Pfizer (PFE) FY2020 results: revenue $41.7 billion, up 1.8% on the year
Pfizer Inc. (PFE) reported revenue of $41.7 billion for fiscal 2020, the year ended 31 December 2020, up 1.8% on the year before. Net income was $9.2 billion, down 42.8%, and diluted earnings per share $1.63. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2023.
Revenue
$41.7 billion
+1.8% on the year
FY2013FY2020
Operating margin
n/a
FY2013FY2020
Net income
$9.2 billion
-42.8% on the year
FY2013FY2020
Diluted EPS
$1.63
-42.2% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
41,651
40,905
40,825
+1.8%
Cost of revenue
8,484
8,054
8,987
+5.3%
Gross profit
33,167
32,851
31,838
+1.0%
Gross margin
79.6%
80.3%
78.0%
Research and development
8,709
8,385
7,760
+3.9%
Selling, general and administrative
11,615
12,726
12,612
-8.7%
Interest expense
1,449
1,574
1,316
-7.9%
Pre-tax income
7,036
11,321
3,594
-37.9%
Income tax
370
583
-266
-36.5%
Effective tax rate
5.3%
5.1%
-7.4%
Net income
9,159
16,026
11,153
-42.8%
Net margin
22.0%
39.2%
27.3%
Diluted EPS
$1.63
$2.82
$1.87
-42.2%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
14,403
12,588
15,827
+14.4%
Capital expenditure
2,226
2,046
1,984
+8.8%
Free cash flow
12,177
10,542
13,843
+15.5%
Free cash flow margin
29.2%
25.8%
33.9%
Cash from investing
-4,271
-3,945
4,525
Cash from financing
-9,649
-8,485
-20,441
Depreciation and amortisation
4,681
5,755
6,384
-18.7%
Share-based compensation
756
687
923
+10.0%
Buybacks
0.0
8,865
12,198
Dividends paid
8,440
8,043
7,978
+4.9%
Dividend per share
$1.53
$1.46
$1.38
+4.8%
Diluted shares, weighted
5,632m
5,675m
5,977m
-0.8%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
63,238
63,143
63,407
+0.2%
Non-controlling interest
235
303
351
-22.4%
Debt
39,836
52,150
41,740
-23.6%
Operating lease liabilities
1,108
1,030
n/a
+7.6%
Other liabilities
49,812
50,863
53,924
-2.1%
Total liabilities and equity
154,229
167,489
159,422
-7.9%
Fixed assets
13,745
12,969
13,385
+6.0%
Goodwill
49,577
48,181
42,927
+2.9%
Intangible assets
28,337
33,936
35,211
-16.5%
Investments
30,699
28,672
20,280
+7.1%
Cash and equivalents
1,784
1,121
1,139
+59.1%
Receivables
7,913
6,772
8,025
+16.8%
Inventory
8,020
7,068
7,508
+13.5%
Other assets
14,154
28,770
30,947
-50.8%
Total assets
154,229
167,489
159,422
-7.9%
10-K for the year ended 31 December 2020, filed 23 February 2023: the filing.