Pfizer Inc., current enterprise value calculation

Current share price (P)	$25.34
No. shares of common stock outstanding	5,667,340,414
US$ in millions
Common equity (market value)¹	143,610)
Add: Equity attributable to noncontrolling interests (per books)	294)
Total equity	143,904)
Add: Short-term borrowings, including current portion of long-term debt (per books)	6,946)
Add: Long-term debt, excluding current portion (per books)	57,405)
Total equity and debt	208,255)
Less: Cash and cash equivalents	1,043)
Less: Short-term investments	19,434)
Enterprise value (EV)	187,778)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 25.34 × 5,667,340,414

Pfizer Inc., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$26.10	$27.55	$42.30	$45.96	$33.82
No. shares of common stock outstanding¹	5,667,340,414	5,646,778,425	5,619,074,621	5,623,346,471	5,577,629,491
US$ in millions
Common equity (market value)³	147,918)	155,569)	237,687)	258,449)	188,635)
Add: Equity attributable to noncontrolling interests (book value)	294)	274)	255)	261)	235)
Total equity	148,212)	155,843)	237,942)	258,710)	188,870)
Add: Short-term borrowings, including current portion of long-term debt (book value)	6,946)	10,350)	2,945)	2,241)	2,703)
Add: Long-term debt, excluding current portion (book value)	57,405)	61,538)	32,884)	36,195)	37,133)
Total equity and debt	212,563)	227,731)	273,771)	297,146)	228,706)
Less: Cash and cash equivalents	1,043)	2,853)	416)	1,944)	1,784)
Less: Short-term investments	19,434)	9,837)	22,316)	29,125)	10,437)
Enterprise value (EV)	192,086)	215,041)	251,039)	266,077)	216,485)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Pfizer Inc. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 26.10 × 5,667,340,414

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Pfizer Inc. EV decreased from 2022 to 2023 and from 2023 to 2024.

Pfizer Inc. (NYSE:PFE)

Enterprise Value (EV)