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Pfizer Inc. (PFE)


Income Statement

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Pfizer Inc., Consolidated Income Statement

USD $ in millions

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12 months ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Revenues 53,647  52,546  52,824  48,851  49,605 
Cost of sales (11,248) (11,240) (12,329) (9,648) (9,577)
Gross profit 42,399  41,306  40,495  39,203  40,028 
Selling, informational and administrative expenses (14,455) (14,784) (14,837) (14,809) (14,097)
Research and development expenses (8,006) (7,657) (7,872) (7,690) (8,393)
Amortization of intangible assets (4,893) (4,758) (4,056) (3,728) (4,039)
Restructuring charges and certain acquisition-related costs (1,044) (487) (1,724) (1,152) (250)
Operating income 14,001  13,620  12,006  11,824  13,249 
Interest income 333  391  470  471  425 
Interest expense (1,316) (1,270) (1,186) (1,199) (1,360)
Net interest expense (983) (879) (716) (728) (935)
Foreign currency loss related to Venezuela —  —  —  (806) — 
Royalty-related income 495  499  905  922  1,002 
Net gains on asset disposals 71  343  171  232  288 
Net gains recognized during the period on investments in equity securities 586  —  —  —  — 
Net realized losses on sales of investments in debt securities (141) —  —  —  — 
Income from collaborations, out-licensing arrangements and sales of compound/product rights 488  —  —  —  — 
Net periodic benefit credits other than service costs 288  —  —  —  — 
Certain legal matters, net (157) (240) (510) (975) (993)
Certain asset impairments (3,115) (395) (1,447) (818) (469)
Loss on sale and impairment on remeasurement of HIS net assets (55) (1,712) —  — 
Business and legal entity alignment costs (4) (71) (261) (282) (168)
Net losses on early retirement of debt (3) (999) (312) —  — 
Other, net 358  482  227  (404) 266 
Other income (deductions), net (2,116) (1,315) (3,655) (2,859) (1,009)
Income from continuing operations before (provision) benefit for taxes on income 11,885  12,305  8,351  8,965  12,240 
(Provision) benefit for taxes on income (706) 9,048  (1,122) (1,990) (3,121)
Income from continuing operations 11,179  21,353  7,229  6,975  9,119 
Income (loss) from discontinued operations, net of tax (1) 16  17  (6)
Gain (loss) on disposal of discontinued operations, net of tax —  (6) 55 
Discontinued operations, net of tax 17  11  49 
Net income before allocation to noncontrolling interests 11,188  21,355  7,246  6,986  9,168 
Net income attributable to noncontrolling interests (35) (47) (31) (26) (33)
Net income attributable to Pfizer Inc. 11,153  21,308  7,215  6,960  9,135 
Preferred stock dividends, net of tax (1) (1) (1) (1) (1)
Net income attributable to Pfizer Inc. common shareholders 11,152  21,307  7,214  6,959  9,134 

Based on: 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-29), 10-K (filing date: 2015-02-27).

Item Description The company
Revenues Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Pfizer Inc.’s revenues declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.
Operating income The net result for the period of deducting operating expenses from operating revenues. Pfizer Inc.’s operating income increased from 2016 to 2017 and from 2017 to 2018.
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 increased from 2016 to 2017 but then slightly declined from 2017 to 2018.
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. increased from 2016 to 2017 but then slightly declined from 2017 to 2018 not reaching 2016 level.