Pfizer (PFE) FY2019 results: revenue $40.9 billion, up 0.2% on the year
Pfizer Inc. (PFE) reported revenue of $40.9 billion for fiscal 2019, the year ended 31 December 2019, up 0.2% on the year before. Net income was $16.0 billion, up 43.7%, and diluted earnings per share $2.82. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2020.
Revenue
$40.9 billion
+0.2% on the year
FY2012FY2019
Operating margin
n/a
FY2012FY2019
Net income
$16.0 billion
+43.7% on the year
FY2012FY2019
Diluted EPS
$2.82
+50.8% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
40,905
40,825
52,546
+0.2%
Cost of revenue
8,054
8,987
11,228
-10.4%
Gross profit
32,851
31,838
41,318
+3.2%
Gross margin
80.3%
78.0%
78.6%
Research and development
8,385
7,760
7,683
+8.1%
Selling, general and administrative
12,726
12,612
14,784
+0.9%
Interest expense
1,574
1,316
1,270
+19.6%
Pre-tax income
11,321
3,594
12,305
+215.0%
Income tax
583
-266
-9,049
Effective tax rate
5.1%
-7.4%
-73.5%
Net income
16,026
11,153
21,308
+43.7%
Net margin
39.2%
27.3%
40.6%
Diluted EPS
$2.82
$1.87
$3.52
+50.8%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
12,588
15,827
16,802
-20.5%
Capital expenditure
2,046
1,984
1,956
+3.1%
Free cash flow
10,542
13,843
14,846
-23.8%
Free cash flow margin
25.8%
33.9%
28.3%
Cash from investing
-3,945
4,525
-4,741
Cash from financing
-8,485
-20,441
-13,350
Depreciation and amortisation
5,755
6,384
6,269
-9.9%
Share-based compensation
687
923
840
-25.6%
Buybacks
8,865
12,198
5,000
-27.3%
Dividends paid
8,043
7,978
7,659
+0.8%
Dividend per share
$1.46
$1.38
$1.30
+5.8%
Diluted shares, weighted
5,675m
5,977m
6,058m
-5.1%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
63,143
63,407
71,308
-0.4%
Non-controlling interest
303
351
348
-13.7%
Debt
52,150
41,740
43,491
+24.9%
Operating lease liabilities
1,030
n/a
n/a
Other liabilities
50,863
53,924
56,650
-5.7%
Total liabilities and equity
167,489
159,422
171,797
+5.1%
Fixed assets
12,969
13,385
13,865
-3.1%
Goodwill
48,181
42,927
55,952
+12.2%
Intangible assets
33,936
35,211
48,741
-3.6%
Investments
28,672
20,280
25,665
+41.4%
Cash and equivalents
1,121
1,139
1,342
-1.6%
Receivables
6,772
8,025
8,221
-15.6%
Inventory
7,068
7,508
7,578
-5.9%
Other assets
28,770
30,947
10,433
-7.0%
Total assets
167,489
159,422
171,797
+5.1%
10-K for the year ended 31 December 2019, filed 27 February 2020: the filing.