. Fourth-Quarter 2010 Revenues of $17.6 Billion; Full-Year 2010 Revenues of $67.8 Billion
. Fourth-Quarter 2010 Adjusted Diluted EPS(1) of $0.47, Reported Diluted EPS(2) of $0.36; Full-Year 2010 Adjusted Diluted EPS(1) of $2.23, Reported Diluted EPS(2) of $1.02
. Achieves Full-Year 2010 Financial Guidance; Provides Full-Year 2011 Financial Guidance
. Maintains Full-Year 2012 Adjusted Diluted EPS(1) Target; Reduces Full-Year 2012 Revenue Target
. Announces Significant Increase in Planned Share Repurchases and Significant Decrease in Planned R&D Spending.

($ in millions, except per share amounts)
Fourth-Quarter Full-Year

2010 2009 Change 2010 2009 Change
Reported Revenues $ 17,561 $ 16,537 6 % $ 67,809 $ 50,009 36 %
Reported Net Income(2) 2,890 767 277 % 8,257 8,635 (4 %)
Reported Diluted EPS(2) 0.36 0.10 260 % 1.02 1.23 (17 %)
Adjusted Income(1) 3,770 3,825 (1 %) 17,983 14,202 27 %
Adjusted Diluted EPS(1) 0.47 0.49 (4 %) 2.23 2.02 10 %

See end of text prior to tables for notes.

Pfizer Inc. (NYSE: PFE) today reported financial results for fourth-quarter and full-year 2010. Since the acquisition of Wyeth was completed on October 15, 2009, fourth-quarter and full-year 2009 results reflect the legacy Wyeth operations from the acquisition date through Pfizer’s domestic and international year-ends (see note 17); results for all periods in 2010 reflect the legacy Wyeth operations. Fourth-quarter 2010 revenues were $17.6 billion, an increase of 6% compared with $16.5 billion in the year-ago quarter. Revenues for fourth-quarter 2010 compared with the year-ago quarter were favorably impacted by $2.3 billion, or 14%, due to legacy Wyeth products, negatively impacted by $1.2 billion, or 7%, due to legacy Pfizer products, and negatively impacted by $70 million, or 1%, due to foreign exchange. For fourth-quarter 2010, U.S. revenues were $7.2 billion, a decrease of 3% compared with the year-ago quarter. International revenues were $10.3 billion, an increase of 13% compared with the prior-year quarter, which reflected 14% operational growth partially offset by a 1% unfavorable impact of foreign exchange. U.S. revenues represented 41% of total revenues in fourth-quarter 2010 compared with 45% in the year-ago quarter, while international revenues represented 59% of total revenues in fourth-quarter 2010 compared with 55% in the year-ago quarter.

For full-year 2010, revenues were $67.8 billion, an increase of 36% compared with $50.0 billion in full-year 2009. Revenues for full-year 2010 compared with full-year 2009 were favorably impacted by $18.1 billion, or 37%, due to legacy Wyeth products, and by $1.1 billion, or 2%, due to foreign exchange, and negatively impacted by $1.4 billion, or 3%, due to legacy Pfizer products. U.S. revenues were $29.0 billion, an increase of 34% compared with full-year 2009. International revenues were $38.8 billion, an increase of 37% compared with full-year 2009, which reflected 33% operational growth and a 4% favorable impact of foreign exchange. U.S. revenues represented 43% and international revenues represented 57% of total revenues for full-year 2010, comparable with full-year 2009.

Business Revenues
Pfizer operates two distinct commercial organizations: Biopharmaceutical and Diversified. Biopharmaceutical includes the Primary Care, Specialty Care, Established Products, Emerging Markets and Oncology customer-focused units, while Diversified includes Animal Health, Consumer Healthcare, Nutrition and Capsugel.

2011 Financial Guidance(16)

For full-year 2011, Pfizer’s financial guidance, at current exchange rates(15), is summarized below.


Reported Revenues $66.0 to $68.0 billion
Adjusted Cost of Sales(1) as a Percentage of Revenues 19.5% to 20.5%
Adjusted SI&A Expenses(1) $19.2 to $20.2 billion
Adjusted R&D Expenses(1) $8.0 to $8.5 billion
Adjusted Other (Income)/Deductions(1) Approximately $1.0 billion
Effective Tax Rate on Adjusted Income(1) Approximately 29%
Reported Diluted EPS(2) $1.09 to $1.24
Adjusted Diluted EPS(1) $2.16 to $2.26

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