Exhibit
12
PFIZER
INC. AND SUBSIDIARY COMPANIES
COMPUTATION
OF RATIO OF EARNINGS TO FIXED CHARGES
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Three
Months
Ended
Mar.
29,
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Year
Ended December 31,
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|||||||||||||||||||||||
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(in
millions, except ratios)
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2009
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2008
|
2007
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2006
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2005
|
2004
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Determination
of earnings:
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Income
from continuing operations
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||||||||||||||||||||||||
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before provision for taxes on
income,
noncontrolling
interests and
cumulative
effect of a change in
accounting
principles
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$ | 3,803 | $ | 9,694 | $ | 9,278 | $ | 13,028 | $ | 10,800 | $ | 13,403 | ||||||||||||
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Less:
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||||||||||||||||||||||||
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Noncontrolling
interests
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1 | 23 | 42 | 12 | 12 | 7 | ||||||||||||||||||
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Income
attributable to Pfizer Inc.
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3,802 | 9,671 | 9,236 | 13,016 | 10,788 | 13,396 | ||||||||||||||||||
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Add:
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||||||||||||||||||||||||
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Fixed charges
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163 | 647 | 541 | 642 | 622 | 505 | ||||||||||||||||||
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Total
earnings as defined
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$ | 3,965 | $ | 10,318 | $ | 9,777 | $ | 13,658 | $ | 11,410 | $ | 13,901 | ||||||||||||
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Fixed
charges:
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||||||||||||||||||||||||
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Interest expense(a)
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$ | 130 | $ | 516 | $ | 397 | $ | 488 | $ | 471 | $ | 347 | ||||||||||||
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Preferred stock dividend(b)
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2 | 8 | 11 | 14 | 14 | 12 | ||||||||||||||||||
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Rents(c)
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31 | 123 | 133 | 140 | 137 | 146 | ||||||||||||||||||
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Fixed charges
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163 | 647 | 541 | 642 | 622 | 505 | ||||||||||||||||||
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Capitalized
interest
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10 | 46 | 43 | 29 | 17 | 12 | ||||||||||||||||||
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Total
fixed charges
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$ | 173 | $ | 693 | $ | 584 | $ | 671 | $ | 639 | $ | 517 | ||||||||||||
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Ratio
of earnings to fixed charges
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22.9 | 14.9 | 16.7 | 20.4 | 17.9 | 26.9 | ||||||||||||||||||
All
financial information reflects the following as discontinued operations for
2006, 2005 and 2004: the Consumer Healthcare business; certain European generics
business; and for 2004; our in-vitro allergy and autoimmune diagnostics testing,
and surgical ophthalmics.
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(a)
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Interest
expense includes amortization of debt premium, discount and expenses.
Interest expense does not include interest related to uncertain tax
positions of $73 million for the first three months of 2009; $333 million
for 2008; $331 million for 2007; $200 million for 2006; $203 million for
2005, and $201 million for
2004.
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(b)
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Preferred
stock dividends are from our Series A convertible perpetual preferred
stock held by an Employee Stock Ownership Plan assumed in connection with
our acquisition of Pharmacia in
2003.
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(c)
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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.
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