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Previous: PFIZER INC, S-3, EX-5, 2000-10-20 |
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<PAGE>
Exhibit 12
<TABLE>
<CAPTION>
Pfizer Inc. And Subsidiary Companies
Ratio of Earnings to Fixed Charges
Six Months Ended
July 2, Year Ended December 31,
---------------- ---------------------------------------------------
(millions of dollars, except ratios) 2000 1999 1998 1997 1996 1995
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Determination of earnings:
Income from continuing operations before provision for
taxes on income and minority interests $ 2,077 $ 6,945 $ 4,397 $ 3,979 $ 3,636 $ 3,141
Less:
Minority interests 5 5 2 10 74 137
------------- ----- ----- ----- ----- -----
Adjusted income 2,072 6,940 4,395 3,969 3,562 3,004
Fixed charges 263 463 334 389 373 374
------------- ----- ----- ----- ----- -----
Total earnings as defined $ 2,335 $ 7,403 $ 4,729 $ 4,358 $ 3,935 $ 3,378
============= ===== ===== ===== ===== =====
Fixed charges:
Interest expense (a) $ 213 $ 364 $ 251 $ 315 $ 307 $ 311
Rents (b) 50 99 83 74 66 63
------------- ----- ----- ----- ----- -----
Fixed charges 263 463 334 389 373 374
Capitalized interest 19 40 26 10 15 23
------------- ----- ----- ----- ----- -----
Total fixed charges $ 282 $ 503 $ 360 $ 399 $ 388 $ 397
============= ===== ===== ===== ===== =====
Ratio of earnings to fixed charges 8.3 14.7 13.1 10.9 10.1 8.5
============= ===== ===== ===== ===== =====
</TABLE>
(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.
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