Exhibit 12
PFIZER INC. AND SUBSIDIARY COMPANIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Year Ended December 31, | ||||||||||||||||||||
| (millions except ratios) |
2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
| Determination of Earnings: |
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| Income from continuing operations before provision for taxes on income, noncontrolling interests and cumulative effect of a change in accounting principles |
$ | 12,762 | $ | 9,282 | $ | 10,674 | $ | 9,520 | $ | 9,127 | ||||||||||
| Less: |
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| Noncontrolling interests |
42 | 31 | 8 | 22 | 40 | |||||||||||||||
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| Income attributable to Pfizer Inc. |
12,720 | 9,251 | 10,666 | 9,498 | 9,087 | |||||||||||||||
| Add: |
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| Fixed charges |
1,813 | 1,932 | 1,358 | 647 | 541 | |||||||||||||||
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| Total earnings as defined |
$ | 14,533 | $ | 11,183 | $ | 12,024 | $ | 10,145 | $ | 9,628 | ||||||||||
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| Fixed charges: |
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| Interest expense (a) |
$ | 1,681 | $ | 1,797 | $ | 1,232 | $ | 516 | $ | 397 | ||||||||||
| Preferred stock dividends (b) |
5 | 6 | 7 | 8 | 11 | |||||||||||||||
| Rents (c) |
127 | 129 | 119 | 123 | 133 | |||||||||||||||
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| Fixed charges |
1,813 | 1,932 | 1,358 | 647 | 541 | |||||||||||||||
| Capitalized interest |
50 | 36 | 34 | 46 | 43 | |||||||||||||||
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| Total fixed charges |
$ | 1,863 | $ | 1,968 | $ | 1,392 | $ | 693 | $ | 584 | ||||||||||
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| Ratio of earnings to fixed charges |
7.8 | 5.7 | 8.6 | 14.6 | 16.5 | |||||||||||||||
| (a) | Interest expense includes amortization of debt premium, discount and expenses. Interest expense does not include interest related to uncertain tax positions of $346 million for 2011; $384 million for 2010; $337 million for 2009; $333 million for 2008 and $331 million for 2007. |
| (b) | 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. |
| (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. |