Pfizer Inc., adjustment to net income attributable to Pfizer Inc.

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income attributable to Pfizer Inc. (as reported)	2,119)	31,372)	21,979)	9,616)	16,273)
Add: Available-for-sale securities	(229)	441)	(337)	152)	33)
Net income attributable to Pfizer Inc. (adjusted)	1,890)	31,813)	21,642)	9,768)	16,306)

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Pfizer Inc., adjusted profitability ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net Profit Margin
Reported net profit margin	3.62%	31.27%	27.04%	22.95%	31.45%
Adjusted net profit margin	3.23%	31.71%	26.62%	23.31%	31.51%
Return on Equity (ROE)
Reported ROE	2.38%	32.79%	28.47%	15.21%	25.77%
Adjusted ROE	2.12%	33.26%	28.03%	15.45%	25.82%
Return on Assets (ROA)
Reported ROA	0.94%	15.91%	12.11%	6.23%	9.72%
Adjusted ROA	0.83%	16.13%	11.93%	6.33%	9.74%

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Pfizer Inc. adjusted net profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Pfizer Inc. adjusted ROE improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Pfizer Inc. adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Pfizer Inc.	2,119)	31,372)	21,979)	9,616)	16,273)
Revenues	58,496)	100,330)	81,288)	41,908)	51,750)
Profitability Ratio
Net profit margin¹	3.62%	31.27%	27.04%	22.95%	31.45%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Pfizer Inc.	1,890)	31,813)	21,642)	9,768)	16,306)
Revenues	58,496)	100,330)	81,288)	41,908)	51,750)
Profitability Ratio
Adjusted net profit margin²	3.23%	31.71%	26.62%	23.31%	31.51%

2023 Calculations

¹ Net profit margin = 100 × Net income attributable to Pfizer Inc. ÷ Revenues
= 100 × 2,119 ÷ 58,496 = 3.62%

² Adjusted net profit margin = 100 × Adjusted net income attributable to Pfizer Inc. ÷ Revenues
= 100 × 1,890 ÷ 58,496 = 3.23%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Pfizer Inc. adjusted net profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Pfizer Inc.	2,119)	31,372)	21,979)	9,616)	16,273)
Total Pfizer Inc. shareholders’ equity	89,014)	95,661)	77,201)	63,238)	63,143)
Profitability Ratio
ROE¹	2.38%	32.79%	28.47%	15.21%	25.77%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Pfizer Inc.	1,890)	31,813)	21,642)	9,768)	16,306)
Total Pfizer Inc. shareholders’ equity	89,014)	95,661)	77,201)	63,238)	63,143)
Profitability Ratio
Adjusted ROE²	2.12%	33.26%	28.03%	15.45%	25.82%

2023 Calculations

¹ ROE = 100 × Net income attributable to Pfizer Inc. ÷ Total Pfizer Inc. shareholders’ equity
= 100 × 2,119 ÷ 89,014 = 2.38%

² Adjusted ROE = 100 × Adjusted net income attributable to Pfizer Inc. ÷ Total Pfizer Inc. shareholders’ equity
= 100 × 1,890 ÷ 89,014 = 2.12%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Pfizer Inc. adjusted ROE improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Pfizer Inc.	2,119)	31,372)	21,979)	9,616)	16,273)
Total assets	226,501)	197,205)	181,476)	154,229)	167,489)
Profitability Ratio
ROA¹	0.94%	15.91%	12.11%	6.23%	9.72%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Pfizer Inc.	1,890)	31,813)	21,642)	9,768)	16,306)
Total assets	226,501)	197,205)	181,476)	154,229)	167,489)
Profitability Ratio
Adjusted ROA²	0.83%	16.13%	11.93%	6.33%	9.74%

2023 Calculations

¹ ROA = 100 × Net income attributable to Pfizer Inc. ÷ Total assets
= 100 × 2,119 ÷ 226,501 = 0.94%

² Adjusted ROA = 100 × Adjusted net income attributable to Pfizer Inc. ÷ Total assets
= 100 × 1,890 ÷ 226,501 = 0.83%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Pfizer Inc. adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Pfizer Inc. (NYSE:PFE)

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