Common$-$sized income statements

Pfizer Inc. $($PFE$)$ is a global pharmaceutical company that researches, develops, manufactures, and sells a variety of medicines and vaccines. The following operating data $($in millions$)$ were adapted from recent financial statements of Pfizer.

Line Item Description Year $2$ Year $1$

Revenue $ $81,288$ $ $41,651$

Operating expenses:

Cost of goods sold $ $(30,821)$ $$(8,484)$

Selling and general $(12,703)(11,597)$

Other expenses $(13,453)(14,534)$

Total operating expenses $$(56,977)$ $$(34,615)$

Operating income $ $24,311$ $ $7,036$

Question Content Area

$1.$ Prepare common$-$sized income statements for Years $1$ and $2.$ Round your answers to one decimal place.

Pfizer Inc.

Common$-$Sized Income Statement

For Years $1$ and $2$

blank

Line Item Description Year $2$ Year $1$ Increase

$($Decrease$)$

Revenue Revenue

$\%$ Revenue

$\%$ Revenue

$\%$

Operating expenses: blank blank blank

Cost of goods sold Cost of goods sold

$\%$ Cost of goods sold

$\%$ Cost of goods sold

$\%$

Selling and general Selling and general

Selling and general

Selling and general

Other expenses Other expenses

Other expenses

Other expenses

Total operating expenses Total operating expenses

$\%$ Total operating expenses

$\%$ Total operating expenses

$\%$

Operating income Operating income

$\%$ Operating income

$\%$ Operating income

$\%$

Question Content Area

$2.$ Pfizer's operating income fill in the blank $1$ of $5$

$13\mathrm{.}0\%$ as a percent of revenue from $16\mathrm{.}9\%$ in Year $1$ to $29\mathrm{.}9\%$ in Year $2.$ The fill in the blank $2$ of $5$

was caused primarily by a fill in the blank $3$ of $5$

of $12\mathrm{.}2\%$ in selling and general expenses, and a fill in the blank $4$ of $5$

in other expenses of $18\mathrm{.}3\%.$ This was partially offset by an fill in the blank $5$ of $5$

in cost of goods sold of $17\mathrm{.}5\%.$