EX-12 4 y58494ex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12
 

EXHIBIT 12

PFIZER INC. AND SUBSIDIARY COMPANIES
RATIO OF EARNINGS TO FIXED CHARGES

                                                 
            Year Ended December 31,
           
(millions of dollars, except ratios)   2001   2000   1999   1998   1997
 
 
 
 
 
Determination of earnings:
                                        
Income from continuing operations before provision for
                                        
 
taxes on income and minority interests
   $ 10,329     $ 5,781     $ 6,945     $ 4,397     $ 3,979  
Less:
                                        
   
Minority interests
     16       14       5       2       10  
 
    
     
     
     
     
 
       
Adjusted income
     10,313       5,767       6,940       4,395       3,969  
       
Fixed charges
     366       496       463       334       389  
 
    
     
     
     
     
 
       
Total earnings as defined
   $ 10,679     $ 6,263     $ 7,403     $ 4,729     $ 4,358  
 
    
     
     
     
     
 
Fixed charges:
                                        
     
Interest expense (a)
   $ 266     $ 390     $ 364     $ 251     $ 315  
     
Rents (b)
     100       106       99       83       74  
 
    
     
     
     
     
 
       
Fixed charges
     366       496       463       334       389  
   
Capitalized interest
     56       46       40       26       10  
 
    
     
     
     
     
 
       
Total fixed charges
   $ 422     $ 542     $ 503     $ 360     $ 399  
 
    
     
     
     
     
 
Ratio of earnings to fixed charges
     25.3       11.6       14.7       13.1       10.9  
 
    
     
     
     
     
 

(a)   Interest expense includes amortization of debt discount and expenses.
(b)   Rents included in the computation consist of one-third of rental expense which the Company believes to be a conservative estimate of an interest factor in its leases, which are not material.