Pfizer Inc., current enterprise value calculation

Current share price (P)	$26.27
No. shares of common stock outstanding	5,646,778,425
US$ in millions
Common equity (market value)¹	148,341)
Add: Preferred stock, no par value, at stated value (per books)	—)
Add: Equity attributable to noncontrolling interests (per books)	274)
Total equity	148,615)
Add: Short-term borrowings, including current portion of long-term debt (per books)	10,350)
Add: Long-term debt, excluding current portion (per books)	61,538)
Total equity and debt	220,503)
Less: Cash and cash equivalents	2,853)
Less: Short-term investments	9,837)
Enterprise value (EV)	207,813)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 26.27 × 5,646,778,425

Pfizer Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$27.55	$42.30	$45.96	$33.82	$34.10
No. shares of common stock outstanding¹	5,646,778,425	5,619,074,621	5,623,346,471	5,577,629,491	5,547,639,005
US$ in millions
Common equity (market value)³	155,569)	237,687)	258,449)	188,635)	189,174)
Add: Preferred stock, no par value, at stated value (book value)	—)	—)	—)	—)	17)
Add: Equity attributable to noncontrolling interests (book value)	274)	255)	261)	235)	304)
Total equity	155,843)	237,942)	258,710)	188,870)	189,495)
Add: Short-term borrowings, including current portion of long-term debt (book value)	10,350)	2,945)	2,241)	2,703)	16,195)
Add: Long-term debt, excluding current portion (book value)	61,538)	32,884)	36,195)	37,133)	35,955)
Total equity and debt	227,731)	273,771)	297,146)	228,706)	241,645)
Less: Cash and cash equivalents	2,853)	416)	1,944)	1,784)	1,305)
Less: Short-term investments	9,837)	22,316)	29,125)	10,437)	8,525)
Enterprise value (EV)	215,041)	251,039)	266,077)	216,485)	231,815)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Pfizer Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 27.55 × 5,646,778,425

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Pfizer Inc. EV decreased from 2021 to 2022 and from 2022 to 2023.

Pfizer Inc. (NYSE:PFE)

Enterprise Value (EV)