EXHIBIT 12
PFIZER INC. AND SUBSIDIARY COMPANIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
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1996 1995 1994 1993 1992
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(millions of dollars, except ratios)
Determination of Earnings:
Income from continuing operations before provision for taxes on $2,804 $2,299 $1,830 $835 $1,541
income, minority interests and cumulative effect of
accounting changes.........................................
Less:
Minority interests......................................... 6 7 5 2 3
Undistributed earnings/(losses) of unconsolidated
subsidiaries............................................. 0 0 (1) 1 8
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Adjusted income 2,798 2,292 1,826 832 1,530
Fixed charges.............................................. 206 232 158 136 130
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Total earnings as defined................................ $3,004 $2,524 $1,984 $968 $1,660
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Fixed charges
Interest expense (a).......................................... $165 $192 $127 $107 $103
Rents (b)..................................................... 41 40 31 29 27
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Fixed charges.............................................. 206 232 158 136 130
Capitalized interest.......................................... 5 13 15 14 12
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Total fixed charges........................................ $211 $245 $173 $150 $142
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Ratio of earnings to fixed charges............................... 14.2 10.3 11.5 6.5 11.7
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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.