Pfizer (PFE) FY2018 results: revenue $40.8 billion, down 22.3% on the year
Pfizer Inc. (PFE) reported revenue of $40.8 billion for fiscal 2018, the year ended 31 December 2018, down 22.3% on the year before. Net income was $11.2 billion, down 47.7%, and diluted earnings per share $1.87. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2019.
Revenue
$40.8 billion
-22.3% on the year
FY2011FY2018
Operating margin
n/a
FY2011FY2018
Net income
$11.2 billion
-47.7% on the year
FY2011FY2018
Diluted EPS
$1.87
-46.9% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
40,825
52,546
52,824
-22.3%
Cost of revenue
8,987
11,228
12,322
-20.0%
Gross profit
31,838
41,318
40,502
-22.9%
Gross margin
78.0%
78.6%
76.7%
Research and development
7,760
7,683
7,892
+1.0%
Selling, general and administrative
12,612
14,784
14,837
-14.7%
Interest expense
1,316
1,270
1,186
+3.6%
Pre-tax income
3,594
12,305
8,351
-70.8%
Income tax
-266
-9,049
1,123
Effective tax rate
-7.4%
-73.5%
13.4%
Net income
11,153
21,308
7,215
-47.7%
Net margin
27.3%
40.6%
13.7%
Diluted EPS
$1.87
$3.52
$1.17
-46.9%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
15,827
16,802
16,192
-5.8%
Capital expenditure
1,984
1,956
1,823
+1.4%
Free cash flow
13,843
14,846
14,369
-6.8%
Free cash flow margin
33.9%
28.3%
27.2%
Cash from investing
4,525
-4,741
-7,791
Cash from financing
-20,441
-13,350
-9,228
Depreciation and amortisation
6,384
6,269
5,757
+1.8%
Share-based compensation
923
840
691
+9.9%
Buybacks
12,198
5,000
5,000
+144.0%
Dividends paid
7,978
7,659
7,317
+4.2%
Dividend per share
$1.38
$1.30
$1.22
+6.2%
Diluted shares, weighted
5,977m
6,058m
6,159m
-1.3%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
63,407
71,308
59,544
-11.1%
Non-controlling interest
351
348
296
+0.9%
Debt
41,740
43,491
42,086
-4.0%
Other liabilities
53,924
56,650
69,689
-4.8%
Total liabilities and equity
159,422
171,797
171,615
-7.2%
Fixed assets
13,385
13,865
13,318
-3.5%
Goodwill
42,927
55,952
54,449
-23.3%
Intangible assets
35,211
48,741
52,648
-27.8%
Investments
20,280
25,665
22,371
-21.0%
Cash and equivalents
1,139
1,342
2,595
-15.1%
Receivables
8,025
8,221
8,225
-2.4%
Inventory
7,508
7,578
6,783
-0.9%
Other assets
30,947
10,433
11,226
+196.6%
Total assets
159,422
171,797
171,615
-7.2%
10-K for the year ended 31 December 2018, filed 28 February 2019: the filing.