Company: Pfizer Inc.

Item	Amount (in millions)
Net Income	$16,000
Depreciation and Amortization	$4,500
Change in Working Capital	$-1,000
Cash Flow from Operating Activities	$19,500
Capital Expenditures	$3,200
Cash Flow from Investing Activities	-$4,800
Cash Flow from Financing Activities	-$2,500
Beginning Cash Balance	$10,000
Ending Cash Balance	$22,200

Questions:

1. What is Pfizer’s free cash flow?
2. Calculate the net change in cash for Pfizer.
3. Determine the cash flow to sales ratio if Pfizer’s revenue is $50,000 million.
4. If Pfizer paid $7,500 million in dividends, what is the dividend payout ratio?
5. What is the cash flow from operations to net income ratio?