Stock Analysis on Net
Stock Analysis on Net
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Pfizer Inc. (NYSE:PFE)

Common-Size Income Statement

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Pfizer Inc., common-size consolidated income statement

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12 months ended: Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Revenues 100.00 100.00 100.00 100.00 100.00
Cost of sales -20.74 -19.75 -20.97 -21.39 -23.34
Gross profit 79.26% 80.25% 79.03% 78.61% 76.66%
Selling, informational and administrative expenses -27.72 -27.73 -26.94 -28.14 -28.09
Research and development expenses -22.44 -16.71 -14.92 -14.57 -14.90
Amortization of intangible assets -8.20 -8.91 -9.12 -9.05 -7.68
Restructuring charges and certain acquisition-related costs -1.43 -1.44 -1.95 -0.93 -3.26
Operating income 19.47% 25.46% 26.10% 25.92% 22.73%
Gain on completion of Consumer Healthcare JV transaction 0.01 15.63 0.00 0.00 0.00
Interest income 0.17 0.44 0.62 0.74 0.89
Interest expense -3.46 -3.04 -2.45 -2.42 -2.25
Net interest expense -3.28% -2.60% -1.83% -1.67% -1.36%
Royalty-related income 1.84 1.25 0.92 0.95 1.71
Net gains (losses) on asset disposals -0.57 0.06 0.13 0.65 0.32
Net gains recognized during the period on equity securities 1.29 0.88 1.09 0.00 0.00
Net realized losses on sales of investments in debt securities 0.00 0.00 -0.26 0.00 0.00
Income from collaborations, out-licensing arrangements and sales of compound/product rights 0.78 0.32 0.91 0.00 0.00
Net periodic benefit credits (costs) other than service costs 0.56 -0.12 0.54 0.00 0.00
Certain legal matters, net -0.07 -1.07 -0.29 -0.46 -0.97
Certain asset impairments -4.04 -5.49 -5.81 -0.75 -2.74
Business and legal entity alignment costs 0.00 -0.65 -0.01 -0.14 -0.49
Net losses on early retirement of debt 0.00 -0.27 -0.01 -1.90 -0.59
Consumer Healthcare JV equity method income 0.71 0.03 0.00 0.00 0.00
Other, net 1.18 0.75 0.67 0.81 -2.81
Other income (deductions), net -1.60% -6.91% -3.94% -2.50% -6.92%
Income from continuing operations before (provision) benefit for taxes on income 17.89% 34.17% 22.15% 23.42% 15.81%
(Provision) benefit for taxes on income -1.14 -2.67 -1.32 17.22 -2.12
Income from continuing operations 16.75% 31.49% 20.84% 40.64% 13.69%
Income (loss) from discontinued operations, net of tax 6.28 0.01 0.02 0.00 0.03
Gain on disposal of discontinued operations, net of tax 0.00 0.00 0.00 0.01 0.00
Discontinued operations, net of tax 6.28% 0.01% 0.02% 0.00% 0.03%
Net income before allocation to noncontrolling interests 23.03% 31.50% 20.85% 40.64% 13.72%
Net income attributable to noncontrolling interests -0.09 -0.06 -0.07 -0.09 -0.06
Net income attributable to Pfizer Inc. 22.95% 31.45% 20.79% 40.55% 13.66%
Preferred stock dividends, net of tax 0.00 0.00 0.00 0.00 0.00
Net income attributable to Pfizer Inc. common shareholders 22.95% 31.44% 20.79% 40.55% 13.66%

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-27), 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

Income statement item Description The company
Operating income The net result for the period of deducting operating expenses from operating revenues. Pfizer Inc.’s operating income as a percentage of revenues decreased from 2018 to 2019 and from 2019 to 2020.
Income from continuing operations before (provision) benefit for taxes on income Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Pfizer Inc.’s income from continuing operations before (provision) benefit for taxes on income as a percentage of revenues increased from 2018 to 2019 but then decreased significantly from 2019 to 2020.
Net income attributable to Pfizer Inc. The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Pfizer Inc.’s net income attributable to Pfizer Inc. as a percentage of revenues increased from 2018 to 2019 but then slightly decreased from 2019 to 2020 not reaching 2018 level.