Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Pfizer Inc. (NYSE:PFE)

Analysis of Solvency Ratios

Beginner level

Solvency Ratios (Summary)

Pfizer Inc., solvency ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Debt Ratios
Debt to equity 0.63 0.83 0.66 0.61 0.71
Debt to equity (including operating lease liability) 0.65 0.85 0.66 0.61 0.71
Debt to capital 0.39 0.45 0.40 0.38 0.41
Debt to capital (including operating lease liability) 0.39 0.46 0.40 0.38 0.41
Debt to assets 0.26 0.31 0.26 0.25 0.25
Debt to assets (including operating lease liability) 0.27 0.32 0.26 0.25 0.25
Financial leverage 2.44 2.65 2.51 2.41 2.88
Coverage Ratios
Interest coverage 6.17 12.23 10.03 10.69 8.04
Fixed charge coverage 4.98 9.88 8.34 8.76 6.64

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).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Pfizer Inc.’s debt to equity ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Pfizer Inc.’s debt to equity ratio (including operating lease liability) deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Pfizer Inc.’s debt to capital ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Pfizer Inc.’s debt to capital ratio (including operating lease liability) deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Pfizer Inc.’s debt to assets ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Pfizer Inc.’s debt to assets ratio (including operating lease liability) deteriorated from 2018 to 2019 but then improved from 2019 to 2020 not reaching 2018 level.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Pfizer Inc.’s financial leverage ratio increased from 2018 to 2019 but then decreased significantly from 2019 to 2020.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Pfizer Inc.’s interest coverage ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Pfizer Inc.’s fixed charge coverage ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Debt to Equity

Pfizer Inc., debt to equity calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Short-term borrowings, including current portion of long-term debt 2,703  16,195  8,831  9,953  10,688 
Long-term debt, excluding current portion 37,133  35,955  32,909  33,538  31,398 
Total debt 39,836  52,150  41,740  43,491  42,086 
 
Total Pfizer Inc. shareholders’ equity 63,238  63,143  63,407  71,308  59,544 
Solvency Ratio
Debt to equity1 0.63 0.83 0.66 0.61 0.71
Benchmarks
Debt to Equity, Competitors2
AbbVie Inc. 6.58 7.33 7.95
Amgen Inc. 3.51 3.09 2.71 1.40 1.16
Eli Lilly & Co. 2.94 5.88 1.30 1.18 0.74
Gilead Sciences Inc. 1.73 1.09 1.28 1.64 1.39
Illumina Inc. 0.25 0.25 0.53 0.49 0.58
Johnson & Johnson 0.56 0.47 0.51 0.57 0.39
Merck & Co. Inc. 1.26 1.02 0.94 0.71 0.62
Regeneron Pharmaceuticals Inc. 0.24 0.06 0.08 0.11 0.11
Thermo Fisher Scientific Inc. 0.63 0.60 0.69 0.83 0.77
Zoetis Inc. 1.91 2.38 2.95 2.80 3.00
Debt to Equity, Sector
Pharmaceuticals, Biotechnology & Life Sciences 1.22 1.20 1.05 0.95 0.84
Debt to Equity, Industry
Health Care 0.93 0.93 0.88 0.83 0.79

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).

1 2020 Calculation
Debt to equity = Total debt ÷ Total Pfizer Inc. shareholders’ equity
= 39,836 ÷ 63,238 = 0.63

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Pfizer Inc.’s debt to equity ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Debt to Equity (including Operating Lease Liability)

Pfizer Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Short-term borrowings, including current portion of long-term debt 2,703  16,195  8,831  9,953  10,688 
Long-term debt, excluding current portion 37,133  35,955  32,909  33,538  31,398 
Total debt 39,836  52,150  41,740  43,491  42,086 
Operating lease liabilities, short-term (included in Other current liabilities) 321  276  —  —  — 
Operating lease liabilities, long-term (included in Other noncurrent liabilities) 1,114  1,048  —  —  — 
Total debt (including operating lease liability) 41,271  53,474  41,740  43,491  42,086 
 
Total Pfizer Inc. shareholders’ equity 63,238  63,143  63,407  71,308  59,544 
Solvency Ratio
Debt to equity (including operating lease liability)1 0.65 0.85 0.66 0.61 0.71
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
AbbVie Inc. 6.66 7.33 7.95
Amgen Inc. 3.55 3.15 2.71 1.40 1.16
Eli Lilly & Co. 3.06 6.11 1.30 1.18 0.74
Gilead Sciences Inc. 1.76 1.12 1.28 1.64 1.39
Illumina Inc. 0.41 0.41 0.53 0.49 0.58
Johnson & Johnson 0.57 0.48 0.51 0.57 0.39
Merck & Co. Inc. 1.32 1.06 0.94 0.71 0.62
Regeneron Pharmaceuticals Inc. 0.25 0.07 0.08 0.11 0.11
Thermo Fisher Scientific Inc. 0.65 0.62 0.69 0.83 0.77
Zoetis Inc. 1.96 2.45 2.95 2.80 3.00
Debt to Equity (including Operating Lease Liability), Sector
Pharmaceuticals, Biotechnology & Life Sciences 1.25 1.24 1.05 0.95 0.84
Debt to Equity (including Operating Lease Liability), Industry
Health Care 0.99 1.00 0.88 0.83 0.79

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).

1 2020 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Pfizer Inc. shareholders’ equity
= 41,271 ÷ 63,238 = 0.65

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Pfizer Inc.’s debt to equity ratio (including operating lease liability) deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Debt to Capital

Pfizer Inc., debt to capital calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Short-term borrowings, including current portion of long-term debt 2,703  16,195  8,831  9,953  10,688 
Long-term debt, excluding current portion 37,133  35,955  32,909  33,538  31,398 
Total debt 39,836  52,150  41,740  43,491  42,086 
Total Pfizer Inc. shareholders’ equity 63,238  63,143  63,407  71,308  59,544 
Total capital 103,074  115,293  105,147  114,799  101,630 
Solvency Ratio
Debt to capital1 0.39 0.45 0.40 0.38 0.41
Benchmarks
Debt to Capital, Competitors2
AbbVie Inc. 0.87 1.14 1.27 0.88 0.89
Amgen Inc. 0.78 0.76 0.73 0.58 0.54
Eli Lilly & Co. 0.75 0.85 0.57 0.54 0.42
Gilead Sciences Inc. 0.63 0.52 0.56 0.62 0.58
Illumina Inc. 0.20 0.20 0.35 0.33 0.37
Johnson & Johnson 0.36 0.32 0.34 0.37 0.28
Merck & Co. Inc. 0.56 0.50 0.48 0.42 0.38
Regeneron Pharmaceuticals Inc. 0.20 0.06 0.07 0.10 0.10
Thermo Fisher Scientific Inc. 0.39 0.37 0.41 0.45 0.44
Zoetis Inc. 0.66 0.70 0.75 0.74 0.75
Debt to Capital, Sector
Pharmaceuticals, Biotechnology & Life Sciences 0.55 0.55 0.51 0.49 0.46
Debt to Capital, Industry
Health Care 0.48 0.48 0.47 0.45 0.44

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).

1 2020 Calculation
Debt to capital = Total debt ÷ Total capital
= 39,836 ÷ 103,074 = 0.39

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Pfizer Inc.’s debt to capital ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Debt to Capital (including Operating Lease Liability)

Pfizer Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Short-term borrowings, including current portion of long-term debt 2,703  16,195  8,831  9,953  10,688 
Long-term debt, excluding current portion 37,133  35,955  32,909  33,538  31,398 
Total debt 39,836  52,150  41,740  43,491  42,086 
Operating lease liabilities, short-term (included in Other current liabilities) 321  276  —  —  — 
Operating lease liabilities, long-term (included in Other noncurrent liabilities) 1,114  1,048  —  —  — 
Total debt (including operating lease liability) 41,271  53,474  41,740  43,491  42,086 
Total Pfizer Inc. shareholders’ equity 63,238  63,143  63,407  71,308  59,544 
Total capital (including operating lease liability) 104,509  116,617  105,147  114,799  101,630 
Solvency Ratio
Debt to capital (including operating lease liability)1 0.39 0.46 0.40 0.38 0.41
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
AbbVie Inc. 0.87 1.14 1.27 0.88 0.89
Amgen Inc. 0.78 0.76 0.73 0.58 0.54
Eli Lilly & Co. 0.75 0.86 0.57 0.54 0.42
Gilead Sciences Inc. 0.64 0.53 0.56 0.62 0.58
Illumina Inc. 0.29 0.29 0.35 0.33 0.37
Johnson & Johnson 0.36 0.33 0.34 0.37 0.28
Merck & Co. Inc. 0.57 0.51 0.48 0.42 0.38
Regeneron Pharmaceuticals Inc. 0.20 0.06 0.07 0.10 0.10
Thermo Fisher Scientific Inc. 0.40 0.38 0.41 0.45 0.44
Zoetis Inc. 0.66 0.71 0.75 0.74 0.75
Debt to Capital (including Operating Lease Liability), Sector
Pharmaceuticals, Biotechnology & Life Sciences 0.56 0.55 0.51 0.49 0.46
Debt to Capital (including Operating Lease Liability), Industry
Health Care 0.50 0.50 0.47 0.45 0.44

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).

1 2020 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 41,271 ÷ 104,509 = 0.39

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Pfizer Inc.’s debt to capital ratio (including operating lease liability) deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Debt to Assets

Pfizer Inc., debt to assets calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Short-term borrowings, including current portion of long-term debt 2,703  16,195  8,831  9,953  10,688 
Long-term debt, excluding current portion 37,133  35,955  32,909  33,538  31,398 
Total debt 39,836  52,150  41,740  43,491  42,086 
 
Total assets 154,229  167,489  159,422  171,797  171,615 
Solvency Ratio
Debt to assets1 0.26 0.31 0.26 0.25 0.25
Benchmarks
Debt to Assets, Competitors2
AbbVie Inc. 0.57 0.75 0.68 0.53 0.56
Amgen Inc. 0.52 0.50 0.51 0.44 0.45
Eli Lilly & Co. 0.36 0.39 0.29 0.30 0.27
Gilead Sciences Inc. 0.46 0.40 0.43 0.48 0.46
Illumina Inc. 0.16 0.16 0.29 0.25 0.30
Johnson & Johnson 0.20 0.18 0.20 0.22 0.19
Merck & Co. Inc. 0.35 0.31 0.30 0.28 0.26
Regeneron Pharmaceuticals Inc. 0.16 0.05 0.06 0.08 0.07
Thermo Fisher Scientific Inc. 0.31 0.30 0.34 0.37 0.36
Zoetis Inc. 0.53 0.56 0.60 0.58 0.58
Debt to Assets, Sector
Pharmaceuticals, Biotechnology & Life Sciences 0.36 0.36 0.34 0.33 0.32
Debt to Assets, Industry
Health Care 0.32 0.33 0.32 0.31 0.31

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).

1 2020 Calculation
Debt to assets = Total debt ÷ Total assets
= 39,836 ÷ 154,229 = 0.26

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Pfizer Inc.’s debt to assets ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Debt to Assets (including Operating Lease Liability)

Pfizer Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Short-term borrowings, including current portion of long-term debt 2,703  16,195  8,831  9,953  10,688 
Long-term debt, excluding current portion 37,133  35,955  32,909  33,538  31,398 
Total debt 39,836  52,150  41,740  43,491  42,086 
Operating lease liabilities, short-term (included in Other current liabilities) 321  276  —  —  — 
Operating lease liabilities, long-term (included in Other noncurrent liabilities) 1,114  1,048  —  —  — 
Total debt (including operating lease liability) 41,271  53,474  41,740  43,491  42,086 
 
Total assets 154,229  167,489  159,422  171,797  171,615 
Solvency Ratio
Debt to assets (including operating lease liability)1 0.27 0.32 0.26 0.25 0.25
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
AbbVie Inc. 0.58 0.75 0.68 0.53 0.56
Amgen Inc. 0.53 0.51 0.51 0.44 0.45
Eli Lilly & Co. 0.37 0.41 0.29 0.30 0.27
Gilead Sciences Inc. 0.47 0.41 0.43 0.48 0.46
Illumina Inc. 0.25 0.26 0.29 0.25 0.30
Johnson & Johnson 0.21 0.18 0.20 0.22 0.19
Merck & Co. Inc. 0.37 0.32 0.30 0.28 0.26
Regeneron Pharmaceuticals Inc. 0.16 0.05 0.06 0.08 0.07
Thermo Fisher Scientific Inc. 0.33 0.32 0.34 0.37 0.36
Zoetis Inc. 0.54 0.58 0.60 0.58 0.58
Debt to Assets (including Operating Lease Liability), Sector
Pharmaceuticals, Biotechnology & Life Sciences 0.37 0.37 0.34 0.33 0.32
Debt to Assets (including Operating Lease Liability), Industry
Health Care 0.34 0.35 0.32 0.31 0.31

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).

1 2020 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 41,271 ÷ 154,229 = 0.27

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Pfizer Inc.’s debt to assets ratio (including operating lease liability) deteriorated from 2018 to 2019 but then improved from 2019 to 2020 not reaching 2018 level.

Financial Leverage

Pfizer Inc., financial leverage calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Total assets 154,229  167,489  159,422  171,797  171,615 
Total Pfizer Inc. shareholders’ equity 63,238  63,143  63,407  71,308  59,544 
Solvency Ratio
Financial leverage1 2.44 2.65 2.51 2.41 2.88
Benchmarks
Financial Leverage, Competitors2
AbbVie Inc. 11.51 13.89 14.26
Amgen Inc. 6.69 6.17 5.31 3.17 2.60
Eli Lilly & Co. 8.27 15.07 4.47 3.88 2.77
Gilead Sciences Inc. 3.76 2.74 2.98 3.44 3.02
Illumina Inc. 1.62 1.59 1.85 1.91 1.95
Johnson & Johnson 2.76 2.65 2.56 2.61 2.01
Merck & Co. Inc. 3.62 3.26 3.09 2.56 2.38
Regeneron Pharmaceuticals Inc. 1.56 1.34 1.34 1.43 1.57
Thermo Fisher Scientific Inc. 2.00 1.97 2.04 2.23 2.13
Zoetis Inc. 3.61 4.26 4.93 4.85 5.14
Financial Leverage, Sector
Pharmaceuticals, Biotechnology & Life Sciences 3.40 3.37 3.14 2.88 2.67
Financial Leverage, Industry
Health Care 2.90 2.86 2.77 2.65 2.54

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).

1 2020 Calculation
Financial leverage = Total assets ÷ Total Pfizer Inc. shareholders’ equity
= 154,229 ÷ 63,238 = 2.44

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Pfizer Inc.’s financial leverage ratio increased from 2018 to 2019 but then decreased significantly from 2019 to 2020.

Interest Coverage

Pfizer Inc., interest coverage calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Net income attributable to Pfizer Inc. 9,616  16,273  11,153  21,308  7,215 
Add: Net income attributable to noncontrolling interest 36  29  35  47  31 
Less: Discontinued operations, net of tax 2,631  17 
Add: Income tax expense 476  1,384  706  (9,048) 1,122 
Add: Interest expense 1,449  1,574  1,316  1,270  1,186 
Earnings before interest and tax (EBIT) 8,946  19,256  13,201  13,575  9,537 
Solvency Ratio
Interest coverage1 6.17 12.23 10.03 10.69 8.04
Benchmarks
Interest Coverage, Competitors2
AbbVie Inc. 2.38 5.72 4.86 7.72 8.53
Amgen Inc. 7.44 8.09 7.86 8.36 8.27
Eli Lilly & Co. 21.11 14.15 14.95 10.77 19.22
Gilead Sciences Inc. 2.70 6.19 8.24 13.10 18.74
Illumina Inc. 18.47 22.50 16.68 29.19 17.91
Johnson & Johnson 83.07 55.49 18.91 19.92 28.28
Merck & Co. Inc. 11.58 13.84 12.27 9.65 7.72
Regeneron Pharmaceuticals Inc. 67.97 81.43 91.55 83.75 185.82
Thermo Fisher Scientific Inc. 14.07 7.02 5.89 5.10 5.31
Zoetis Inc. 9.64 9.08 9.20 9.71 8.40
Interest Coverage, Sector
Pharmaceuticals, Biotechnology & Life Sciences 8.96 11.19 10.01 11.10 12.20
Interest Coverage, Industry
Health Care 7.22 8.85 8.35 10.08 10.66

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).

1 2020 Calculation
Interest coverage = EBIT ÷ Interest expense
= 8,946 ÷ 1,449 = 6.17

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Pfizer Inc.’s interest coverage ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Fixed Charge Coverage

Pfizer Inc., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
U.S. statutory income tax rate 21.00% 21.00% 21.00% 35.00% 35.00%
Selected Financial Data (US$ in millions)
Net income attributable to Pfizer Inc. 9,616  16,273  11,153  21,308  7,215 
Add: Net income attributable to noncontrolling interest 36  29  35  47  31 
Less: Discontinued operations, net of tax 2,631  17 
Add: Income tax expense 476  1,384  706  (9,048) 1,122 
Add: Interest expense 1,449  1,574  1,316  1,270  1,186 
Earnings before interest and tax (EBIT) 8,946  19,256  13,201  13,575  9,537 
Add: Operating lease cost 433  416  301  314  292 
Earnings before fixed charges and tax 9,379  19,672  13,502  13,889  9,829 
 
Interest expense 1,449  1,574  1,316  1,270  1,186 
Operating lease cost 433  416  301  314  292 
Preferred stock dividends, net of tax — 
Preferred stock dividends, net of tax, tax adjustment1 —  —  — 
Preferred stock dividends, net of tax, after tax adjustment — 
Fixed charges 1,882  1,991  1,618  1,586  1,480 
Solvency Ratio
Fixed charge coverage2 4.98 9.88 8.34 8.76 6.64
Benchmarks
Fixed Charge Coverage, Competitors3
AbbVie Inc. 2.28 5.42 4.44 6.86 7.54
Amgen Inc. 6.48 7.12 7.13 7.56 7.57
Eli Lilly & Co. 15.06 10.18 8.66 5.89 9.31
Gilead Sciences Inc. 2.45 5.46 7.58 12.26 17.36
Illumina Inc. 7.44 9.22 8.98 13.57 8.11
Johnson & Johnson 33.93 28.72 14.46 14.53 19.75
Merck & Co. Inc. 8.47 10.31 8.95 7.03 5.73
Thermo Fisher Scientific Inc. 10.30 5.60 4.72 4.07 4.11
Zoetis Inc. 8.21 7.85 7.73 8.55 7.43
Fixed Charge Coverage, Sector
Pharmaceuticals, Biotechnology & Life Sciences 7.33 9.15 8.28 9.06 9.88
Fixed Charge Coverage, Industry
Health Care 5.29 6.46 6.18 7.18 7.52

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).

1 2020 Calculation
Preferred stock dividends, net of tax, tax adjustment = (Preferred stock dividends, net of tax × U.S. statutory income tax rate) ÷ (1 − U.S. statutory income tax rate)
= (0 × 21.00%) ÷ (1 − 21.00%) = 0

2 2020 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 9,379 ÷ 1,882 = 4.98

3 Click competitor name to see calculations.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Pfizer Inc.’s fixed charge coverage ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.