Pfizer Inc. (PFE)


Analysis of Short-term (Operating) Activity Ratios
Quarterly Data

Difficulty: Beginner


Short-term Activity Ratios (Summary)

Pfizer Inc., short-term (operating) activity ratios (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015 Dec 31, 2014 Sep 28, 2014 Jun 29, 2014 Mar 30, 2014
Turnover Ratios
Inventory turnover 1.31 1.38 1.50 1.40 1.43 1.39 1.48 1.41 1.51 1.61 1.82 1.67 1.53 1.41 1.28 1.16 1.57 1.62 1.69
Receivables turnover 5.48 5.61 6.68 5.32 5.39 5.57 6.39 5.25 5.52 5.92 6.42 5.41 5.72 5.65 5.97 5.03 5.38 5.51 5.72
Payables turnover 2.69 2.68 2.41 2.66 2.76 2.92 2.41 3.22 3.33 3.52 2.72 3.60 3.57 3.41 2.67 2.71 3.10 3.44 2.98
Working capital turnover 3.57 3.39 2.97 4.25 10.34 7.05 4.90 4.35 5.69 4.78 6.74 14.23 4.45 4.06 3.39 2.79 1.75 1.68 1.38
Average No. Days
Average inventory processing period 279 264 244 261 254 262 246 258 242 227 201 219 238 259 284 314 233 225 216
Add: Average receivable collection period 67 65 55 69 68 65 57 70 66 62 57 67 64 65 61 73 68 66 64
Operating cycle 346 329 299 330 322 327 303 328 308 289 258 286 302 324 345 387 301 291 280
Less: Average payables payment period 136 136 152 137 132 125 151 113 110 104 134 101 102 107 137 135 118 106 122
Cash conversion cycle 210 193 147 193 190 202 152 215 198 185 124 185 200 217 208 252 183 185 158

Based on: 10-Q (filing date: 2019-08-08), 10-Q (filing date: 2019-05-09), 10-K (filing date: 2019-02-28), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-09), 10-Q (filing date: 2018-05-10), 10-K (filing date: 2018-02-22), 10-Q (filing date: 2017-11-09), 10-Q (filing date: 2017-08-10), 10-Q (filing date: 2017-05-11), 10-K (filing date: 2017-02-23), 10-Q (filing date: 2016-11-10), 10-Q (filing date: 2016-08-11), 10-Q (filing date: 2016-05-12), 10-K (filing date: 2016-02-29), 10-Q (filing date: 2015-11-05), 10-Q (filing date: 2015-08-06), 10-Q (filing date: 2015-05-07), 10-K (filing date: 2015-02-27), 10-Q (filing date: 2014-11-06), 10-Q (filing date: 2014-08-07), 10-Q (filing date: 2014-05-08).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory.
Receivables turnover An activity ratio equal to revenue divided by receivables.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Pfizer Inc.’s payables turnover ratio increased from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.
Working capital turnover An activity ratio calculated as revenue divided by working capital.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover.
Operating cycle Equal to average inventory processing period plus average receivables collection period.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period.

Inventory Turnover

Pfizer Inc., inventory turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015 Dec 31, 2014 Sep 28, 2014 Jun 29, 2014 Mar 30, 2014
Selected Financial Data (US$ in millions)
Cost of sales 2,576  2,433  3,075  2,694  2,916  2,563  3,260  2,847  2,663  2,470  3,219  3,085  3,174  2,851  3,411  2,219  2,180  1,838  2,702  2,368  2,462  2,045 
Inventories 8,233  8,029  7,508  8,184  8,074  8,148  7,578  7,925  7,584  7,415  6,783  7,507  7,614  7,578  7,513  7,678  5,796  5,786  5,663  6,355  6,249  6,066 
Short-term Activity Ratio
Inventory turnover1 1.31 1.38 1.50 1.40 1.43 1.39 1.48 1.41 1.51 1.61 1.82 1.67 1.53 1.41 1.28 1.16 1.57 1.62 1.69
Benchmarks
Inventory Turnover, Competitors2
Abbott Laboratories 2.94 3.13 3.35 3.38 3.36 3.23 3.43 3.27 3.00 2.49 3.71 3.41 3.15 3.16 3.37 3.37 3.27 3.44 3.49
AbbVie Inc. 3.89 4.40 4.81 4.47 4.91 4.23 4.39 3.54 3.92 4.26 4.04 3.53 3.08 2.75 2.62 2.25 2.51 4.18 3.94
Allergan PLC 2.33 2.30 2.59 2.44 2.35 2.36 2.40 2.30 2.08 2.03 2.59 2.55 3.55 4.18 4.76 4.84 2.46 1.93 3.04
Amgen Inc. 1.32 1.40 1.39 1.35 1.31 1.36 1.44 1.39 1.39 1.44 1.52 1.55 1.56 1.64 1.74 1.71 1.70 1.63 1.67
Biogen Inc. 2.61 2.56 1.95 2.00 1.87 1.90 1.81 1.49 1.65 1.68 1.48 1.42 1.33 1.29 1.39 1.31 1.38 1.46 1.46
Bristol-Myers Squibb Co. 5.48 5.31 5.48 5.09 5.20 5.19 5.20 4.62 4.53 3.72 3.99 3.05 3.00 3.08 3.20 3.47 2.94 2.65 2.52
Celgene Corp. 1.33 1.34 1.28 1.05 0.90 0.90 0.85 0.85 0.84 0.87 0.88 0.85 0.88 0.90 0.95 0.99 0.98 1.04 0.98
Eli Lilly & Co. 1.70 1.96 1.56 1.57 1.56 1.36 1.36 1.34 1.32 1.40 1.59 1.44 1.44 1.38 1.46 1.43 1.50 1.65 1.80
Gilead Sciences Inc. 5.22 5.36 5.96 5.56 5.22 4.99 5.46 3.66 3.04 2.73 2.68 2.24 2.25 2.30 2.05 2.02 1.93 2.02 2.73
Johnson & Johnson 2.93 2.98 3.15 3.15 3.14 2.95 2.89 2.48 2.29 2.45 2.66 2.57 2.53 2.64 2.67 2.65 2.64 2.79 2.78
Merck & Co. Inc. 2.29 2.34 2.48 2.52 2.56 2.41 2.51 2.41 2.37 2.59 2.85 2.75 2.81 2.93 3.18 2.90 2.88 2.97 3.01
Regeneron Pharmaceuticals Inc. 0.16 0.15 0.16 0.18 0.22 0.26 0.28 0.30 0.32 0.38 0.49 0.64 0.82 0.92 1.01 1.09 1.02 1.08 1.00

Based on: 10-Q (filing date: 2019-08-08), 10-Q (filing date: 2019-05-09), 10-K (filing date: 2019-02-28), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-09), 10-Q (filing date: 2018-05-10), 10-K (filing date: 2018-02-22), 10-Q (filing date: 2017-11-09), 10-Q (filing date: 2017-08-10), 10-Q (filing date: 2017-05-11), 10-K (filing date: 2017-02-23), 10-Q (filing date: 2016-11-10), 10-Q (filing date: 2016-08-11), 10-Q (filing date: 2016-05-12), 10-K (filing date: 2016-02-29), 10-Q (filing date: 2015-11-05), 10-Q (filing date: 2015-08-06), 10-Q (filing date: 2015-05-07), 10-K (filing date: 2015-02-27), 10-Q (filing date: 2014-11-06), 10-Q (filing date: 2014-08-07), 10-Q (filing date: 2014-05-08).

1 Q2 2019 Calculation
Inventory turnover = (Cost of salesQ2 2019 + Cost of salesQ1 2019 + Cost of salesQ4 2018 + Cost of salesQ3 2018) ÷ Inventories
= (2,576 + 2,433 + 3,075 + 2,694) ÷ 8,233 = 1.31

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory.

Receivables Turnover

Pfizer Inc., receivables turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015 Dec 31, 2014 Sep 28, 2014 Jun 29, 2014 Mar 30, 2014
Selected Financial Data (US$ in millions)
Revenues 13,264  13,118  13,977  13,298  13,466  12,906  13,703  13,168  12,896  12,779  13,627  13,045  13,147  13,005  14,047  12,087  11,853  10,864  13,118  12,361  12,773  11,353 
Trade accounts receivable, less allowance for doubtful accounts 9,793  9,599  8,025  10,024  9,873  9,452  8,221  10,002  9,476  8,892  8,225  9,836  9,138  9,033  8,176  9,535  8,951  8,920  8,669  9,955  10,388  9,399 
Short-term Activity Ratio
Receivables turnover1 5.48 5.61 6.68 5.32 5.39 5.57 6.39 5.25 5.52 5.92 6.42 5.41 5.72 5.65 5.97 5.03 5.38 5.51 5.72
Benchmarks
Receivables Turnover, Competitors2
Abbott Laboratories 5.58 5.75 5.90 5.77 5.70 5.31 5.22 5.24 5.10 4.95 6.42 6.24 5.76 5.95 5.97 5.95 5.77 5.86 5.65
AbbVie Inc. 5.95 5.75 6.08 5.57 5.34 5.07 5.55 5.58 5.50 5.61 5.39 5.05 4.90 5.00 4.83 4.79 4.81 4.85 5.34
Allergan PLC 5.08 5.75 5.50 5.67 5.85 6.08 5.50 5.51 5.39 5.80 5.76 5.57 5.56 6.00 6.28 7.68 3.63 3.25 5.51
Amgen Inc. 5.89 5.96 6.29 6.42 6.29 6.04 6.73 6.43 6.17 6.73 6.92 6.77 7.00 6.92 6.99 7.17 7.24 7.79 7.59
Biogen Inc. 5.70 5.29 5.56 5.34 5.44 5.41 5.79 6.47 6.17 6.59 6.81 6.64 7.42 6.68 7.49 6.82 6.69 6.21 6.35
Celgene Corp. 6.67 6.77 7.39 6.94 6.83 6.81 6.75 6.87 7.03 7.21 6.90 6.77 6.66 6.76 6.45 6.82 6.53 6.71 6.48
Eli Lilly & Co. 5.04 5.70 4.68 5.00 4.95 5.19 5.03 5.11 5.06 5.37 5.27 5.41 5.22 5.57 5.68 5.79 5.86 6.23 6.06
Gilead Sciences Inc. 6.46 6.66 6.52 6.30 6.43 6.43 6.66 6.56 6.26 7.10 6.64 6.14 5.55 5.26 5.49 5.07 5.39 5.59 5.28
Johnson & Johnson 5.55 5.78 5.79 5.79 5.72 5.56 5.67 5.65 5.46 5.87 6.14 6.07 5.88 6.15 6.53 6.20 6.01 6.38 6.77
Merck & Co. Inc. 5.57 5.66 5.98 5.66 5.66 5.62 5.84 5.19 5.38 5.65 5.67 5.42 5.70 5.75 6.09 6.20 6.18 6.21 6.37
Regeneron Pharmaceuticals Inc. 2.31 2.44 2.38 2.39 2.56 2.51 2.42 2.35 2.47 2.55 2.49 2.42 2.17 2.02 2.33 2.26 2.03 1.90 2.37

Based on: 10-Q (filing date: 2019-08-08), 10-Q (filing date: 2019-05-09), 10-K (filing date: 2019-02-28), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-09), 10-Q (filing date: 2018-05-10), 10-K (filing date: 2018-02-22), 10-Q (filing date: 2017-11-09), 10-Q (filing date: 2017-08-10), 10-Q (filing date: 2017-05-11), 10-K (filing date: 2017-02-23), 10-Q (filing date: 2016-11-10), 10-Q (filing date: 2016-08-11), 10-Q (filing date: 2016-05-12), 10-K (filing date: 2016-02-29), 10-Q (filing date: 2015-11-05), 10-Q (filing date: 2015-08-06), 10-Q (filing date: 2015-05-07), 10-K (filing date: 2015-02-27), 10-Q (filing date: 2014-11-06), 10-Q (filing date: 2014-08-07), 10-Q (filing date: 2014-05-08).

1 Q2 2019 Calculation
Receivables turnover = (RevenuesQ2 2019 + RevenuesQ1 2019 + RevenuesQ4 2018 + RevenuesQ3 2018) ÷ Trade accounts receivable, less allowance for doubtful accounts
= (13,264 + 13,118 + 13,977 + 13,298) ÷ 9,793 = 5.48

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables.

Payables Turnover

Pfizer Inc., payables turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015 Dec 31, 2014 Sep 28, 2014 Jun 29, 2014 Mar 30, 2014
Selected Financial Data (US$ in millions)
Cost of sales 2,576  2,433  3,075  2,694  2,916  2,563  3,260  2,847  2,663  2,470  3,219  3,085  3,174  2,851  3,411  2,219  2,180  1,838  2,702  2,368  2,462  2,045 
Trade accounts payable 4,002  4,156  4,674  4,297  4,196  3,879  4,656  3,480  3,439  3,393  4,536  3,476  3,261  3,125  3,620  3,294  2,930  2,724  3,210  2,973  2,990  2,546 
Short-term Activity Ratio
Payables turnover1 2.69 2.68 2.41 2.66 2.76 2.92 2.41 3.22 3.33 3.52 2.72 3.60 3.57 3.41 2.67 2.71 3.10 3.44 2.98
Benchmarks
Payables Turnover, Competitors2
Abbott Laboratories 3.97 4.20 4.27 4.68 4.98 4.99 5.14 6.13 6.49 6.70 7.66 8.49 7.70 8.36 8.09 8.82 8.96 8.92 8.66
Amgen Inc. 4.20 3.86 3.40 3.90 3.92 3.69 3.01 4.64 4.66 4.59 4.54 5.05 4.80 5.15 4.38 4.07 4.68 4.92 3.65
Biogen Inc. 5.38 5.22 4.90 5.37 5.91 4.89 4.12 5.02 4.68 4.90 5.28 5.23 5.87 4.57 4.64 4.80 4.24 5.10 5.11
Bristol-Myers Squibb Co. 3.58 3.44 3.46 3.68 3.45 3.70 2.70 3.40 3.55 3.43 2.97 3.21 2.86 2.67 2.50 3.14 2.08 1.62 1.58
Celgene Corp. 1.89 1.74 1.40 1.84 1.69 1.51 1.51 1.73 1.64 1.85 1.77 1.83 1.88 1.92 1.74 2.21 1.98 1.98 1.95
Eli Lilly & Co. 4.52 5.13 4.55 5.04 4.91 4.98 4.30 4.93 4.57 4.64 4.19 4.80 4.48 4.49 3.76 4.16 4.28 4.16 4.37
Gilead Sciences Inc. 7.48 8.33 6.14 7.83 7.20 6.21 5.37 6.02 5.23 4.26 3.53 4.04 3.73 4.57 3.40 3.23 2.50 3.81 3.97
Johnson & Johnson 3.92 3.91 3.59 3.91 4.25 4.13 3.47 3.70 3.62 3.57 3.13 3.65 3.56 3.62 3.23 3.66 3.57 3.36 2.98
Merck & Co. Inc. 4.25 4.43 4.07 4.41 4.39 4.09 4.12 4.85 4.37 5.37 4.95 5.81 5.87 6.67 5.90 7.33 6.55 7.86 6.39
Regeneron Pharmaceuticals Inc. 0.87 0.76 0.82 1.10 1.19 1.01 1.14

Based on: 10-Q (filing date: 2019-08-08), 10-Q (filing date: 2019-05-09), 10-K (filing date: 2019-02-28), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-09), 10-Q (filing date: 2018-05-10), 10-K (filing date: 2018-02-22), 10-Q (filing date: 2017-11-09), 10-Q (filing date: 2017-08-10), 10-Q (filing date: 2017-05-11), 10-K (filing date: 2017-02-23), 10-Q (filing date: 2016-11-10), 10-Q (filing date: 2016-08-11), 10-Q (filing date: 2016-05-12), 10-K (filing date: 2016-02-29), 10-Q (filing date: 2015-11-05), 10-Q (filing date: 2015-08-06), 10-Q (filing date: 2015-05-07), 10-K (filing date: 2015-02-27), 10-Q (filing date: 2014-11-06), 10-Q (filing date: 2014-08-07), 10-Q (filing date: 2014-05-08).

1 Q2 2019 Calculation
Payables turnover = (Cost of salesQ2 2019 + Cost of salesQ1 2019 + Cost of salesQ4 2018 + Cost of salesQ3 2018) ÷ Trade accounts payable
= (2,576 + 2,433 + 3,075 + 2,694) ÷ 4,002 = 2.69

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Pfizer Inc.’s payables turnover ratio increased from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.

Working Capital Turnover

Pfizer Inc., working capital turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015 Dec 31, 2014 Sep 28, 2014 Jun 29, 2014 Mar 30, 2014
Selected Financial Data (US$ in millions)
Current assets 47,073  45,290  49,926  41,583  37,303  34,835  41,141  40,291  36,385  35,878  38,949  38,501  43,845  41,298  43,804  45,001  51,715  49,443  57,702  56,987  58,287  57,793 
Less: Current liabilities 32,030  29,423  31,858  29,013  32,156  27,365  30,427  28,217  27,182  24,864  31,115  34,759  32,099  28,735  29,399  27,845  24,143  20,222  21,631  19,920  21,938  24,790 
Working capital 15,043  15,867  18,068  12,570  5,147  7,470  10,714  12,074  9,203  11,014  7,834  3,742  11,746  12,563  14,405  17,156  27,572  29,221  36,071  37,067  36,349  33,003 
 
Revenues 13,264  13,118  13,977  13,298  13,466  12,906  13,703  13,168  12,896  12,779  13,627  13,045  13,147  13,005  14,047  12,087  11,853  10,864  13,118  12,361  12,773  11,353 
Short-term Activity Ratio
Working capital turnover1 3.57 3.39 2.97 4.25 10.34 7.05 4.90 4.35 5.69 4.78 6.74 14.23 4.45 4.06 3.39 2.79 1.75 1.68 1.38
Benchmarks
Working Capital Turnover, Competitors2
Abbott Laboratories 5.04 5.80 5.44 5.61 5.72 4.78 2.44 1.87 1.79 1.76 1.04 4.45 4.76 5.08 4.11 2.88 1.72 1.89 4.28
AbbVie Inc. 64.14 10.46 8.75 6.16 4.62 5.68 3.91 4.00 3.51 3.29 3.99 4.22 2.41 3.73 4.69 4.26
Allergan PLC 58.26 21.12 27.78 10.43 9.97 8.39 4.46 1.46 0.56 52.49 1.93 5.66 3.86 7.01
Amgen Inc. 1.11 1.00 0.93 0.85 0.82 0.73 0.54 0.53 0.54 0.61 0.63 0.61 0.67 0.63 0.70 0.66 0.65 0.69 0.70
Biogen Inc. 2.38 1.91 2.51 1.94 2.48 1.49 2.30 2.46 2.70 2.56 1.85 1.74 1.95 2.11 2.23 1.36 2.86 2.61 3.34
Bristol-Myers Squibb Co. 0.82 2.71 3.32 4.04 5.09 3.91 3.64 3.39 3.52 3.58 3.64 3.98 3.58 4.13 5.86 2.33 2.26 1.65 1.90
Celgene Corp. 1.82 2.24 3.05 3.55 6.00 2.85 1.09 1.16 1.23 1.30 1.41 1.55 1.41 1.47 1.23 1.24 1.20 1.05 1.00
Eli Lilly & Co. 14.53 17.59 2.84 2.46 4.52 4.95 4.90 4.72 4.94 8.54 5.16 4.08 4.50 4.61 4.59 4.62 4.77 5.76 20.17
Gilead Sciences Inc. 0.89 0.89 0.86 0.88 1.04 1.24 1.27 1.05 1.40 2.18 2.67 3.01 4.04 3.88 2.16 1.87 3.13 2.14 2.05
Johnson & Johnson 7.79 6.34 5.51 4.12 4.49 5.02 6.09 7.42 7.31 1.89 1.86 1.79 1.58 1.73 2.16 1.84 1.97 2.14 2.17
Merck & Co. Inc. 10.53 6.33 11.53 5.06 6.95 5.72 6.52 4.71 4.25 3.41 2.97 2.87 3.03 3.52 3.74 3.62 3.72 3.32 2.93
Regeneron Pharmaceuticals Inc. 0.90 0.78 0.82 0.93 1.13 1.17 1.16 1.20 1.24 1.45 1.72 1.27 1.38 1.32 1.28 1.27 1.29 1.09 1.16

Based on: 10-Q (filing date: 2019-08-08), 10-Q (filing date: 2019-05-09), 10-K (filing date: 2019-02-28), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-09), 10-Q (filing date: 2018-05-10), 10-K (filing date: 2018-02-22), 10-Q (filing date: 2017-11-09), 10-Q (filing date: 2017-08-10), 10-Q (filing date: 2017-05-11), 10-K (filing date: 2017-02-23), 10-Q (filing date: 2016-11-10), 10-Q (filing date: 2016-08-11), 10-Q (filing date: 2016-05-12), 10-K (filing date: 2016-02-29), 10-Q (filing date: 2015-11-05), 10-Q (filing date: 2015-08-06), 10-Q (filing date: 2015-05-07), 10-K (filing date: 2015-02-27), 10-Q (filing date: 2014-11-06), 10-Q (filing date: 2014-08-07), 10-Q (filing date: 2014-05-08).

1 Q2 2019 Calculation
Working capital turnover = (RevenuesQ2 2019 + RevenuesQ1 2019 + RevenuesQ4 2018 + RevenuesQ3 2018) ÷ Working capital
= (13,264 + 13,118 + 13,977 + 13,298) ÷ 15,043 = 3.57

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Working capital turnover An activity ratio calculated as revenue divided by working capital.

Average Inventory Processing Period

Pfizer Inc., average inventory processing period calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015 Dec 31, 2014 Sep 28, 2014 Jun 29, 2014 Mar 30, 2014
Selected Financial Data
Inventory turnover 1.31 1.38 1.50 1.40 1.43 1.39 1.48 1.41 1.51 1.61 1.82 1.67 1.53 1.41 1.28 1.16 1.57 1.62 1.69
Short-term Activity Ratio (no. days)
Average inventory processing period1 279 264 244 261 254 262 246 258 242 227 201 219 238 259 284 314 233 225 216
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
Abbott Laboratories 124 116 109 108 109 113 107 112 122 147 98 107 116 115 108 108 111 106 105
AbbVie Inc. 94 83 76 82 74 86 83 103 93 86 90 103 118 133 139 162 146 87 93
Allergan PLC 157 159 141 150 155 155 152 159 176 180 141 143 103 87 77 75 148 189 120
Amgen Inc. 276 261 262 271 278 268 254 262 263 253 241 235 234 223 210 213 214 225 218
Biogen Inc. 140 143 187 182 195 192 202 245 221 217 247 257 274 284 263 278 264 250 251
Bristol-Myers Squibb Co. 67 69 67 72 70 70 70 79 81 98 92 120 122 119 114 105 124 138 145
Celgene Corp. 274 273 285 347 407 405 428 430 437 417 415 431 414 407 385 368 373 350 372
Eli Lilly & Co. 214 186 233 233 235 268 268 272 276 260 230 254 253 264 250 255 243 222 203
Gilead Sciences Inc. 70 68 61 66 70 73 67 100 120 134 136 163 162 159 178 181 189 181 134
Johnson & Johnson 125 122 116 116 116 124 126 147 159 149 137 142 144 138 136 138 138 131 131
Merck & Co. Inc. 160 156 147 145 142 152 146 151 154 141 128 133 130 125 115 126 127 123 121
Regeneron Pharmaceuticals Inc. 2,260 2,429 2,334 2,011 1,659 1,423 1,309 1,205 1,138 963 749 570 446 398 360 334 357 339 365

Based on: 10-Q (filing date: 2019-08-08), 10-Q (filing date: 2019-05-09), 10-K (filing date: 2019-02-28), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-09), 10-Q (filing date: 2018-05-10), 10-K (filing date: 2018-02-22), 10-Q (filing date: 2017-11-09), 10-Q (filing date: 2017-08-10), 10-Q (filing date: 2017-05-11), 10-K (filing date: 2017-02-23), 10-Q (filing date: 2016-11-10), 10-Q (filing date: 2016-08-11), 10-Q (filing date: 2016-05-12), 10-K (filing date: 2016-02-29), 10-Q (filing date: 2015-11-05), 10-Q (filing date: 2015-08-06), 10-Q (filing date: 2015-05-07), 10-K (filing date: 2015-02-27), 10-Q (filing date: 2014-11-06), 10-Q (filing date: 2014-08-07), 10-Q (filing date: 2014-05-08).

1 Q2 2019 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 1.31 = 279

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period.

Average Receivable Collection Period

Pfizer Inc., average receivable collection period calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015 Dec 31, 2014 Sep 28, 2014 Jun 29, 2014 Mar 30, 2014
Selected Financial Data
Receivables turnover 5.48 5.61 6.68 5.32 5.39 5.57 6.39 5.25 5.52 5.92 6.42 5.41 5.72 5.65 5.97 5.03 5.38 5.51 5.72
Short-term Activity Ratio (no. days)
Average receivable collection period1 67 65 55 69 68 65 57 70 66 62 57 67 64 65 61 73 68 66 64
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
Abbott Laboratories 65 64 62 63 64 69 70 70 72 74 57 59 63 61 61 61 63 62 65
AbbVie Inc. 61 64 60 66 68 72 66 65 66 65 68 72 74 73 76 76 76 75 68
Allergan PLC 72 63 66 64 62 60 66 66 68 63 63 65 66 61 58 48 100 112 66
Amgen Inc. 62 61 58 57 58 60 54 57 59 54 53 54 52 53 52 51 50 47 48
Biogen Inc. 64 69 66 68 67 67 63 56 59 55 54 55 49 55 49 54 55 59 58
Celgene Corp. 55 54 49 53 53 54 54 53 52 51 53 54 55 54 57 54 56 54 56
Eli Lilly & Co. 72 64 78 73 74 70 73 71 72 68 69 67 70 66 64 63 62 59 60
Gilead Sciences Inc. 56 55 56 58 57 57 55 56 58 51 55 59 66 69 66 72 68 65 69
Johnson & Johnson 66 63 63 63 64 66 64 65 67 62 59 60 62 59 56 59 61 57 54
Merck & Co. Inc. 66 64 61 64 64 65 63 70 68 65 64 67 64 63 60 59 59 59 57
Regeneron Pharmaceuticals Inc. 158 149 153 152 143 145 151 155 148 143 147 151 168 181 156 161 180 192 154

Based on: 10-Q (filing date: 2019-08-08), 10-Q (filing date: 2019-05-09), 10-K (filing date: 2019-02-28), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-09), 10-Q (filing date: 2018-05-10), 10-K (filing date: 2018-02-22), 10-Q (filing date: 2017-11-09), 10-Q (filing date: 2017-08-10), 10-Q (filing date: 2017-05-11), 10-K (filing date: 2017-02-23), 10-Q (filing date: 2016-11-10), 10-Q (filing date: 2016-08-11), 10-Q (filing date: 2016-05-12), 10-K (filing date: 2016-02-29), 10-Q (filing date: 2015-11-05), 10-Q (filing date: 2015-08-06), 10-Q (filing date: 2015-05-07), 10-K (filing date: 2015-02-27), 10-Q (filing date: 2014-11-06), 10-Q (filing date: 2014-08-07), 10-Q (filing date: 2014-05-08).

1 Q2 2019 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 5.48 = 67

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover.

Operating Cycle

Pfizer Inc., operating cycle calculation (quarterly data)

No. days

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015 Dec 31, 2014 Sep 28, 2014 Jun 29, 2014 Mar 30, 2014
Selected Financial Data
Average inventory processing period 279 264 244 261 254 262 246 258 242 227 201 219 238 259 284 314 233 225 216
Average receivable collection period 67 65 55 69 68 65 57 70 66 62 57 67 64 65 61 73 68 66 64
Short-term Activity Ratio
Operating cycle1 346 329 299 330 322 327 303 328 308 289 258 286 302 324 345 387 301 291 280
Benchmarks
Operating Cycle, Competitors2
Abbott Laboratories 189 180 171 171 173 182 177 182 194 221 155 166 179 176 169 169 174 168 170
AbbVie Inc. 155 147 136 148 142 158 149 168 159 151 158 175 192 206 215 238 222 162 161
Allergan PLC 229 222 207 214 217 215 218 225 244 243 204 208 169 148 135 123 248 301 186
Amgen Inc. 338 322 320 328 336 328 308 319 322 307 294 289 286 276 262 264 264 272 266
Biogen Inc. 204 212 253 250 262 259 265 301 280 272 301 312 323 339 312 332 319 309 309
Celgene Corp. 329 327 334 400 460 459 482 483 489 468 468 485 469 461 442 422 429 404 428
Eli Lilly & Co. 286 250 311 306 309 338 341 343 348 328 299 321 323 330 314 318 305 281 263
Gilead Sciences Inc. 126 123 117 124 127 130 122 156 178 185 191 222 228 228 244 253 257 246 203
Johnson & Johnson 191 185 179 179 180 190 190 212 226 211 196 202 206 197 192 197 199 188 185
Merck & Co. Inc. 226 220 208 209 206 217 209 221 222 206 192 200 194 188 175 185 186 182 178
Regeneron Pharmaceuticals Inc. 2,418 2,578 2,487 2,163 1,802 1,568 1,460 1,360 1,286 1,106 896 721 614 579 516 495 537 531 519

Based on: 10-Q (filing date: 2019-08-08), 10-Q (filing date: 2019-05-09), 10-K (filing date: 2019-02-28), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-09), 10-Q (filing date: 2018-05-10), 10-K (filing date: 2018-02-22), 10-Q (filing date: 2017-11-09), 10-Q (filing date: 2017-08-10), 10-Q (filing date: 2017-05-11), 10-K (filing date: 2017-02-23), 10-Q (filing date: 2016-11-10), 10-Q (filing date: 2016-08-11), 10-Q (filing date: 2016-05-12), 10-K (filing date: 2016-02-29), 10-Q (filing date: 2015-11-05), 10-Q (filing date: 2015-08-06), 10-Q (filing date: 2015-05-07), 10-K (filing date: 2015-02-27), 10-Q (filing date: 2014-11-06), 10-Q (filing date: 2014-08-07), 10-Q (filing date: 2014-05-08).

1 Q2 2019 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 279 + 67 = 346

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period.

Average Payables Payment Period

Pfizer Inc., average payables payment period calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015 Dec 31, 2014 Sep 28, 2014 Jun 29, 2014 Mar 30, 2014
Selected Financial Data
Payables turnover 2.69 2.68 2.41 2.66 2.76 2.92 2.41 3.22 3.33 3.52 2.72 3.60 3.57 3.41 2.67 2.71 3.10 3.44 2.98
Short-term Activity Ratio (no. days)
Average payables payment period1 136 136 152 137 132 125 151 113 110 104 134 101 102 107 137 135 118 106 122
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
Abbott Laboratories 92 87 85 78 73 73 71 60 56 54 48 43 47 44 45 41 41 41 42
Amgen Inc. 87 95 107 94 93 99 121 79 78 80 80 72 76 71 83 90 78 74 100
Biogen Inc. 68 70 74 68 62 75 89 73 78 74 69 70 62 80 79 76 86 72 71
Bristol-Myers Squibb Co. 102 106 105 99 106 99 135 107 103 106 123 114 127 137 146 116 175 225 231
Celgene Corp. 193 210 260 198 215 242 241 211 223 197 206 200 194 190 209 165 184 184 187
Eli Lilly & Co. 81 71 80 72 74 73 85 74 80 79 87 76 81 81 97 88 85 88 83
Gilead Sciences Inc. 49 44 59 47 51 59 68 61 70 86 103 90 98 80 107 113 146 96 92
Johnson & Johnson 93 93 102 93 86 88 105 99 101 102 116 100 103 101 113 100 102 109 122
Merck & Co. Inc. 86 82 90 83 83 89 89 75 83 68 74 63 62 55 62 50 56 46 57
Regeneron Pharmaceuticals Inc. 419 481 442 333 307 360 321

Based on: 10-Q (filing date: 2019-08-08), 10-Q (filing date: 2019-05-09), 10-K (filing date: 2019-02-28), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-09), 10-Q (filing date: 2018-05-10), 10-K (filing date: 2018-02-22), 10-Q (filing date: 2017-11-09), 10-Q (filing date: 2017-08-10), 10-Q (filing date: 2017-05-11), 10-K (filing date: 2017-02-23), 10-Q (filing date: 2016-11-10), 10-Q (filing date: 2016-08-11), 10-Q (filing date: 2016-05-12), 10-K (filing date: 2016-02-29), 10-Q (filing date: 2015-11-05), 10-Q (filing date: 2015-08-06), 10-Q (filing date: 2015-05-07), 10-K (filing date: 2015-02-27), 10-Q (filing date: 2014-11-06), 10-Q (filing date: 2014-08-07), 10-Q (filing date: 2014-05-08).

1 Q2 2019 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 2.69 = 136

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period.

Cash Conversion Cycle

Pfizer Inc., cash conversion cycle calculation (quarterly data)

No. days

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015 Dec 31, 2014 Sep 28, 2014 Jun 29, 2014 Mar 30, 2014
Selected Financial Data
Average inventory processing period 279 264 244 261 254 262 246 258 242 227 201 219 238 259 284 314 233 225 216
Average receivable collection period 67 65 55 69 68 65 57 70 66 62 57 67 64 65 61 73 68 66 64
Average payables payment period 136 136 152 137 132 125 151 113 110 104 134 101 102 107 137 135 118 106 122
Short-term Activity Ratio
Cash conversion cycle1 210 193 147 193 190 202 152 215 198 185 124 185 200 217 208 252 183 185 158
Benchmarks
Cash Conversion Cycle, Competitors2
Abbott Laboratories 97 93 86 93 100 109 106 122 138 167 107 123 132 132 124 128 133 127 128
Amgen Inc. 251 227 213 234 243 229 187 240 244 227 214 217 210 205 179 174 186 198 166
Biogen Inc. 136 142 179 182 200 184 176 228 202 198 232 242 261 259 233 256 233 237 238
Celgene Corp. 136 117 74 202 245 217 241 272 266 271 262 285 275 271 233 257 245 220 241
Eli Lilly & Co. 205 179 231 234 235 265 256 269 268 249 212 245 242 249 217 230 220 193 180
Gilead Sciences Inc. 77 79 58 77 76 71 54 95 108 99 88 132 130 148 137 140 111 150 111
Johnson & Johnson 98 92 77 86 94 102 85 113 125 109 80 102 103 96 79 97 97 79 63
Merck & Co. Inc. 140 138 118 126 123 128 120 146 139 138 118 137 132 133 113 135 130 136 121
Regeneron Pharmaceuticals Inc. 1,999 2,097 2,045 1,830 1,495 1,208 1,139

Based on: 10-Q (filing date: 2019-08-08), 10-Q (filing date: 2019-05-09), 10-K (filing date: 2019-02-28), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-09), 10-Q (filing date: 2018-05-10), 10-K (filing date: 2018-02-22), 10-Q (filing date: 2017-11-09), 10-Q (filing date: 2017-08-10), 10-Q (filing date: 2017-05-11), 10-K (filing date: 2017-02-23), 10-Q (filing date: 2016-11-10), 10-Q (filing date: 2016-08-11), 10-Q (filing date: 2016-05-12), 10-K (filing date: 2016-02-29), 10-Q (filing date: 2015-11-05), 10-Q (filing date: 2015-08-06), 10-Q (filing date: 2015-05-07), 10-K (filing date: 2015-02-27), 10-Q (filing date: 2014-11-06), 10-Q (filing date: 2014-08-07), 10-Q (filing date: 2014-05-08).

1 Q2 2019 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 279 + 67136 = 210

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period.