Pfizer Inc.

NYSE-PFE

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	9,870	8,051	2,173	31,401	22,459	6,666	10,738	3,860	21,355	7,246	6,986
Net Income Before Allocation to Noncontrolling Interests
Discontinued Operations-Net of Tax
Income from Discontinued Operations-Net of Tax
Depreciation & Amortization	6,696	7,013	6,290	5,064	5,191	4,681	5,755	6,150	6,269	5,757	5,157
Depreciation and Amortization
Share-Based Compensation Expense	751	877	525	872	1,182	755	687	923	840	691	669
Share-Based Compensation Expense
Other Adjustments	-192	-132	1,886	-2,431	-8,713	-1,253	-6,262	5,603	-12,998	2,400	1,136
Asset Write-Offs and Impairments
Foreign Currency Gain Related to Venezuela
Gain on Disposal of Discontinued Operations
Gain Associated with the Transfer of Certain Product Rights to an Equity-Method Investment
Loss on Sale of HIS Net Assets
TCJA Impact
Gain on Completion of Consumer Healthcare JV Transaction, Net of Cash Conveyed
Deferred Taxes
Deferred Taxes from Discontinued Operations
Benefit Plan Contributions in Excess of Expense/Income
Inventory Write-Offs and Related Charges Associated with COVID-19 Products
Other Adjustments, Net
Income from Discontinued Operations-Net of Tax
Changes in Trade Receivables	—	-109	347	261	-3,811	-1,275	-1,124	-458	259	-134	21
Trade Accounts Receivable
Changes in Inventories	—	-854	-1,169	-591	-1,125	-778	-1,071	-432	-357	365	-199
Change in Inventories
Changes in Accounts Payable	—	-1,023	-300	1,191	1,242	355	-341	404	46	871	254
Trade Accounts Payable
Changes in Income Taxes Payable	—	-1,345	-982	-545	-1,166	-1,240	-3,074	-163	1,446	-734	-235
Other Tax Accounts, Net
Changes in Other Operating Activities	-952	265	-68	-5,955	17,321	6,494	7,280	7,267	-60	-270	900
Change in Other Assets
Other Liabilities
Other Changes in Assets and Liabilities, Net of Acquisitions and Divestitures
Net Cash Provided by Operating Activities from Discontinued Operations
Cash from Operating Activities	13,077	12,744	8,700	29,267	32,580	14,403	12,588	15,827	16,802	16,192	14,688
Net Cash Provided by Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-2,701	-2,909	-3,907	-3,236	-2,711	-2,226	-2,046	-1,984	-1,956	-1,823	-1,397
Purchases of Property, Plant and Equipment
Purchases of Intangible Assets	—	—	—	—	—	—	—	-152	-261	-176	-99
Acquisitions of Intangible Assets
Purchases of Investments	-16,804	-10,313	-31,178	-38,297	-39,525	-14,402	-7,036	-13,474	-18,133	-23,968	-38,123
Purchases of Short-Term Investments
Purchases of Long-Term Investments
Proceeds from Sale of Investments	12,503	15,874	46,417	44,979	20,008	12,730	16,340	19,908	15,939	36,464	52,761
Proceeds from Redemptions/Sales of Short-Term Investments
Proceeds from Redemptions/Sales of Long-Term Investments
Proceeds from Sales of Investment in Haleon
Net Proceeds from Redemptions/Sales of Short-Term Investments with Original Maturities of Three Months or Less
Payments for Business Acquisitions	—	—	-43,430	-22,997	—	—	-10,861	—	-1,000	-18,368	-16,466
Acquisitions of Businesses, Net of Cash Acquired
Proceeds from Business Divestments	—	—	—	—	—	—	—	—	—	—	—
Proceeds from Sale of Businesses
Other Investing Activities	-2,447	3,138	4,995	3,285	-8,405	546	6,582	-3,690	2,729	-4,138	6,112
Dividend Received from the Consumer Healthcare JV
Other Investing Activities, Net
Net Cash Provided by Investing Activities from Discontinued Operations
Net Proceeds from Redemptions/Sales of Short-Term Investments with Original Maturities of Three Months or Less
Cash from Investing Activities	3,172	2,652	-32,278	-15,783	-22,546	-4,271	-3,945	4,525	-4,740	-7,791	-2,980
Net Cash Provided by Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Short-Term Debt	—	8,907	4,525	3,891	—	12,352	16,455	3,711	8,464	7,472	5,557
Proceeds from Short-Term Borrowings
Repayments of Short-Term Debt	-1,641.5	-13,816	3,158	-4,109	-96	-26,326	-5,827	-6,054	-8,525	-8,153	-1,248
Payments on Short-Term Borrowings
Net Proceeds from Short-Term Borrowings with Original Maturities of Three Months or Less
Net Issuance / (Repayments) of Short-Term Debt	-1,641.5	-4,909	7,683	-218	-96	-13,974	10,628	-2,343	-61	-681	4,309
Issuance of Long-Term Debt	—	—	30,831	—	997	5,222	4,942	4,974	5,274	10,976	—
Proceeds from Issuance of Long-Term Debt
Repayments of Long-Term Debt	—	-2,250	-2,569	-3,298	-2,004	-4,003	-6,806	-3,566	-6,154	-7,689	-2,990
Payments on Long-Term Debt
Net Issuance / (Repayments) of Long-Term Debt	—	-2,250	28,262	-3,298	-1,007	1,219	-1,864	1,408	-880	3,287	-2,990
Issuance of Common Shares	—	—	—	—	—	—	—	1,259	862	1,019	1,263
Proceeds from Exercise of Stock Options
Repurchases of Common Shares	—	—	—	-2,000	—	—	-8,865	-12,198	-5,000	-5,000	-6,160
Purchases of Common Stock
Net Issuance / (Repurchases) of Common Shares	—	—	—	-2,000	—	—	-8,865	-10,939	-4,138	-3,981	-4,897
Common Share Dividends Paid	-9,706	-9,512	-9,247	-8,983	-8,729	-8,440	-8,043	-7,978	-7,659	-7,317	-6,940
Cash Dividends Paid
Other Financing Activities	-2,070.5	-3,059	2,530	-557	-80	7,418	2,209	-2,205	811	-3,596	2,826
Other Financing Activities, Net
Net Cash Provided by Financing Activities from Discontinued Operations
Net Proceeds from Short-Term Borrowings with Original Maturities of Three Months or Less
Cash from Financing Activities	-16,014	-17,140	26,066	-14,834	-9,816	-9,649	-8,485	-20,441	-13,350	-9,228	-10,409
Net Cash Provided by Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	10,376	9,835	4,793	26,031	29,869	12,177	10,542	13,843	14,846	14,369	13,291
NOPAT	9,838	8,051	2,172	31,399	22,459	6,667	10,737	3,861	21,355	7,228	6,974
Levered Free Cash Flow	11,229.5	2,019	37,928	23,784	39,628	3,690	31,293	21,460	25,755	13,987	12,759
Unlevered Free Cash Flow	12,881	9,198	2,036	27,327	41,211	13,953	17,240	15,103	26,743	11,394	11,454
Net Change in Cash	235	-1,744	2,488	-1,350	218	483	158	-89	-1,288	-827	1,299