Pfizer 2007 Annual Report Download - page 41

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YEAR ENDED DECEMBER 31,
_______________________________________________________________
(MILLIONS, EXCEPT PER COMMON SHARE DATA) 2007 2006 2005
Revenues $48,418 $48,371 $47,405
Costs and expenses:
Cost of sales(a) 11,239 7,640 7,232
Selling, informational and administrative expenses(a) 15,626 15,589 15,313
Research and development expenses(a) 8,089 7,599 7,256
Amortization of intangible assets 3,128 3,261 3,399
Acquisition-related in-process research and development charges 283 835 1,652
Restructuring charges and acquisition-related costs 2,534 1,323 1,356
Other (income)/deductions—net (1,759) (904) 397
Income from continuing operations before provision for taxes on income,
minority interests and cumulative effect of a change in accounting principles 9,278 13,028 10,800
Provision for taxes on income 1,023 1,992 3,178
Minority interests 42 12 12
Income from continuing operations before cumulative effect of a change
in accounting principles 8,213 11,024 7,610
Discontinued operations:
Income/(loss) from discontinued operations—net of tax (3) 433 451
Gains/(losses) on sales of discontinued operations—net of tax (66) 7,880 47
Discontinued operations—net of tax (69) 8,313 498
Income before cumulative effect of a change in accounting principles 8,144 19,337 8,108
Cumulative effect of a change in accounting principles—net of tax —— (23)
Net income $ 8,144 $19,337 $ 8,085
Earnings per common share—basic
Income from continuing operations before cumulative effect of a change
in accounting principles $ 1.19 $ 1.52 $ 1.03
Discontinued operations (0.01) 1.15 0.07
Income before cumulative effect of a change in accounting principles 1.18 2.67 1.10
Cumulative effect of a change in accounting principles ———
Net income $ 1.18 $ 2.67 $ 1.10
Earnings per common share—diluted
Income from continuing operations before cumulative effect of a change
in accounting principles $ 1.18 $ 1.52 $ 1.02
Discontinued operations (0.01) 1.14 0.07
Income before cumulative effect of a change in accounting principles 1.17 2.66 1.09
Cumulative effect of a change in accounting principles ———
Net income $ 1.17 $ 2.66 $ 1.09
Weighted-average shares—basic 6,917 7,242 7,361
Weighted-average shares—diluted 6,939 7,274 7,411
(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.
2007 Financial Report 39
Consolidated Statements of Income
Pfizer Inc and Subsidiary Companies