EXHIBIT 12
PFIZER INC. AND SUBSIDIARY COMPANIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
YEAR ENDED DECEMBER 31,
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1995 1994 1993 1992 1991
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(MILLIONS OF DOLLARS, EXCEPT RATIOS)
Determination of Earnings:
Income from continuing operations before provision for
taxes on income, minority interests and cumulative effect
of accounting changes.................................... $2,299.2 $1,830.5 $835.3 $1,541.0 $ 913.2
Less:
Minority interests...................................... 7.0 4.6 2.6 2.7 3.2
Undistributed earnings/(losses) of unconsolidated
subsidiaries........................................... (0.3) (0.7) 0.7 8.5 0.8
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Adjusted income........................................... 2,292.5 1,826.6 832.0 1,529.8 909.2
Fixed charges........................................... 231.9 158.4 135.6 130.1 155.2
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Total earnings as defined............................. $2,524.4 $1,985.0 $967.6 $1,659.9 $1,064.4
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Fixed charges
Interest expense (a)...................................... $ 192.5 $ 126.9 $106.5 $ 103.4 $ 130.1
Rents (b)................................................. 39.4 31.5 29.1 26.7 25.1
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Fixed charges........................................... 231.9 158.4 135.6 130.1 155.2
Capitalized interest...................................... 12.4 14.7 14.0 12.2 8.0
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Total fixed charges..................................... $ 244.3 $ 173.1 $149.6 $ 142.3 $ 163.2
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Ratio of earnings to fixed charges.......................... 10.3 11.5 6.5 11.7 6.5
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(a) Interest expense includes amortization of debt discount and expenses.
(b) Rents included in the computation consist of one-third of rental expense,
which the Company believes to be a conservative estimate of an interest
factor in its leases, which are not material.
Note: In December 1995, the Company agreed to sell substantially all the net
assets of the food science business. As a result, the food science
business has been reported as a discontinued operation. The sale was
completed in January 1996. The computations of the ratio of earnings to
fixed charges for the years 1991 through 1994 have been restated to
remove the income from operations of the Company's food science business.