Stock Analysis on Net

Pfizer Inc. (NYSE:PFE)

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Pfizer Inc., consolidated cash flow statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income before allocation to noncontrolling interests 2,158 31,407 22,025 9,652 16,302
Discontinued operations, net of tax 14 (6) 434 (2,631)
Net income from continuing operations before allocation to noncontrolling interests 2,172 31,401 22,459 7,021 16,302
Depreciation and amortization 6,290 5,064 5,191 4,777 6,010
Asset write-offs and impairments 3,408 550 276 2,049 2,953
TCJA impact (323)
Gain on completion of Consumer Healthcare JV transaction, net of cash conveyed (6) (8,233)
Deferred taxes (3,442) (3,764) (4,293) (1,468) 614
Share-based compensation expense 525 872 1,182 756 718
Benefit plan contributions in excess of income/expense (787) (1,158) (3,123) (1,790) (336)
Inventory write-offs and related charges associated with COVID-19 products 6,199 1,183
Other adjustments, net (3,493) 758 (1,574) (478) (1,086)
Trade accounts receivable 347 261 (3,811) (1,249) (742)
Inventories (1,169) (591) (1,125) (736) (1,050)
Other assets (663) (4,506) (1,057) (146) 795
Trade accounts payable (300) 1,191 1,242 353 (564)
Other liabilities 595 (1,449) 18,721 2,741 267
Other tax accounts, net (982) (545) (1,166) (1,238) (2,737)
Changes in assets and liabilities, net of acquisitions and divestitures (2,172) (5,639) 12,804 (275) (4,031)
Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities 6,528 (2,134) 10,463 3,565 (3,714)
Net cash provided by operating activities 8,700 29,267 32,922 10,586 12,588
Purchases of property, plant and equipment (3,907) (3,236) (2,711) (2,252) (2,176)
Purchases of short-term investments (30,974) (36,384) (38,457) (13,805) (6,835)
Proceeds from redemptions/sales of short-term investments 39,264 44,821 27,447 11,087 9,183
Net (purchases of) proceeds from redemptions/sales of short-term investments with original maturities of three months or less 5,174 (483) (8,088) 920 6,925
Purchases of long-term investments (204) (1,913) (1,068) (597) (201)
Proceeds from redemptions/sales of long-term investments 1,979 641 649 723 232
Acquisitions of businesses, net of cash acquired (43,430) (22,997) (10,861)
Dividend received from the Consumer Healthcare JV 3,960
Other investing activities, net (180) (192) (306) (264) (212)
Net cash used in investing activities (32,278) (15,783) (22,534) (4,188) (3,945)
Proceeds from short-term borrowings 4,525 3,891 12,352 16,455
Payments on short-term borrowings (3) (3,887) (22,197) (8,378)
Net proceeds from (payments on) short-term borrowings with original maturities of three months or less 3,161 (222) (96) (4,129) 2,551
Proceeds from issuances of long-term debt 30,831 997 5,222 4,942
Payments on long-term debt (2,569) (3,298) (2,004) (4,003) (6,806)
Purchases of common stock (2,000) (8,865)
Cash dividends paid (9,247) (8,983) (8,729) (8,440) (8,043)
Other financing activities, net (632) (335) 16 (445) (341)
Net cash provided by (used in) financing activities 26,066 (14,834) (9,816) (21,640) (8,485)
Net cash provided by (used in) operating activities from discontinued operations (342) 3,817
Net cash used in investing activities from discontinued operations (12) (83)
Net cash provided by financing activities from discontinued operations 11,991
Net cash provided by (used in) discontinued operations (354) 15,725
Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents (40) (165) (59) (8) (33)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents 2,448 (1,515) 159 475 125
Cash and cash equivalents and restricted cash and cash equivalents, at beginning of period 469 1,983 1,824 1,350 1,225
Cash and cash equivalents and restricted cash and cash equivalents, at end of period 2,917 468 1,983 1,825 1,350

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Cash flow statement item Description The company
Net cash provided by operating activities Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Pfizer Inc. net cash provided by operating activities decreased from 2021 to 2022 and from 2022 to 2023.
Net cash used in investing activities Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Pfizer Inc. net cash used in investing activities increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Net cash provided by (used in) financing activities Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Pfizer Inc. net cash provided by (used in) financing activities decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.