Pfizer Inc., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income attributable to Pfizer Inc.	2,119)	31,372)	21,979)	9,616)	16,273)
Net income attributable to noncontrolling interests	39)	35)	46)	36)	29)
Net noncash charges	8,714)	3,499)	(1,907)	1,209)	317)
Changes in assets and liabilities, net of acquisitions and divestitures	(2,172)	(5,639)	12,804)	(275)	(4,031)
Net cash provided by operating activities	8,700)	29,267)	32,922)	10,586)	12,588)
Cash paid during the period for interest, net of tax¹	1,750)	1,304)	1,356)	1,536)	1,435)
Capitalized interest, net of tax²	126)	112)	100)	90)	80)
Purchases of property, plant and equipment	(3,907)	(3,236)	(2,711)	(2,252)	(2,176)
Free cash flow to the firm (FCFF)	6,669)	27,447)	31,666)	9,960)	11,926)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Pfizer Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Pfizer Inc. FCFF decreased from 2021 to 2022 and from 2022 to 2023.

Pfizer Inc., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR¹	21.00%	9.60%	7.60%	6.40%	9.60%
Interest Paid, Net of Tax
Cash paid during the period for interest, before tax	2,215)	1,442)	1,467)	1,641)	1,587)
Less: Cash paid during the period for interest, tax²	465)	138)	111)	105)	152)
Cash paid during the period for interest, net of tax	1,750)	1,304)	1,356)	1,536)	1,435)
Interest Costs Capitalized, Net of Tax
Capitalized interest, before tax	160)	124)	108)	96)	88)
Less: Capitalized interest, tax³	34)	12)	8)	6)	8)
Capitalized interest, net of tax	126)	112)	100)	90)	80)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ See details »

² 2023 Calculation
Cash paid during the period for interest, tax = Cash paid during the period for interest × EITR
= 2,215 × 21.00% = 465

³ 2023 Calculation
Capitalized interest, tax = Capitalized interest × EITR
= 160 × 21.00% = 34

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Pfizer Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	201,713)
Free cash flow to the firm (FCFF)	6,669)
Valuation Ratio
EV/FCFF	30.25
Benchmarks
EV/FCFF, Competitors¹
AbbVie Inc.	14.21
Amgen Inc.	21.69
Bristol-Myers Squibb Co.	10.56
Danaher Corp.	32.91
Eli Lilly & Co.	641.00
Gilead Sciences Inc.	15.58
Johnson & Johnson	18.86
Merck & Co. Inc.	29.07
Moderna Inc.	—
Regeneron Pharmaceuticals Inc.	18.68
Thermo Fisher Scientific Inc.	26.58
EV/FCFF, Sector
Pharmaceuticals, Biotechnology & Life Sciences	26.74
EV/FCFF, Industry
Health Care	23.67

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Pfizer Inc., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	215,041)	251,039)	266,077)	216,485)	231,815)
Free cash flow to the firm (FCFF)²	6,669)	27,447)	31,666)	9,960)	11,926)
Valuation Ratio
EV/FCFF³	32.24	9.15	8.40	21.74	19.44
Benchmarks
EV/FCFF, Competitors⁴
AbbVie Inc.	14.89	12.15	13.18	13.95	11.60
Amgen Inc.	22.22	16.01	15.82	14.51	16.05
Bristol-Myers Squibb Co.	9.14	13.87	10.52	11.63	23.39
Danaher Corp.	36.34	25.74	28.25	30.66	37.11
Eli Lilly & Co.	655.33	59.14	38.37	39.01	36.26
Gilead Sciences Inc.	13.41	13.58	8.42	13.60	9.78
Johnson & Johnson	19.30	23.80	21.25	20.75	19.31
Merck & Co. Inc.	37.84	19.09	23.27	34.12	20.46
Moderna Inc.	—	11.76	3.86	29.20	—
Regeneron Pharmaceuticals Inc.	23.99	17.96	9.81	25.74	19.54
Thermo Fisher Scientific Inc.	28.85	31.61	33.14	26.14	28.88
EV/FCFF, Sector
Pharmaceuticals, Biotechnology & Life Sciences	28.47	17.82	15.03	20.02	19.33
EV/FCFF, Industry
Health Care	24.38	17.63	16.41	17.93	18.26

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ See details »

² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 215,041 ÷ 6,669 = 32.24

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Pfizer Inc. EV/FCFF ratio increased from 2021 to 2022 and from 2022 to 2023.

Pfizer Inc. (NYSE:PFE)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical