a)
Non-GAAP
Adjusted
Revenues $ 51,584 $ —$—$—$
(132)$ 51,452
Cost of sales 9,586 23 (116)—
(220)9,273
Selling, informational and administrative
expenses 14,355 8(8)—
(183)14,172
Research and development expenses 6,678 3——
(127)6,554
Amortization of intangible assets 4,599 (4,438)— ——
161
Restructuring charges and certain
acquisition-related costs 1,182 —(252)—
(930)—
Other (income)/deductions––net (532)60 — — 636 164
Income from continuing operations before
provision for taxes on income 15,716 4,344 376 —692 21,128
Provision for taxes on income(b) 4,306 1,198 (7) — 313 5,810
Income from continuing operations 11,410 3,146 383 —379 15,318
Discontinued operations––net of tax 10,662 — — (10,662) — —
Net income attributable to noncontrolling
interests 69 ——
(39)—30
Net income attributable to Pfizer Inc. 22,003 3,146 383 (10,623) 379 15,288
Earnings per common share attributable
to Pfizer Inc.––diluted 3.19 0.46 0.06 (1.54)0.05 2.22
(a) For details of adjustments, see “Details of Income Statement Items Included in GAAP Reported but Excluded from Non-GAAP Adjusted Income” below.
(b) The effective tax rate on Non-GAAP Adjusted income was 24.0% in 2015, 26.5% in 2014 and 27.5% in 2013. The effective tax rate for 2015 compared with
2014 was favorably impacted by the change in the jurisdictional mix of earnings as a result of operating fluctuations in the normal course of business. The
effective tax rate in 2014 compared to 2013 was favorably impacted by the change in the jurisdictional mix of earnings as a result of operating fluctuations in the
normal course of business, partially offset by a decrease in the favorable impact of the resolution of certain tax positions, pertaining to prior years, with various
foreign tax authorities and from the expiration of certain statutes of limitations, as well as a decrease in the favorable impact of the U.S. R&D tax credit
compared to 2013.