Pfizer 2011 Annual Report Download - page 54

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Consolidated Statements of Income
Pfizer Inc. and Subsidiary Companies
YEAR ENDED DECEMBER 31,
(MILLIONS, EXCEPT PER COMMON SHARE DATA) 2011 2010 2009
Revenues $67,425 $67,057 $49,269
Costs and expenses:
Cost of sales(a) 15,085 15,838 8,459
Selling, informational and administrative expenses(a) 19,468 19,480 14,752
Research and development expenses(a) 9,112 9,392 7,824
Amortization of intangible assets 5,585 5,403 2,877
Acquisition-related in-process research and development charges —125 68
Restructuring charges and certain acquisition-related costs 2,934 3,201 4,330
Other deductions—net 2,479 4,336 285
Income from continuing operations before provision for taxes on income 12,762 9,282 10,674
Provision for taxes on income 4,023 1,071 2,145
Income from continuing operations 8,739 8,211 8,529
Discontinued operations:
Income from discontinued operations—net of tax 888 97
Gain/(loss) on sale of discontinued operations—net of tax 1,304 (11) 17
Discontinued operations—net of tax 1,312 77 114
Net income before allocation to noncontrolling interests 10,051 8,288 8,643
Less: Net income attributable to noncontrolling interests 42 31 8
Net income attributable to Pfizer Inc. $10,009 $ 8,257 $ 8,635
Earnings per common share—basic:(b)
Income from continuing operations attributable to Pfizer Inc. common shareholders $ 1.11 $ 1.02 $ 1.22
Discontinued operations—net of tax 0.17 0.01 0.02
Net income attributable to Pfizer Inc. common shareholders $ 1.28 $ 1.03 $ 1.23
Earnings per common share—diluted:(b)
Income from continuing operations attributable to Pfizer Inc. common shareholders $ 1.11 $ 1.01 $ 1.21
Discontinued operations—net of tax 0.17 0.01 0.02
Net income attributable to Pfizer Inc. common shareholders $ 1.27 $ 1.02 $ 1.23
Weighted-average shares—basic 7,817 8,036 7,007
Weighted-average shares—diluted 7,870 8,074 7,045
(a) Exclusive of amortization of intangible assets, except as disclosed in Note 1K. Significant Accounting Policies: Amortization of Intangible Assets,
Depreciation and Certain Long-Lived Assets.
(b) EPS amounts may not add due to rounding.
See Notes to Consolidated Financial Statements, which are an integral part of these statements.
2011 Financial Report 53