Financial Performance Pfizer 2018

				% Change
* Indicates calculation not meaningful or result is equal to or greater than 100%.
Millions (Except Per Common Share Data)	2018	2017	2016	18/17	17/16
Revenues	$53,647	$52,546	$52,824	2	(1)
Cost of sales	11,248	11,228	12,322	-	(9)
Selling, informational and administrative expenses	14,455	14,804	14,844	(2)	-
Research and development expenses	8,006	7,683	7,892	4	(3)
Restructuring charges and certain acquisition-related costs	1,044	351	1,565	*	(78)
Other (income)/deductions—net	2,116	1,416	3,794	49	(63)
Income from continuing operations	11,179	21,353	7,229	(48)	*
Discontinued operations—net of tax	10	2	17	*	(87)
Net income attributable to Pfizer Inc.^(b)	11,153	21,308	7,215	(48)	*
Diluted earnings per common share attributable to Pfizer Inc. common shareholders	1.87	3.52	1.17	(47)	*
Weighted-average shares—diluted	5,977	6,058	6,159	(1)	(2)
Number of common shares outstanding	5,717	5,979	6,069	(4)	(1)
Total assets	159,422	171,797	171,615	(7)	-
Total long-term obligations^(c)	63,807	69,714	80,660	(8)	(14)
Total Pfizer Inc. shareholders' equity	63,407	71,308	59,544	(11)	20
Shareholders' equity per common share	11.09	11.93	9.81	(7)	22
Net cash provided by operating activities	15,827	16,802	16,192	(6)	4
Property, plant and equipment additions	2,042	1,956	1,823	4	7
Purchases of common stock	12,198	5,000	5,000	*	-
Cash dividends paid	7,978	7,659	7,317	4	5

2017 reflects the February 3, 2017 sale of Hospira Infusion Systems net assets to ICU Medical, Inc. 2017 and 2018 reflect the acquisition of the development and commercialization rights to AstraZeneca's small molecule anti-infectives business, primarily outside the U.S. on December 22, 2016. 2016, 2017 and 2018 reflect the acquisition of Medivation, Inc. on September 28, 2016 and the acquisition of Anacor Pharmaceuticals, Inc. on June 24, 2016. For additional information, see Notes to Consolidated Financial Statements—Note 2. Acquisitions, Divestitures, Assets and Liabilities Held for Sale, Licensing Arrangements, Research and Development and Collaborative Arrangements, Equity-Method Investments and Privately Held Investment in our 2018 Financial Report, which is filed as Exhibit 13 to our 2018 Annual Report on Form 10-K.
2018 and 2017 reflect the impact of the Tax Cuts and Jobs Act or TCJA on the Provision/(benefit) for taxes on income. For additional information, see Notes to Consolidated Financial Statements—Note 5A. Tax Matters: Taxes on Income from Continuing Operations in our 2018 Financial Report, which is filed as Exhibit 13 to our 2018 Annual Report on Form 10-K.
Defined as Long-term debt, Pension benefit obligations, net, Postretirement benefit obligations, net, Noncurrent deferred tax liabilities, Other taxes payable and Other noncurrent liabilities. Our short-term borrowings are rated P-1 by Moody's Investors Service (Moody's) and A-1+ by Standard & Poor's (S&P). Our long-term debt is rated A1 by Moody's (Outlook: Stable) and AA by S&P (Outlook: Stable). Moody's and S&P are major corporate debt-rating organizations. A security rating is not a recommendation to buy, sell or hold securities and the rating is subject to revision or withdrawal at any time by the rating organization. Each rating should be evaluated independently of any other rating.

Detailed information on our financial and operational performance can be found in the 2018 Financial Report, which is filed as Exhibit 13 to our 2018 Annual Report on Form 10-K.