1997 Annual Report		 Product Review Financials Setting
  | Financial Highlights | Financial Review |
| Management’s Report | Audit Committee’s Report |
| Independent Auditors’ Report | Financial Statements
| Notes to Financial Statements |
| Directors, Committees, and Officers |
| Corporate and Shareholder Information |		 | Consolidated Income |
| Consolidated Balance Sheet |
| Consolidated Shareholder’s Equity |
| Consolidated Cash Flows |
| Segment Information | Geographic Data |
| Quarterly Data | Financial Summary |
 

  Financial Summary
  Pfizer Inc and Subsidiary Companies

  Year ended December 31 
(millions, except per share data) 1997 1996 1995 1994 1993 1992     1991 1990 1989 1988 1987 
  • Net sales
    		•  $12,188 11,306 10,021 7,977 7,162 6,871     6,580 5,859 5,162 4,873 4,406 
  • Alliance revenue
    		•  316 — — — — —     — — — — — 
  • Total revenues
    		•  12,504 11,306 10,021 7,977 7,162 6,871     6,580 5,859 5,162 4,873 4,406 
  • Cost of sales
    		•   2,274  2,176 2,164 1,722 1,559 1,766     1,930 1,815 1,671 1,634 1,518 
  • Selling, informational and administrative
    		•   4,956 4,366 3,855 3,184 3,006 2,838     2,680 2,384 2,043 1,818 1,627 
  • Research and development
    		•   1,928  1,684 1,442 1,126  961 851      745  627  519  459  386 
  • Divestitures, restructuring and unusual items(1)
    		•  — — — —  741 (141)      300 — — — — 
  • Other (income) / deductions — net
    		•   258 276  261  115   60 16       12 (42)   51 (93)   (66) 
  • Income from continuing operations before taxes and minority interests
    		•   3,088  2,804 2,299 1,830  835 1,541      913 1,075  878 1,055  941 
  • Provision for taxes on income
    		•   865  869  738  549  188 440      211  290  222  296  295 
  • Income from continuing operations before cumulative effect of accounting changes
    		•  $ 2,213 1,929 1,554 1,276  645 1,098      699  780  652  756  643 
  • Discontinued operations — net
    		•  —  —  19  22  13 (4)      23   21   29   35   47 
  • Cumulative effect of accounting changes
    		•  — — — — — (283)(2) — — — — — 
       Net income $ 2,213 1,929 1,573 1,298  658 811      722  801  681  791  690 
  • Effective tax rate
    		•  28.0% 31.0% 32.1% 30.0% 22.5% 28.6%     23.1% 27.0% 25.2% 28.0% 31.4%  
  • Depreciation
    		•  $   416  361  321  275  241 243      218  200  184  177  162 
  • Property, plant and equipment additions
    		•  943 774 696 672 634 674     594 548 457 344 258 
  • Cash dividends paid
    		•   881  771  659  594  536 487      437  397  364  330  297 
    As of December 31
  • Working capital
    		•  $ 1,515  828  965  962 1,290 2,167     1,388 1,319 1,593 1,751 2,144 
  • Property, plant and equipment — net
    		•  4,137 3,850 3,473 3,073 2,633 2,305     2,381 2,110 1,784 1,655 1,506 
  • Total assets
    		•  15,336 14,667 12,729 11,099 9,331 9,590     9,635 9,052 8,325 7,593 6,872 
  • Long-term debt
    		•   729  687   833   604   571 571       397   193   191   227  249 
  • Long-term capital(3)
    		•  8,852 7,944 6,552 5,179 4,665 5,472     5,742 5,666 5,062 4,866 4,471 
  • Shareholders’ equity
    		•  7,933 6,954 5,506 4,324 3,866 4,719     5,026 5,092 4,536 4,301 3,882 
  • Per common share data:
    		•
          Basic:
    • Income from continuing operations before effect of accounting changes
    		 $   1.76  1.55  1.26  1.04  .51 .83      .53   .59  .49  .57  .49 
    • Net income
    		 $   1.76  1.55  1.28  1.06  .52  .62      .55  .61  .51  .60  .52 
          Diluted:










    • Income from continuing operations before effect of accounting changes
    		 $   1.70  1.50  1.23  1.03  .50 .82      .52   .58  .48  .56  .47 
    • Net income
    		 $   1.70  1.50  1.25  1.04   .51 .60      .53  .60  .50  .59  .51 
    • Market value (December 31)
    		 $ 74.56   41.50   31.50   19.31   17.25 18.13       21.00   10.10   8.69   7.25   5.83 
    • Cash dividends paid
    		   .68   .60  .52  .47  .42 .37      .33  .30  .28  .25  .23 
    • Shareholders’ equity
    		   6.30   5.54   4.45   3.55   3.11 3.63       3.82   3.86   3.43   3.25   2.95 
  • Weighted average shares used to calculate:
    		•                       
    • Basic earnings per share amounts
    		  1,257  1,248  1,229  1,223  1,262 1,316      1,321  1,322  1,324  1,321  1,320 
    • Diluted earnings per share amounts
    		  1,303  1,288  1,259  1,243  1,282 1,346      1,357  1,349  1,358  1,355  1,365 
  • Number of employees (thousands)
    		•    49   47   44   40  40 40      43   42   41   40   39 
  • Total revenues per employee (thousands)
    		•  $    254  243  229  198  179 172      152  141  127  123  112 
      We sold our food science business in 1996 and have reported it as a discontinued operation.
      We have restated all common share and per share data for the 1997, 1995 and 1991 stock splits.
    (1) Divestitures, restructuring and unusual items — net include the following:
      1993 — Pre-tax charges of approximately $745 million and $56 million to cover worldwide restructuring programs, as well as unusual items and a gain of approximately $60 million realized on the sale of our remaining interest in Minerals Technologies Inc.
      1992 — Pre-tax gain of $259 million on the sale of a business, offset by pre-tax charges of $175 million for restructuring, consolidating and streamlining. In addition, it includes pre-tax curtailment gains of $57 million associated with postretirement benefits other than pensions of divested operations.
      1991 — A pre-tax charge of $300 million for potential future Shiley C/C heart valve fracture claims.
    (2) Accounting changes adopted January 1, 1992: SFAS No. 106 — $313 million or $.23 per share; SFAS No. 109 — credit of $30 million or $.02 per share.
    (3) Defined as long-term debt, deferred taxes on income, minority interests and shareholders’ equity.
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