Pfizer 2020 Annual Review

FINANCIAL PERFORMANCE

Three-year summary as of and for the year ended December 31^(a)

				% Change
Millions (Except Per Common Share Data)	2020	2019	2018	20/19	19/18
Revenues	$41,908	$41,172	$40,825	2	1
Cost of sales	$8,692	$8,251	$8,987	5	(8)
Selling, informational and administrative expenses	$11,615	$12,750	$12,612	(9)	1
Research and development expenses	$9,405	$8,394	$7,760	12	8
Restructuring charges and certain acquisition-related costs	$600	$601	$1,058	—	(43)
(Gain) on completion of Consumer Healthcare JV transaction	$(6)	$(8,086)	—	*	*
Other (income)/deductions—net	$669	$3,314	$2,077	(80)	60
Income from continuing operations	$7,021	$10,867	$3,861	(35)	*
Income from discontinued operations—net of tax	$2,631	$5,435	$7,328	(52)	(26)
Net income attributable to Pfizer Inc. common shareholders	$9,616	$16,273	$11,153	(41)	46
Diluted earnings per common share attributable to Pfizer Inc. common shareholders	$1.71	$2.87	$1.87	(40)	54
Weighted-average shares—diluted	$5,632	$5,675	$5,977	(1)	(5)
Number of common shares outstanding	$5,566	$5,534	$5,717	1	(3)
Total assets	$154,229	$167,594	$159,588	(8)	5
Total long-term obligations^(b)	$64,835	$66,844	$63,972	(3)	4
Total Pfizer Inc. shareholders’ equity	$63,238	$63,143	$63,407	—	—
Net cash provided by operating activities	$14,403	$12,588	$15,827	14	(20)
Purchases of property, plant and equipment	$2,252	$2,072	$1,984	9	4
Purchases of common stock	—	$8,865	$12,198	*	(27)
Cash dividends paid	$8,440	$8,043	$7,978	5	1

* Indicates calculation not meaningful or result is equal to or greater than 100%.

Amounts reflect the Upjohn Business, Pfizer’s global, primarily off-patent branded and generics business that was spun-off on November 16, 2020 and combined with Mylan N.V. (Mylan) to create Viatris, and the Mylan-Japan collaboration, a pre-existing strategic collaboration between Pfizer and Mylan for generic drugs in Japan that terminated on December 21, 2020, as discontinued operations in all periods presented following the November 16, 2020 spin-off and combination of the Upjohn Business with Mylan and the December 21, 2020 termination of the Mylan-Japan collaboration. Income from discontinued operations––net of tax for the year ended December 31, 2020 includes the operating results of the Upjohn Business through November 16, 2020, the date of the spin-off and combination with Mylan. In addition, other acquisitions and business development activities completed in 2020, 2019 and 2018, including the acquisitions of Array BioPharma Inc. and Therachon Holding AG, and the contribution of our Consumer Healthcare business to the Consumer Healthcare joint venture, impacted financial results in the periods presented.
Defined as Long-term debt, Pension benefit obligations, Postretirement benefit obligations, Noncurrent deferred tax liabilities, Other taxes payable and Other noncurrent liabilities. Our short-term borrowings are rated P-1 by Moody’s Investors Service (Moody’s) and A-1+ by Standard & Poor’s (S&P). Our long-term debt is rated A2 by Moody’s (Outlook/Watch: Stable) and A+ by S&P (Outlook/Watch: Stable). Moody’s and S&P are major corporate debt-rating organizations. A security rating is not a recommendation to buy, sell or hold securities and the rating is subject to revision or withdrawal at any time by the rating organization. Each rating should be evaluated independently of any other rating.

Footnotes

* Detailed information on our financial and operational performance can be found in our 2020 Annual Report on Form 10-K.

Pfizer 2020 Annual Review

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