Exhibit 12

PFIZER INC. AND SUBSIDIARY COMPANIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Year Ended December 31,
(MILLIONS OF DOLLARS, EXCEPT RATIOS)	2014			2013			2012			2011			2010
Determination of earnings:
Income from continuing operations before provision for taxes on income, noncontrolling interests and cumulative effect of a change in accounting principles	$	12,240		$	15,716		$	11,242		$	11,481		$	8,846
Less:
Noncontrolling interests	47			44			47			60			46
Income attributable to Pfizer Inc.	12,193			15,672			11,195			11,421			8,800
Add (deduct):
Capitalized interest	(41		)	(32		)	(41		)	(50		)	(36		)
Amortization of capitalized interest	54			65			69			95			29
Equity (income)/loss from equity-method investments	(4		)	(55		)	(99		)	(82		)	(78		)
Distributed income of equity method investments	136			162			85			190			26
Fixed charges	1,435			1,495			1,627			1,812			1,930
Total earnings as defined	$	13,772		$	17,307		$	12,836		$	13,386		$	10,671
Fixed charges:
Interest expense(a)	$	1,360		$	1,414		$	1,522		$	1,681		$	1,797
Preferred stock dividends(b)	3			3			4			5			6
Rents(c)	72			78			101			126			127
Fixed charges	1,435			1,495			1,627			1,812			1,930
Capitalized interest	41			32			41			50			36
Total fixed charges	$	1,476		$	1,527		$	1,668		$	1,862		$	1,966
Ratio of earnings to fixed charges	9.3			11.3			7.7			7.2			5.4

^(a)  Interest expense includes amortization of debt premium, discount and other debt costs. Interest expense does not include interest related to uncertain tax positions of $182 million for 2014; $222 million for 2013; $265 million for 2012; $338 million for 2011; and $389 million for 2010.

^(b)  Preferred stock dividends related to our Series A convertible perpetual preferred stock held by an employee stock ownership plan trust.

^(c)  Rents included in the computation consist of one-third of rental expense, which we believe to be a conservative estimate of an interest factor

in our leases, which are not material.