Financial
Performance

% Change
Three-Year Summary as of and for the year ended December 31
MILLIONS (Except Per Common Share Data) 2012 2011(a) 2010 12/11 11/10
Revenues 58,986 $ 65,259 $ 65,165 $ (10) -
Research and development expenses 7,870 $ 9,074 $ 9,483 $ (13) (4)
Restructuring charges and certain acquisition-related costs 1,880 $ 2,930 $ 3,145 $ (36) (7)
Income from continuing operations 9,518 $ 8,395 $ 8,318 $ 13 1
Discontinued operations—net of tax(b) 5,080 $ 1,654 $ (30) $ 207 *
Net income attributable to Pfizer Inc. 14,570 $ 10,009 $ 8,257 $ 46 21
Diluted earnings per common share attributable to
  Pfizer Inc. shareholders
1.94 $ 1.27 $ 1.02 $ 53 25
Weighted-average shares—diluted 7,508 7,870 8,074 (5) (3)
Number of common shares outstanding 7,276 7,575 8,012 (4) (5)
Working capital 32,796 $ 31,908 $ 35,764 $ 3 (11)
Goodwill & other identifiable intangible assets, net 90,685 $ 95,753 $ 98,335 $ (5) (3)
Total assets 185,798 $ 188,002 $ 195,014 $ (1) (4)
Total debt(c) 37,460 $ 38,942 $ 44,007 $ (4) (12)
Total Pfizer Inc. shareholders' equity 81,260 $ 82,190 $ 87,813 $ (1) (6)
Shareholders' equity per common share 11.17 $ 10.85 $ 10.96 $ 3 (1)
Net cash provided by operating activities 17,054 $ 20,240 $ 11,454 $ (16) 77
Property, plant and equipment additions 1,327 $ 1,660 $ 1,513 $ (20) 10
Purchases of common stock 8,228 $ 9,000 $ 1,000 $ (9) *
Cash dividends paid 6,534 $ 6,234 $ 6,088 $ 5 2

(a) For 2011, includes King Pharmaceuticals Inc. commencing on the acquisition date of January 31, 2011.

(b) The sale of our Nutrition business closed on November 30, 2012. 2012, 2011 and 2010 reflect the Nutrition business, which was acquired in 2009, as a discontinued operation. All financial information before 2012 reflects Capsugel (the sale of which closed on August 1, 2011), as a discontinued operation.

(c) Our short-term borrowings are rated P-1 by Moody's Investors Service (Moody's) and A1+ by Standard & Poor's (S&P). Our long-term debt is rated A1 by Moody's and AA by S&P. Moody's and S&P are major corporate debt-rating organizations.

*Calculation not meaningful.

Detailed information on our financial and operational performance can be found in the 2012 Financial Report.

Key Performance
Indicators

Performance
and Guidance1

REPORTED REVENUES (in Billions)

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ADJUSTED COST OF SALES5 AS % OF REVENUES

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ADJUSTED SI&A EXPENSES5 (in Billions)

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ADJUSTED R&D EXPENSES5 (in Billions)

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ADJUSTED OTHER (INCOME)/DEDUCTIONS5 (in Millions)

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EFFECTIVE TAX RATE ON ADJUSTED INCOME5

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REPORTED DILUTED EPS6

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ADJUSTED DILUTED EPS5

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OPERATING CASH FLOW (in Billions)

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1 Please refer to Pfizer's 2012 Annual Report on Form 10-K for a description of the substantial risks and uncertainties related to the forward-looking statements included in this Annual Review.

2 At exchange rates that reflected a blend of the actual exchange rates in effect during the first nine months of 2012 and the mid-October 2012 exchange rates for the remainder of the year. Our 2012 guidance did not assume the completion of any business development transactions not completed as of September 30, 2012, including any one-time upfront payments associated with such transactions. It also excluded the potential effects of the resolution of litigation-related matters not substantially resolved as of September 30, 2012, except for charges for such matters that were recorded during the first nine months of 2012.

3 Revenues and expenses related to the Nutrition business as a discontinued operation were included for the full year in the guidance and through November 30, 2012 in actual results. The gain on the sale of the Nutrition business was not reflected in the Reported Diluted EPS guidance but is included in actual results for Reported Diluted EPS.

4 Our 2013 financial guidance is as of January 2013 and does not assume the completion of any business development transactions not completed as of December 31, 2012, including any one-time upfront payments associated with such transactions, and excluded the potential effects of the resolution of litigation-related matters not substantially resolved as of December 31, 2012. The exchange rates assumed in connection with the 2013 financial guidance are as of mid-January 2013.

5 “Adjusted Income” and its components and “Adjusted Diluted Earnings Per Share (EPS)” are defined as U.S generally accepted accounting principles (U.S. GAAP) reported net income6 and its components and reported diluted EPS6 excluding purchase accounting adjustments, acquisition-related costs, discontinued operations and certain significant items. Adjusted Cost of Sales, Adjusted Selling, Informational and Administrative (SI&A), Adjusted Research and Development (R&D) expenses and Adjusted Other (Income) Deductions are income statement line items prepared on the same basis and, therefore, components of the overall adjusted income measure. As described in our Annual Report on Form 10-K for the year ended December 31, 2012, management uses adjusted income, among other factors, to set performance goals and to measure the performance of the overall company. Reconciliations of certain U.S. GAAP reported to Non-GAAP adjusted information for 2012 as well as reconciliations for full-year 2013 guidance for adjusted income and adjusted diluted EPS to full-year 2013 guidance for reported net income6 and reported diluted EPS6 are provided in our Form 10-K for the year ended December 31, 2012. Adjusted income and its components and adjusted diluted EPS are not, and should not be viewed, as substitutes for U.S. GAAP net income and its components diluted EPS. Despite the importance of these measures to management in goal setting and performance measurement, adjusted income and its components and adjusted diluted EPS are Non-GAAP financial measures that have no standardized meaning prescribed by U.S. GAAP and, therefore, have limits in their usefulness to investors. Because of the non-standardized definitions, adjusted income and its components and adjusted diluted EPS (unlike U.S. GAAP net income and its components and diluted EPS) may not be comparable to the calculation of similar measures of other companies. Adjusted income and its components and adjusted diluted EPS are presented solely to permit investors to more fully understand how management assesses performance.

6 “Reported Net Income” is defined as net income attributable to Pfizer Inc. and “Reported Diluted EPS” is defined as net income attributable to Pfizer Inc. common shareholders.