Pfizer (PFE) 10-K2011 FY Annual report

Filed: 28 Feb 12, 12:00am

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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:
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:
Noncontrolling interests		42		31		8		22		40

Income attributable to Pfizer Inc.		12,720		9,251		10,666		9,498		9,087
Add:
Fixed charges		1,813		1,932		1,358		647		541

Total earnings as defined	$	14,533	$	11,183	$	12,024	$	10,145	$	9,628

Fixed charges:
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

Fixed charges		1,813		1,932		1,358		647		541
Capitalized interest		50		36		34		46		43

Total fixed charges	$	1,863	$	1,968	$	1,392	$	693	$	584

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.

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