EXHIBIT 12
PFIZER INC. AND SUBSIDIARY COMPANIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
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1998 1997 1996 1995 1994
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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 $2,594 $2,867 $2,528 $2,017 $1,577
Less:
Minority interests 2 10 6 7 5
Undistributed earnings/(losses) of
unconsolidated subsidiaries 0 0 0 0 (1)
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Adjusted income 2,592 2,857 2,522 2,010 1,573
Fixed charges 180 189 198 223 150
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Total earnings as defined $2,772 $3,046 $2,720 $2,233 $1,723
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Fixed charges
Interest expense (a) $136 $147 $161 $188 $122
Rents (b) 44 42 37 35 28
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Fixed charges 180 189 198 223 150
Capitalized interest 7 2 5 13 15
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Total fixed charges $187 $191 $203 $236 $165
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Ratio of earnings to fixed charges 14.8 15.9 13.4 9.5 10.4
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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.