Pfizer (PFE) FY2014 results: revenue $49.6 billion, down 3.8% on the year
Pfizer Inc. (PFE) reported revenue of $49.6 billion for fiscal 2014, the year ended 31 December 2014, down 3.8% on the year before. Net income was $9.1 billion, down 58.5%, and diluted earnings per share $1.42. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2015.
Revenue
$49.6 billion
-3.8% on the year
FY2007FY2014
Operating margin
n/a
FY2007FY2014
Net income
$9.1 billion
-58.5% on the year
FY2007FY2014
Diluted EPS
$1.42
-55.5% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
49,605
51,584
54,657
-3.8%
Cost of revenue
9,577
9,586
9,821
-0.1%
Gross profit
40,028
41,998
44,836
-4.7%
Gross margin
80.7%
81.4%
82.0%
Research and development
8,393
6,678
7,482
+25.7%
Selling, general and administrative
14,097
14,355
15,171
-1.8%
Interest expense
1,360
1,414
1,524
-3.8%
Pre-tax income
12,240
15,716
11,242
-22.1%
Income tax
3,120
4,306
2,221
-27.5%
Effective tax rate
25.5%
27.4%
19.8%
Net income
9,135
22,003
14,570
-58.5%
Net margin
18.4%
42.7%
26.7%
Diluted EPS
$1.42
$3.19
$1.94
-55.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
17,084
17,684
16,746
-3.4%
Capital expenditure
1,199
1,206
1,327
-0.6%
Free cash flow
15,885
16,478
15,419
-3.6%
Free cash flow margin
32.0%
31.9%
28.2%
Cash from investing
-5,654
-10,544
6,154
Cash from financing
-10,187
-14,975
-15,999
Depreciation and amortisation
5,537
6,306
7,394
-12.2%
Share-based compensation
586
523
481
+12.0%
Buybacks
5,000
16,290
8,228
-69.3%
Dividends paid
6,609
6,580
6,534
+0.4%
Dividend per share
$1.04
$0.96
$0.88
+8.3%
Diluted shares, weighted
6,424m
6,895m
7,508m
-6.8%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
71,301
76,307
81,260
-6.6%
Non-controlling interest
321
313
418
+2.6%
Debt
36,682
36,489
37,460
+0.5%
Other liabilities
59,262
58,992
66,660
+0.5%
Total liabilities and equity
167,566
172,101
185,798
-2.6%
Fixed assets
11,762
12,397
13,213
-5.1%
Goodwill
42,069
42,519
43,661
-1.1%
Intangible assets
35,166
39,385
45,146
-10.7%
Investments
50,297
46,631
36,468
+7.9%
Cash and equivalents
3,343
2,183
10,081
+53.1%
Receivables
8,401
9,357
10,675
-10.2%
Inventory
5,663
6,166
6,076
-8.2%
Other assets
10,865
13,463
20,478
-19.3%
Total assets
167,566
172,101
185,798
-2.6%
10-K for the year ended 31 December 2014, filed 27 February 2015: the filing.