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Pfizer Inc. (PFE) | Analysis of Investments

Investment Accounting Policy

Many, but not all, of Pfizer Inc.'s financial instruments are carried at fair value. For example, substantially all of Pfizer Inc.'s cash equivalents, short-term investments and long-term investments are classified as available-for-sale securities and are carried at fair value, with changes in unrealized gains and losses, net of tax, reported in Other comprehensive income/(expense).

Realized gains or losses on sales of investments are determined by using the specific identification cost method.

Source: Pfizer Inc., Annual Report

Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities

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Pfizer Inc., adjustment to Net Income Attributable To Pfizer Inc.

USD $ in millions

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  12 months ended Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007 Dec 31, 2006
Net income attributable to Pfizer Inc. (as reported)
Add: Available-for-sale securities
Net income attributable to Pfizer Inc. (adjusted)

Adjusted Ratios: Mark to Market Available-for-sale Securities (Summary)

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Pfizer Inc., adjusted ratios

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    Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007 Dec 31, 2006
  Net Profit Margin
Reported net profit margin % % % % %
Adjusted net profit margin % % % % %
  Return on Equity (ROE)
Reported ROE % % % % %
Adjusted ROE % % % % %
  Return on Assets (ROA)
Reported ROA % % % % %
Adjusted ROA % % % % %
Ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Pfizer Inc.'s adjusted net profit margin improved from 2008 to 2009 but then deteriorated significantly from 2009 to 2010.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders' equity. Pfizer Inc.'s adjusted ROE deteriorated from 2008 to 2009 and from 2009 to 2010.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Pfizer Inc.'s adjusted ROA deteriorated from 2008 to 2009 and from 2009 to 2010.

Adjusted Net Profit Margin

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    Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007 Dec 31, 2006
  As Reported
Net income attributable to Pfizer Inc. (USD $ in millions)
Revenues (USD $ in millions)
   
Net profit margin1 % % % % %
  Adjusted: Mark to Market Available-for-sale Securities
Adjusted net income attributable to Pfizer Inc. (USD $ in millions)
Revenues (USD $ in millions)
   
Adjusted net profit margin2 % % % % %

2010 Calculations

1 Net profit margin = 100 × Net income attributable to Pfizer Inc. ÷ Revenues
= 100 × ÷ = %

2 Adjusted net profit margin = 100 × Adjusted net income attributable to Pfizer Inc. ÷ Revenues
= 100 × ÷ = %

Ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Pfizer Inc.'s adjusted net profit margin improved from 2008 to 2009 but then deteriorated significantly from 2009 to 2010.

Adjusted Return On Equity (ROE)

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    Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007 Dec 31, 2006
  As Reported
Net income attributable to Pfizer Inc. (USD $ in millions)
Pfizer Inc. shareholders’ equity (USD $ in millions)
   
ROE1 % % % % %
  Adjusted: Mark to Market Available-for-sale Securities
Adjusted net income attributable to Pfizer Inc. (USD $ in millions)
Pfizer Inc. shareholders’ equity (USD $ in millions)
   
Adjusted ROE2 % % % % %

2010 Calculations

1 ROE = 100 × Net income attributable to Pfizer Inc. ÷ Pfizer Inc. shareholders’ equity
= 100 × ÷ = %

2 Adjusted ROE = 100 × Adjusted net income attributable to Pfizer Inc. ÷ Pfizer Inc. shareholders’ equity
= 100 × ÷ = %

Ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders' equity. Pfizer Inc.'s adjusted ROE deteriorated from 2008 to 2009 and from 2009 to 2010.

Adjusted Return On Assets (ROA)

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    Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007 Dec 31, 2006
  As Reported
Net income attributable to Pfizer Inc. (USD $ in millions)
Total assets (USD $ in millions)
   
ROA1 % % % % %
  Adjusted: Mark to Market Available-for-sale Securities
Adjusted net income attributable to Pfizer Inc. (USD $ in millions)
Total assets (USD $ in millions)
   
Adjusted ROA2 % % % % %

2010 Calculations

1 ROA = 100 × Net income attributable to Pfizer Inc. ÷ Total assets
= 100 × ÷ = %

2 Adjusted ROA = 100 × Adjusted net income attributable to Pfizer Inc. ÷ Total assets
= 100 × ÷ = %

Ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Pfizer Inc.'s adjusted ROA deteriorated from 2008 to 2009 and from 2009 to 2010.

February 7, 2012

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