Pfizer 2005 Annual Report Download - page 36

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2005 Financial Report 35
Consolidated Statements of Income
Pfizer Inc and Subsidiary Companies
YEAR ENDED DECEMBER 31,
_______________________________________________________________
(MILLIONS, EXCEPT PER COMMON SHARE DATA) 2005 2004 2003
Revenues $51,298 $52,516 $44,736
Costs and expenses:
Cost of sales(a) 8,525 7,541 9,589
Selling, informational and administrative expenses(a) 16,997 16,903 15,108
Research and development expenses(a) 7,442 7,684 7,487
Amortization of intangible assets 3,409 3,364 2,187
Merger-related in-process research and development charges 1,652 1,071 5,052
Restructuring charges and merger-related costs 1,392 1,193 1,058
Other (income)/deductions—net 347 753 1,009
Income from continuing operations before provision for taxes on income,
minority interests and cumulative effect of a change in accounting principles 11,534 14,007 3,246
Provision for taxes on income 3,424 2,665 1,614
Minority interests 16 10 3
Income from continuing operations before cumulative effect of a change
in accounting principles 8,094 11,332 1,629
Discontinued operations:
(Loss)/income from discontinued operations—net of tax (31) (22) 26
Gains on sales of discontinued operations—net of tax 47 51 2,285
Discontinued operations—net of tax 16 29 2,311
Income before cumulative effect of a change in accounting principles 8,110 11,361 3,940
Cumulative effect of a change in accounting principles—net of tax (25) —(30)
Net income $8,085 $11,361 $ 3,910
Earnings per common share—basic
Income from continuing operations before cumulative effect of a change
in accounting principles $1.10 $1.51 $ 0.22
Discontinued operations ——0.32
Income before cumulative effect of a change in accounting principles 1.10 1.51 0.54
Cumulative effect of a change in accounting principles ———
Net income $1.10 $1.51 $ 0.54
Earnings per common share—diluted
Income from continuing operations before cumulative effect of a change
in accounting principles $1.09 $1.49 $ 0.22
Discontinued operations ——0.32
Income before cumulative effect of a change in accounting principles 1.09 1.49 0.54
Cumulative effect of a change in accounting principles ———
Net income $1.09 $1.49 $ 0.54
Weighted-average shares—basic 7,361 7,531 7,213
Weighted-average shares—diluted 7,411 7,614 7,286
(a) Exclusive of amortization of intangible assets, except as disclosed in Note 1K, Amortization of Intangible Assets, Depreciation and Certain
Long-Lived Assets.
See Notes to Consolidated Financial Statements which are an integral part of these statements.