v3.20.4
Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Statement [Abstract]      
Revenues [1] $ 41,908 $ 41,172 $ 40,825
Costs and expenses:      
Cost of sales [2] 8,692 8,251 8,987
Selling, informational and administrative expenses [2] 11,615 12,750 12,612
Research and development expenses [2] 9,405 8,394 7,760
Amortization of intangible assets 3,436 4,462 4,736
Restructuring charges and certain acquisition-related costs 600 601 1,058
(Gain) on completion of Consumer Healthcare JV transaction (6) (8,086) 0
Other (income)/deductions––net 669 3,314 2,077
Income from continuing operations before provision/(benefit) for taxes on income [3],[4] 7,497 11,485 3,594
Provision/(benefit) for taxes on income 477 618 (266)
Income from continuing operations 7,021 10,867 3,861
Income from discontinued operations––net of tax 2,631 5,435 7,328
Net income before allocation to noncontrolling interests 9,652 16,302 11,188
Less: Net income attributable to noncontrolling interests 36 29 36
Net income attributable to Pfizer Inc. common shareholders $ 9,616 $ 16,273 $ 11,153
Earnings per common share––basic:      
Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) $ 1.26 $ 1.95 $ 0.65
Income from discontinued operations––net of tax (in dollars per share) 0.47 0.98 1.25
Net income attributable to Pfizer Inc. common shareholders (in dollars per share) 1.73 2.92 1.90
Earnings per common share––diluted:      
Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) 1.24 1.91 0.64
Income from discontinued operations––net of tax (in dollars per share) 0.47 0.96 1.23
Net income attributable to Pfizer Inc. common shareholders (in dollars per share) $ 1.71 $ 2.87 $ 1.87
Weighted-average shares––basic 5,555 5,569 5,872
Weighted-average shares––diluted 5,632 5,675 5,977
[1] On November 16, 2020, we completed the spin-off and the combination of our Upjohn Business with Mylan to form Viatris. On December 21, 2020, Pfizer and Viatris completed the termination of a pre-existing strategic collaboration between Pfizer and Mylan for generic drugs in Japan (Mylan-Japan) and we transferred the operations that were part of the Mylan-Japan collaboration to Viatris. Beginning in the fourth quarter of 2020, the financial results of the Upjohn Business and the Mylan-Japan collaboration are reported as Income from discontinued operations––net of tax for all periods presented. Prior-period financial information has been restated, as appropriate. Prior to the separation of the Upjohn Business, and beginning in 2020, Upjohn began managing our Meridian subsidiary, the manufacturer of EpiPen and other auto-injector products, and the Mylan-Japan collaboration. As a result, revenues associated with our Meridian subsidiary, except for product revenues for EpiPen sold in Canada, and Mylan-Japan were reported in Upjohn beginning in the first quarter of 2020. Beginning in the fourth quarter of 2020, the results of our Meridian subsidiary are reported in the Hospital therapeutic area for all periods presented in our consolidated financial statements.
[2] Exclusive of amortization of intangible assets, except as disclosed in Note 1L.
[3] 2019 v. 2018––The domestic income in 2019 versus domestic loss in 2018 was mainly related to the completion of the Consumer Healthcare JV transaction as well as lower certain asset impairments, partially offset by higher business and legal entity alignment costs as well as increased costs related to certain legal matters. The decrease in the international income was primarily related to higher certain asset impairments as well as the write off of assets contributed to the Consumer Healthcare JV.
[4] 2020 v. 2019––The domestic loss in 2020 versus domestic income in 2019 was mainly related to the non-recurrence of the gain on the completion of the Consumer Healthcare JV transaction as well as higher certain asset impairments and higher R&D expenses. The increase in the international income was primarily related to the non-recurrence of the write off of assets contributed to the Consumer Healthcare JV as well as lower certain asset impairments and lower amortization of intangible assets.