EXHIBIT 11
PFIZER INC. AND SUBSIDIARY COMPANIES
COMPUTATION OF EARNINGS PER COMMON SHARE
(UNAUDITED)
YEAR ENDED DECEMBER 31,
---------------------------
1995 1994 1993
-------- -------- -------
(MILLIONS, EXCEPT PER SHARE
DATA)
EARNINGS:
Income from continuing operations........................................ $1,554.2 $1,276.7 $ 645.0
Discontinued operations.................................................. 18.7 21.7 12.5
-------- -------- -------
Net income............................................................... $1,572.9 $1,298.4 $ 657.5
-------- -------- -------
-------- -------- -------
PRIMARY:
Weighted average shares:
Weighted average number of common shares outstanding................. 614.5 611.6 631.0
Common share equivalents (a)......................................... 15.0 8.8 9.8
-------- -------- -------
Weighted average number of common shares and common share
equivalents......................................................... 629.5 620.4 640.8
-------- -------- -------
-------- -------- -------
Earnings per common share:
Income from continuing operations.................................... $ 2.47 $ 2.05 $ 1.01
Discontinued operations.............................................. .03 .04 .02
-------- -------- -------
Net income per common share.......................................... $ 2.50 $ 2.09 $ 1.03
-------- -------- -------
-------- -------- -------
FULLY DILUTED (b):
Weighted average shares:
Weighted average number of common shares outstanding................. 614.5 611.6 631.0
Common share equivalents and other dilutive securities............... 16.6 9.6 10.2
-------- -------- -------
Weighted average number of common shares and common share
equivalents......................................................... 631.1 621.2 641.2
-------- -------- -------
-------- -------- -------
Earnings per common share:
Income from continuing operations.................................... $ 2.46 $ 2.05 $ 1.01
Discontinued operations.............................................. .03 .04 .02
-------- -------- -------
Net income per common share.......................................... $ 2.49 $ 2.09 $ 1.03
-------- -------- -------
-------- -------- -------
- ------------------------
(a) Common share equivalents applicable to stock option plans.
(b) This calculation is submitted in accordance with Regulation S-K item
601(b)(11) although not required by footnote 2 to paragraph 14 of APB
Opinion No. 15 because it results in dilution of less than 3%.
Note: In April 1995, the Company announced a two-for-one stock split in the
form of a 100 percent stock dividend effective on June 30, 1995 to
shareholders of record on June 1, 1995. The above common share and per
share data have been adjusted for this two-for-one split.