ADDITIONAL STOCKHOLDERS' EQUITY TRANSACTIONS 195 COMPARATIVE COUNION- SIZE INCOME STATEMENTS For the Years Ended Dec. 31, 2009. Dec. 31, 2007 , and Dec. 31, 200 0 20 0^ 20 0 0 2007 20,0 0 2008 48. 290.0 18. 31 1. 0 $. 912 0 $1, 239.0 23.29\\ } 15. 8^ 37. 17:4.0 40. 731. 0 15. 5.0`1.0 Babe marketing. general admin strative 14. 5.37.0 15. 625.0 7.545.0 7.539.0 15. 7%`` $ March and development Other expenses 3.309.0 B. B`| 5\\ 2. 15.4.0 3. 128.01 Other `` pen` 5.5%6\\ 5\\ 28. 45 0. 0 RE, EOT . O 59. 196 Total operating expenses arating InEQUITie\\ 1 1. 72 6 . 0 24.3^| 5 7:515.0 15. 596| } 12. 124, 0 25. 196x| Open 518_0 3:37. 0 48 8. 0 1. 096\\ Net Interest expense ( income` Other {opened (inconel\\ 1, 516. 0 12, 156. 0 $596| } 1 1. 392, 0^ - 2. 8^ 3. 694. 0 20.13| 5\\ $. 278. 0 19.2%6| 5\\ 13, 028.0 26.5%/}| Income Lanes 1. 8:45.0 1, 023.0 2.13| 5 1.9.92.0 Net Income (loss ) before unusual Items $1, 049.0 3.255, 0 1 1 , 036.0 22.8%6\\ 155.01 -0. 196| 5\\ 17.096| $ Other losses (gains ) met at law 111.0 0. 296\\ 5 18, 3:01. 0 17. 2%^ Net Income (loss) 8. 104. 0 _8. 144. 0 16. 8`\\ 5 15, 3:37. 0 40.0% PFIZERINC .` COMPARATIVE COMMON - SIZE BALANCE SHEETS Dec. 31, 2008, Dec. 31, 2007 , and Dec. 31 , 200 0 I'm millions !* 20:08\\ 20:08 20:07 20:07 20 06 2008 ASSETS wiTent Cash & cash equivalent* 2. 12 20 1. 8%| 3. 406.0 2 2. 43.3.0 20.28| 5\\ 22, 6.BB, O 3.03| $ 1, 827.0 28. 400.0 16% Short - term investments Accounts receivable , not 13. 952.0 12.6%6\\ 23.08 Inventory 1.529.0 $ , $43.0 19. TX`| $ 4. 196| 5\\ $. 3920 5.416.0 Other current assets 5. 498. 0 6. 191.0 1.210 0 28% \\$ |360 0 Other current as.soto Total current $19:5013 43, 076 0 46.649.0 40 0^| {` on |ned: Property & equipment, net 13. 287.0 12.04| $1 15. 794.0 1 1. 478. 0 10. 38| $ 4,850.0 13.8%\\ 10. 0290 Long-term Investing. Intang ibles & goodwill 39, 185.01 35.38| $1 4.28| $1 2.0420 in Other assets $ 1220 41. BE0.0 5.0490 15. 020.0 Total assets 1 1 1. 140.0 100 04| $ 2 :20 0 LIABILITIES 10 0 09^ uTrent Short- term debt $.320.0 $ Accounts payable $ 23:30 \\CETUEd solines and benefits 0.04`| $1 in on named revenue on { current liabilities $1, 456 0 ` Current Habit _27,0090 10 m`| } Im dobe 145310 1218|` ed inco OWNERS EQUITY `quADDITIONAL STOCKHOLDERS EQUITY TRANSACTIONS BETTE 2.150.0 13.736 10. 392.0^ 1. 09 20 $1. 036.0 22.8% $. 301. 0 17.24 we lostnal and of law* \\ 1 04 FELLERING COMPARATIVE COMMON- SIZE BALANCE SHEETS Dee $1. 2009. Dec. 31 , 2007 , and Dec. 21 , 2006 2:0 09 20:07\\ 2:007 20:08 2008 ASSETS Current 1. 0^ Cash & cash equivalents 2. 12 2.0 3.406.0 1. 8 27.0 26. 40 0.0 2340% Short- town Investments 20.38| ZZ, BEG. D 15. 7%`|} 13.592.0 $1.0 43.0 9. 3.92.0 Inventory` $ 329.0 5. 416. 0 4.790|} $. 141. 0 Other current assets 5. 498.0 3.219.0| Other current assets 0. 08| } 0.09}| Total current assets 79 $96\\ } 48. 949.0 40.94^ FORCITY & Equipment, That 13.8 87.0 12.046|} 15. 7:34.0 13.6%|}| 16. 632.0 14.5% Long - form Investments 11. ATB. O` 10.38|1 4. 456.0 3. 6.52.0 3:43 Intangibles & goodwill 32. 195. 0 35:396\\ $ 1. BBQ.O 36.38| 51 15. 326.0 39.43| $1 Other Assets $, 1220 3.949.0 2. 138.0 Total assets $1 1, 14 8. 0 1010.09 .| 5. 100.03| 5 1 14 837. 0 100.0^` LIABILITIES CUTTONE Short - konti debt 9. 3.2.0. 0 5. 8.25.0 2:4340 21% Accounts payable $. 234.0 T.TOTO 12:4130 Accrued Balances and benefits 2.03| 5\\ BBS`| $` 0.04`| $1 Unnamed revenue 0.08| $1 Other current In bilities $1, $56.0 10.39|} $.51210) Total current liabilities 27.0 09.0 243^| {` 21, 435. 0 Long-term debt 14.5.31. 0 13.19| $1 7.314.0 Detained Income tax liabilities 2.959.01 $. 013.0 Other long - form liabilities 13:4130 Total liabilities\\ OWNERS EQUITY $3.592.0 $1. 6:5\\ Total owners" equity $7. 5 56.0 65.010 0 Total liabilities and owners" equity 191, 143. 0 100 0^`| $ TIS PRO 100 0^ PFIZER INC .` RATIO ANALYSIS SUMMARY For the years ended Dec. 31, 2008, Dec. 31, 2007 , and Dec. 21, 200 0 SHORT - TEAM LIQUIDITY RATIOS Current Flatla / Current Assets` Current L``` Quick Hathe \\Cash . Short-tenn live Lol`Current Linked` ACCOUNTS Re wake Turno` ACCOUNTS Ple De Turn `Receivable Inventory Turnover } | Cool ``` `Over & CO Good``` sosite LONG-TERM SOLVENCY /LEVERAGE RATIO Total Debt Ratio local PROFITABILITY RATIOSbeeBBS` any Tele `` as``saga Total ! OMNITHAT COUNTY Total fat to and from` `no' equity FELLER INC .` RATIO ANALYSIS BUIMIMIARTY For the years ended Dec. 31, 2000, Dec. 31, 2007 , and Dec. 21, 2000 SHORT - TEAM LIQUIDITY RATIOS Current Ratio ( GunTent Ascats Current Liability` ) Quick Halle / Cash . Short- term Investments + Accounts Placerabia / Current Lab``` Accounts Receivable Turnover " ( Flevenues/Average Account Receivable\\ Accounts Plecoliable Turnover 2 1 Florenwestyear-End Accounts Flecerratic 175 Inventory Turnover ! ( Cost Goods &.`^^Average Inventory) `EBBBE Inventory Turnover 2 ( Cost Goods Soldyear-end Inmemory $. 15\\ LONG-TERM SOLVENCY ( LEVERAGE RATIO Total Debt Ratio ( Total Liabilities Total Assets) 201 PROFITABILITY RATIOS LI BOR` Gross Profit Margin ( Gross Margin/ Flevenues! !` Operating Profit Margin (Operating Income / Revenues ) Net Profit Margin ( Return on Sales ) ( AIDS) ( Net Income/ Revenues 24.28%^ 15:5^ Total Asset Turnover ( Revenues/ Average Total Assets )\\ 15.78% Aloturn on Total Assets ( ADAY ( NET Income/ Average Total Assets ) 7. 1 8 36 Q:42\\beeBBS` any Tele `` as``saga Total ! OMNITHAT COUNTY Total fat to and from` `no' equity FELLER INC .` RATIO ANALYSIS BUIMIMIARTY For the years ended Dec. 31, 2000, Dec. 31, 2007 , and Dec. 21, 2000 SHORT - TEAM LIQUIDITY RATIOS Current Ratio ( GunTent Ascats Current Liability` ) Quick Halle / Cash . Short- term Investments + Accounts Placerabia / Current Lab``` Accounts Receivable Turnover " ( Flevenues/Average Account Receivable\\ Accounts Plecoliable Turnover 2 1 Florenwestyear-End Accounts Flecerratic 175 Inventory Turnover ! ( Cost Goods &.`^^Average Inventory) `EBBBE Inventory Turnover 2 ( Cost Goods Soldyear-end Inmemory $. 15\\ LONG-TERM SOLVENCY ( LEVERAGE RATIO Total Debt Ratio ( Total Liabilities Total Assets) 201 PROFITABILITY RATIOS LI BOR` Gross Profit Margin ( Gross Margin/ Flevenues! !` Operating Profit Margin (Operating Income / Revenues ) Net Profit Margin ( Return on Sales ) ( AIDS) ( Net Income/ Revenues 24.28%^ 15:5^ Total Asset Turnover ( Revenues/ Average Total Assets )\\ 15.78% Aloturn on Total Assets ( ADAY ( NET Income/ Average Total Assets ) 7. 1 8 36 Q:42\\ADDITIONAL STOCKHOLDERS EQUITY TRANSACTIONS 495 PFIZERINC.` COMPARATIVE CONONION- SIZE INCOME STATEMENTS _20,08 For the years ended Dec. 31, 2008, Dec. 31, 2007, and Dec. 31, 2006 Revenues ( in millions ) Cost of goods sold 2008 20 07\\ Gross margin 48. 298.0 2007 2006 2006 Operating expenses :` 8. 112.0 100.07| }| 48, 418.0 40, 1 84, 0 16.8%/}| 5 100. 09| 5\\ Sales , marketing , general administrative 83.2%/}| 5 11.239. 0 23.2%| 5 48, 371.0 7. 640. 0 100. 0 10 Research and development 37, 179.0 14. 537. 0 76.8%| 5\\ 40. 731. 0 15.8% 84.2% Other expense 7. 845. 01 20. 7 %0| }| Other expense 18.5%| }| 15. 626.0 8.089. 0 32. 3%/0| 3. 308. 01 15, 589.0 32. 2%/0 Total operating expenses 2, 868. 0 8.8%| 5 2.817. 01 16. 7%| 5\\ Operating income 5. 8%| $ 7, 599.0 15.7% 2. 158.01 28, 458. 0 5. 5%| }| 3. 128.0 4.5% 6.5%| }| 3. 261. 0 Net interest expense ( income ) 11 , 726.0 58. 9 %| 5 Other expense ( income )| 516.0 24.3%| } 29, 660.0 6.7 %| 1. 1%| 8| 7. 519.0 67.3%| 5\\ 28, 607. 0 15.5%| S 59. 1 %| 12. 124. 0 25. 1 %| Income before income taxes 1, 516. 0 3.1%| 5\\ 397. 0 Income taxes 9. 694.01 20. 1%| 5\\ ( 2, 156.0 ) 0 . 8 % | 5\\ 488.0 1. 0%\\ - 4.5%| $| ( 1. 392. 0 - 2.9%\\ Net income ( loss ) before unusual items 1. 645. 0 9 , 278.0 1. 023. 01 19.2%| $| 13. 028.0 26. 9%/01 Other losses ( gains ) net of tax 8. 049. 0 16.7%| $| 8.255. 0 2. 1 %| 8 1. 992.0 4 . 1% ( 55.0 ) -0 . 1%| S 191.0 17. 0%| 5\\ 11 , 036.0 22.8%\\ Net income ( loss ) 8 , 104.0 0 . 2%\\\\ 16.8%| 8\\ (8, 301. 0 ) - 17. 2%| 8, 144. 0 16.8 %| $ 19 , 337. 0 40. 0% PFIZER INC .` COMPARATIVE COMMON - SIZE BALANCE SHEETS Dec . 31 , 2008 , Dec . 31 , 2007 , and Dec . 31 , 2006 ( in millions ) 2008 2008 20:07 2007 2006 _2006 % ASSETS current :` Cash & cash equivalents 2 , 122.01 1.5 10 | } 3 , 406.0 3. 0% | }| 1. 827. 01 1.6 % Short- term investments 22. 433.0 20. 2%| $| 2 2, 686.0 19.7%| $| 26, 400. 0 23.0% Accounts receivable , net 13. 992.01 12.6% | $| 9, 843.0 8.5%| $| 9, 392.01 8.2% 6, 171. 0 5.3% Inventory 5, 416.0 SA GAG 4 , 529. 0 4. 1%| $| 0. 0% | $ 5, 498. 0 4.8%| $| 3. 219. 0 2.8%\\ Other current assets 0 . 0 %| $ 0. 090) Other current assets 0. 0% | $ 38. 8%| $ 46 , 849.0 46 , 949.0 10. 986 Total current assets 43 , 076.0 40.6%| $] Fixed :` 14.5% Property & equipment , net 13, 287. 01 12.0% \\\\ 15 , 734.0 13.6 /0| 16. 632.0 17 , 478.01 10.3%\\ 4, 856. 0 4 . 2%| 3. 892.0 3.4% Long-term investments 39, 185.01 35. 3%| $| 41, 880. 01 36. 3%\\ 15, 226.01 39. 496\\ 4 , 122.01 3.7%| 8 5.2%| 5\\ 2 . 138. 01 Intangibles & goodwill! 5, 949.0 00. 08\\ Other assets 171 , 148.0 100. 0%| $ _175 , 268.01 100. 09| 5 _1 14 , 837.0 Total assets LIABILITIES 8.4 % | 5 , 825.01 5. 7%| 2.434.0 Current :` 10.8% \\D 9. 320.0 5.6%| } 7. 787. 01 Short-term debt 6 , 233.01 6.8%| { 12, 4:43.0 0 . 0%| $ 0. 0%\\\\ 0.0%| $ 0.08 Accounts payable Accrued salaries and benefits 0. 0%| S 11 , 456.0 10.3%| $ 8 , 223.0 7.1%| } $6.5120 Unearned revenue 24.3%| S _21, 835.0 18. 8%^ ^_ 21, 3 80 0 Other current liabilities 27 , 009.01 13.1%| $ 7.314.0 8:3%| $| Total current liabilities 14. 531. 0 7.606.01 8:0ISD Long-term debt 2.959. 01 Deferred income tax liabilities 8. 093.01 13, 4930 48. 2%| }| 50,258.0 Other long-term liabilities 53, 592.0 Total liabilities 51 8%\\ S _65,010 0 OWNERS' EQUITY $ 57. 556.0 100.0%\\S` 115, 260.0 Total owners' equity \\$ 171, 148.0 Total liabilities and owners' equity PFIZER INC RATIO ANALYSIS SUMMARY For the years ended Dec. 31 , 2008, Dec. 21, 200%, and Dec. 31, 20^ SHORT- TERM LIQUIDITY RATIONS Current Rate ( Current Assets Currant LaosADDITIONAL STOCKHOLDERS EQUITY TRANSACTIONS 495 PFIZERINC.` COMPARATIVE CONONION- SIZE INCOME STATEMENTS _20,08 For the years ended Dec. 31, 2008, Dec. 31, 2007, and Dec. 31, 2006 Revenues ( in millions ) Cost of goods sold 2008 20 07\\ Gross margin 48. 298.0 2007 2006 2006 Operating expenses :` 8. 112.0 100.07| }| 48, 418.0 40, 1 84, 0 16.8%/}| 5 100. 09| 5\\ Sales , marketing , general administrative 83.2%/}| 5 11.239. 0 23.2%| 5 48, 371.0 7. 640. 0 100. 0 10 Research and development 37, 179.0 14. 537. 0 76.8%| 5\\ 40. 731. 0 15.8% 84.2% Other expense 7. 845. 01 20. 7 %0| }| Other expense 18.5%| }| 15. 626.0 8.089. 0 32. 3%/0| 3. 308. 01 15, 589.0 32. 2%/0 Total operating expenses 2, 868. 0 8.8%| 5 2.817. 01 16. 7%| 5\\ Operating income 5. 8%| $ 7, 599.0 15.7% 2. 158.01 28, 458. 0 5. 5%| }| 3. 128.0 4.5% 6.5%| }| 3. 261. 0 Net interest expense ( income ) 11 , 726.0 58. 9 %| 5 Other expense ( income )| 516.0 24.3%| } 29, 660.0 6.7 %| 1. 1%| 8| 7. 519.0 67.3%| 5\\ 28, 607. 0 15.5%| S 59. 1 %| 12. 124. 0 25. 1 %| Income before income taxes 1, 516. 0 3.1%| 5\\ 397. 0 Income taxes 9. 694.01 20. 1%| 5\\ ( 2, 156.0 ) 0 . 8 % | 5\\ 488.0 1. 0%\\ - 4.5%| $| ( 1. 392. 0 - 2.9%\\ Net income ( loss ) before unusual items 1. 645. 0 9 , 278.0 1. 023. 01 19.2%| $| 13. 028.0 26. 9%/01 Other losses ( gains ) net of tax 8. 049. 0 16.7%| $| 8.255. 0 2. 1 %| 8 1. 992.0 4 . 1% ( 55.0 ) -0 . 1%| S 191.0 17. 0%| 5\\ 11 , 036.0 22.8%\\ Net income ( loss ) 8 , 104.0 0 . 2%\\\\ 16.8%| 8\\ (8, 301. 0 ) - 17. 2%| 8, 144. 0 16.8 %| $ 19 , 337. 0 40. 0% PFIZER INC .` COMPARATIVE COMMON - SIZE BALANCE SHEETS Dec . 31 , 2008 , Dec . 31 , 2007 , and Dec . 31 , 2006 ( in millions ) 2008 2008 20:07 2007 2006 _2006 % ASSETS current :` Cash & cash equivalents 2 , 122.01 1.5 10 | } 3 , 406.0 3. 0% | }| 1. 827. 01 1.6 % Short- term investments 22. 433.0 20. 2%| $| 2 2, 686.0 19.7%| $| 26, 400. 0 23.0% Accounts receivable , net 13. 992.01 12.6% | $| 9, 843.0 8.5%| $| 9, 392.01 8.2% 6, 171. 0 5.3% Inventory 5, 416.0 SA GAG 4 , 529. 0 4. 1%| $| 0. 0% | $ 5, 498. 0 4.8%| $| 3. 219. 0 2.8%\\ Other current assets 0 . 0 %| $ 0. 090) Other current assets 0. 0% | $ 38. 8%| $ 46 , 849.0 46 , 949.0 10. 986 Total current assets 43 , 076.0 40.6%| $] Fixed :` 14.5% Property & equipment , net 13, 287. 01 12.0% \\\\ 15 , 734.0 13.6 /0| 16. 632.0 17 , 478.01 10.3%\\ 4, 856. 0 4 . 2%| 3. 892.0 3.4% Long-term investments 39, 185.01 35. 3%| $| 41, 880. 01 36. 3%\\ 15, 226.01 39. 496\\ 4 , 122.01 3.7%| 8 5.2%| 5\\ 2 . 138. 01 Intangibles & goodwill! 5, 949.0 00. 08\\ Other assets 171 , 148.0 100. 0%| $ _175 , 268.01 100. 09| 5 _1 14 , 837.0 Total assets LIABILITIES 8.4 % | 5 , 825.01 5. 7%| 2.434.0 Current :` 10.8% \\D 9. 320.0 5.6%| } 7. 787. 01 Short-term debt 6 , 233.01 6.8%| { 12, 4:43.0 0 . 0%| $ 0. 0%\\\\ 0.0%| $ 0.08 Accounts payable Accrued salaries and benefits 0. 0%| S 11 , 456.0 10.3%| $ 8 , 223.0 7.1%| } $6.5120 Unearned revenue 24.3%| S _21, 835.0 18. 8%^ ^_ 21, 3 80 0 Other current liabilities 27 , 009.01 13.1%| $ 7.314.0 8:3%| $| Total current liabilities 14. 531. 0 7.606.01 8:0ISD Long-term debt 2.959. 01 Deferred income tax liabilities 8. 093.01 13, 4930 48. 2%| }| 50,258.0 Other long-term liabilities 53, 592.0 Total liabilities 51 8%\\ S _65,010 0 OWNERS' EQUITY $ 57. 556.0 100.0%\\S` 115, 260.0 Total owners' equity \\$ 171, 148.0 Total liabilities and owners' equity PFIZER INC RATIO ANALYSIS SUMMARY For the years ended Dec. 31 , 2008, Dec. 21, 200%, and Dec. 31, 20^ SHORT- TERM LIQUIDITY RATIONS Current Rate ( Current Assets Currant LaosADDITIONAL STOCKHOLDERS EQUITY TRANSACTIONS* 489 Income statement questiones 1. Are total revenues higher or lower over the three year period ? 3 . " What is the percent change in total revenues from 2006 to 20.08 ?) Is the percent of cost of goods sold to total revenues increasing or decreasing decreasing ?` 4 . over the three- year period? As a result , is the gross margin percent increasing Off Is the percent of total operating expenses to total revenues increasing or decreasing decreasing ? over the three - year period? As a result , is the operating income percent increasing Off 5 . Is the percent of net income to total revenue increasing or decreasing over the three - year period ? Balance sheet questions :` 6 . Are total assets higher or lower over the three - year period ?" 7 . What is the percent change in total assets from 2006 to 2008 ?) 8 . What is the largest asset investments for the company over the three -year period !" 9 . Is the largest asset investments increasing faster or slower than the percent change in total revenues ?" 10 . Is the percent of total liabilities to total liabilities + owners' equity increasing Or decreasing ? As a result , is there more or less risk that the company could not pay its debts ?` Integrative income statement and balance sheet question : 1 1 . Is the company operating more or less efficiently by using the least amount of asset invest- ment to generate a given level of total revenues ? Note that the " total asset turnover" ratio is computed and included in the" ratio analysis summary* . Ratio analysis questions :" 12 . Is the current ratio better or worse in the most current year compared to prior years ? 13 . Is the quick ratio better or worse in the most current year compared to prior years ? 14 . Is the accounts receivable turnover ratio 1 ( based on average receivables) better or worse in the most current year compared to prior years ?" 15 . Is the 2008 accounts receivable turnover ratio 2 ( based on year-end receivables) better or worse than the 2008 ratio based on an average ?\\ 10 . Is the inventory turnover ratio 1 ( based on average inventory) better or worse in the most current year compared to prior years ?` 17. Is the 2008 inventory turnover ratio 2 ( based on year-end inventory) better or worse than the 2008 ratio based on an average ?` to. Is the return on total assets ( ROA) ratio better or worse in the most current your compound ` prior years ?ADDITIONAL STOCKHOLDERS EQUITY TRANSACTIONS* 489 Income statement questiones 1. Are total revenues higher or lower over the three year period ? 3 . " What is the percent change in total revenues from 2006 to 20.08 ?) Is the percent of cost of goods sold to total revenues increasing or decreasing decreasing ?` 4 . over the three- year period? As a result , is the gross margin percent increasing Off Is the percent of total operating expenses to total revenues increasing or decreasing decreasing ? over the three - year period? As a result , is the operating income percent increasing Off 5 . Is the percent of net income to total revenue increasing or decreasing over the three - year period ? Balance sheet questions :` 6 . Are total assets higher or lower over the three - year period ?" 7 . What is the percent change in total assets from 2006 to 2008 ?) 8 . What is the largest asset investments for the company over the three -year period !" 9 . Is the largest asset investments increasing faster or slower than the percent change in total revenues ?" 10 . Is the percent of total liabilities to total liabilities + owners' equity increasing Or decreasing ? As a result , is there more or less risk that the company could not pay its debts ?` Integrative income statement and balance sheet question : 1 1 . Is the company operating more or less efficiently by using the least amount of asset invest- ment to generate a given level of total revenues ? Note that the " total asset turnover" ratio is computed and included in the" ratio analysis summary* . Ratio analysis questions :" 12 . Is the current ratio better or worse in the most current year compared to prior years ? 13 . Is the quick ratio better or worse in the most current year compared to prior years ? 14 . Is the accounts receivable turnover ratio 1 ( based on average receivables) better or worse in the most current year compared to prior years ?" 15 . Is the 2008 accounts receivable turnover ratio 2 ( based on year-end receivables) better or worse than the 2008 ratio based on an average ?\\ 10 . Is the inventory turnover ratio 1 ( based on average inventory) better or worse in the most current year compared to prior years ?` 17. Is the 2008 inventory turnover ratio 2 ( based on year-end inventory) better or worse than the 2008 ratio based on an average ?` to. Is the return on total assets ( ROA) ratio better or worse in the most current your compound ` prior years
