FINANCIAL ABBOT.xlsxBalance SheetsAbbott LaboratoriesANNUAL BA.docx

FINANCIAL ABBOT.xlsx
Balance SheetsAbbott LaboratoriesANNUAL BALANCE
SHEETTICKER:ABTSIC:2834GICS:35101010Dec-15Dec-
14Dec-13Dec-12Dec-11Dec-10Dec-09Dec-08Dec-07Dec-06Dec-
05ASSETS Cash & Equivalents$ 6,125.00$ 4,460.00$
8,098.00$ 15,173.98$ 8,097.36$ 7,323.94$ 9,932.05$
5,079.63$ 2,820.83$ 1,373.44$ 2,956.09 Net Receivables$
3,418.00$ 3,586.00$ 3,986.00$ 7,612.86$ 7,683.92$
7,184.03$ 6,541.94$ 5,465.66$ 4,946.88$ 4,231.14$
3,576.79 Inventories$ 2,599.00$ 2,643.00$ 2,693.00$
3,792.31$ 3,284.25$ 3,188.73$ 3,264.88$ 2,775.85$
2,951.44$ 2,806.42$ 2,541.98 Prepaid
Expenses@CF@CF@CF@CF@CF@CF@CF@CF@CF@CF@C
F Other Current Assets$ 2,013.00$ 4,572.00$ 4,470.00$
4,743.43$ 4,703.25$ 4,620.82$ 3,575.03$ 3,721.43$
3,323.59$ 2,870.89$ 2,311.16-------------------------------------
---------------------------------------------------------------------------
-------------------------------------------------------------------- Total
Current Assets$ 14,155.00$ 15,261.00$ 19,247.00$
31,322.58$ 23,768.77$ 22,317.53$ 23,313.89$ 17,042.56$
14,042.73$ 11,281.88$ 11,386.03 Gross Plant, Property &
Equipment$ 12,383.00$ 12,632.00$ 12,870.00$ 18,928.89$
18,016.56$ 17,374.30$ 16,486.91$ 15,188.67$ 15,597.80$
14,401.94$ 12,760.42 Accumulated Depreciation$
6,653.00$ 6,697.00$ 6,965.00$ 10,865.84$ 10,142.61$
9,403.35$ 8,867.42$ 7,969.51$ 8,079.65$ 7,455.50$
6,757.28-----------------------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------- Net Plant, Property &
Equipment$ 5,730.00$ 5,935.00$ 5,905.00$ 8,063.05$
7,873.96$ 7,970.96$ 7,619.49$ 7,219.17$ 7,518.15$
6,946.44$ 6,003.14 Investments at Equity$ - 0$ - 0$ - 0$
- 0$ - 0$ - 0$ - 0$ - 0$ 159.00$ 162.00$ 167.00 Other

Investments$ 4,041.00$ 229.00$ 119.00$ 273.60$
378.23$ 302.05$ 1,132.87$ 1,073.74$ 1,125.26$
1,229.87$ 134.01 Intangibles$ 15,200.00$ 16,265.00$
15,507.00$ 24,362.41$ 25,695.02$ 28,081.71$ 19,492.16$
15,138.47$ 15,849.32$ 15,852.90$ 9,960.89 Deferred
Charges$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$
- 0$ - 0 Other Assets$ 2,121.00$ 3,585.00$ 2,175.00$
3,213.31$ 2,560.92$ 790.03$ 858.21$ 1,945.28$
1,019.46$ 705.08$ 1,490.13---------------------------------------
---------------------------------------------------------------------------
------------------------------------------------------------------TOTAL
ASSETS$ 41,247.00$ 41,275.00$ 42,953.00$ 67,234.95$
60,276.90$ 59,462.27$ 52,416.62$ 42,419.20$ 39,713.93$
36,178.17$ 29,141.20LIABILITIES Long Term Debt Due In
One Year$ 3.00$ 55.00$ 9.00$ 308.82$ 1,026.90$
2,044.97$ 247.29$ 1,956.89$ 898.55$ 95.28$ 1,849.56
Notes Payable$ 3,127.00$ 4,382.00$ 3,164.00$ 2,081.84$
2,347.86$ 4,349.80$ 4,978.44$ 1,691.07$ 1,827.36$
5,305.99$ 212.45 Accounts Payable$ 1,081.00$ 1,064.00$
1,026.00$ 1,796.99$ 1,721.13$ 1,535.76$ 1,280.54$
1,351.44$ 1,219.53$ 1,175.59$ 1,032.52 Taxes Payable$
430.00$ 270.00$ 175.00$ 655.42$ 514.95$ 1,307.72$
442.14$ 805.40$ 80.41$ 262.34$ 488.93 Accrued
Expenses$ 3,789.00$ 3,719.00$ 4,406.00$ 8,215.76$
9,115.12$ 7,343.44$ 5,480.44$ 5,228.05$ 4,572.89$
4,658.01$ 3,347.94 Other Current Liabilities$ 756.00$
1,042.00$ 727.00$ 221.34$ 754.28$ 680.75$ 620.64$
559.06$ 504.54$ 453.99$ 484.12--------------------------------
---------------------------------------------------------------------------
-------------------------------------------------------------------------
Total Current Liabilities$ 9,186.00$ 10,532.00$ 9,507.00$
13,280.18$ 15,480.23$ 17,262.43$ 13,049.49$ 11,591.91$
9,103.28$ 11,951.20$ 7,415.51 Long Term Debt$
5,871.00$ 3,408.00$ 3,388.00$ 18,085.30$ 12,039.82$
12,523.52$ 11,266.29$ 8,713.33$ 9,487.79$ 7,009.66$
4,571.50 Deferred Taxes$ 808.00$ 860.00$ 466.00$

710.00@CF@CF@CF$ - 0$ - 0$ - 0$ 583.08 Investment
Tax Credit$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ -
0$ - 0$ - 0 Other Liabilities$ 4,056.00$ 4,836.00$
4,325.00$ 8,346.23$ 8,230.70$ 7,199.85$ 5,202.11$
4,634.42$ 3,344.32$ 3,163.13$ 2,155.84-----------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
-------TOTAL LIABILITIES$ 19,921.00$ 19,636.00$
17,686.00$ 40,421.71$ 35,750.75$ 36,985.80$ 29,517.90$
24,939.65$ 21,935.39$ 22,123.99$ 14,725.93Redeemable
Noncontrolling Int.$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ -
0@CF@CF@CF@CFEQUITY Preferred Stock - Redeemable$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Preferred Stock - Nonredeemable$ - 0$ - 0$ - 0$ - 0$ - 0$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0-------------------------------------
---------------------------------------------------------------------------
-------------------------------------------------------------------- Total
Preferred Stock$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ -
0$ - 0$ - 0$ - 0 Common Stock$ 12,734.00$ 12,383.00$
12,048.00$ 11,754.55$ 9,817.13$ 8,744.70$ 8,257.87$
7,444.41$ 6,104.10$ 4,290.93$ 3,523.77 Capital Surplus$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$
(46.31) Retained Earnings$ 19,099.00$ 17,821.00$
19,967.00$ 20,557.32$ 18,310.18$ 17,560.26$ 17,908.10$
12,661.54$ 12,887.57$ 9,958.49$ 11,150.07 Less: Treasury
Stock$ 10,622.00$ 8,678.00$ 6,844.00$ 5,590.91$
3,687.48$ 3,916.82$ 3,310.35$ 2,626.40$ 1,213.13$
195.24$ 212.26-------------------------------------------------------
---------------------------------------------------------------------------
-------------------------------------------------- Common Equity$
21,211.00$ 21,526.00$ 25,171.00$ 26,720.96$ 24,439.83$
22,388.14$ 22,855.63$ 17,479.55$ 17,778.54$ 14,054.19$
14,415.27---------------------------------------------------------------
---------------------------------------------------------------------------
------------------------------------------Stockholder's Equity -
Parent$ 21,211.00$ 21,526.00$ 25,171.00$ 26,720.96$

24,439.83$ 22,388.14$ 22,855.63$ 17,479.55$ 17,778.54$
14,054.19$ 14,415.27Nonredeemable Noncontrolling Int.$
115.00$ 113.00$ 96.00$ 92.27$ 86.31$ 88.33$
43.10@NA@NA@NA@NA-------------------------------------------
---------------------------------------------------------------------------
--------------------------------------------------------------TOTAL
EQUITY$ 21,326.00$ 21,639.00$ 25,267.00$ 26,813.23$
24,526.15$ 22,476.46$ 22,898.73$ 17,479.55$ 17,778.54$
14,054.19$ 14,415.27------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------TOTAL
LIABILITIES & EQUITY$ 41,247.00$ 41,275.00$
42,953.00$ 67,234.95$ 60,276.90$ 59,462.27$ 52,416.62$
42,419.20$ 39,713.93$ 36,178.17$ 29,141.20COMMON
SHARES
OUTSTANDING1,472.671,508.041,548.101,576.671,570.381,54
6.981,551.171,552.431,549.911,537.241,539.24
&"Arial,Bold"&12&A
Income StatementsAbbott LaboratoriesANNUAL INCOME
STATEMENTTICKER:ABTSIC:2834GICS:35101010Dec-
06Dec-05Sales$ 20,405.00$ 20,247.00$ 21,848.00$
39,873.91$ 38,851.26$ 35,166.72$ 30,764.71$ 29,527.55$
25,914.24$ 22,476.32$ 22,287.81 Cost of Goods Sold$
7,722.00$ 8,159.00$ 9,067.00$ 12,009.51$ 12,177.69$
11,382.89$ 10,816.82$ 10,427.19$ 9,041.16$ 7,759.40$
9,012.17-----------------------------------------------------------------
---------------------------------------------------------------------------
----------------------------------------Gross Profit$ 12,683.00$
12,088.00$ 12,781.00$ 27,864.40$ 26,673.57$ 23,783.84$
19,947.89$ 19,100.36$ 16,873.08$ 14,716.93$ 13,275.64
Selling, General, & Administrative Expense$ 7,839.00$
7,613.00$ 8,388.00$ 15,297.68$ 14,633.23$ 13,120.75$
10,954.64$ 10,784.44$ 9,494.65$ 8,297.96$ 7,081.30------

---------------------------------------------------------------------------
---------------------------------------------------------------------------
------------------------Operating Income Before Deprec.$
4,844.00$ 4,475.00$ 4,393.00$ 12,566.72$ 12,040.34$
10,663.09$ 8,993.25$ 8,315.92$ 7,378.43$ 6,418.97$
6,194.34 Depreciation, Depletion, & Amortization$
1,472.00$ 1,548.00$ 1,719.00$ 2,783.21$ 3,043.89$
2,624.31$ 2,089.51$ 1,838.83$ 1,854.89$ 1,558.75$
1,358.94-----------------------------------------------------------------
---------------------------------------------------------------------------
----------------------------------------Operating Profit$ 3,372.00$
2,927.00$ 2,674.00$ 9,783.52$ 8,996.45$ 8,038.78$
6,903.74$ 6,477.10$ 5,523.55$ 4,860.22$ 4,835.40
Interest Expense$ 163.00$ 150.00$ 157.00$ 516.40$
530.14$ 553.14$ 519.66$ 528.47$ 593.14$ 416.17$
241.36 Non-Operating Income/Expense$ 215.00$ 100.00$
62.00$ 163.48$ 177.84$ 291.39$ 367.56$ 540.67$
493.25$ 582.32$ 508.01 Special Items$ (224.00)$
(346.00)$ (45.00)$ (3,155.97)$ (3,435.50)$ (2,055.20)$
449.13$ (626.01)$ (945.00)$ (2,742.00)$ (473.13)----------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
--------------------Pretax Income$ 3,200.00$ 2,531.00$
2,534.00$ 6,274.61$ 5,208.64$ 5,721.83$ 7,200.77$
5,863.29$ 4,478.65$ 2,284.37$ 4,628.92 Total Income
Taxes$ 577.00$ 797.00$ 138.00$ 299.69$ 470.19$
1,086.66$ 1,447.94$ 1,122.07$ 863.33$ 559.62$ 1,247.86
Minority Interest-------------------------------------------------------
---------------------------------------------------------------------------
--------------------------------------------------------------------$
2,623.00$ 1,734.00$ 2,396.00$ 5,974.92$ 4,738.45$
4,635.17$ 5,752.84@NA@NA@NA@NA Noncontrolling
Interest - Inc Acc$ 17.00$ 13.00$ 13.00$ 12.00$ 10.00$
9.00$ 7.00$ 7.00$ 9.00$ 8.00$ 9.00--------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------

----------------------Income Before Extraordinary Items &
Discontinued Operations$ 2,606.00$ 1,721.00$ 2,383.00$
5,962.92$ 4,728.45$ 4,626.17$ 5,745.84$ 4,734.22$
3,606.31$ 1,716.76$ 3,372.07Preferred Dividends$ - 0$ -
0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0----------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
--------------------------------------Available for Common$
2,606.00$ 1,721.00$ 2,383.00$ 5,962.92$ 4,728.45$
4,626.17$ 5,745.84$ 4,734.22$ 3,606.31$ 1,716.76$
3,372.07 Savings Due to Common Stock Equivalents$
(11.00)$ (8.00)$ (18.00)$ (45.92)$ (14.00)$ (13.00)$
(13.00)$ - 0$ - 0$ - 0$ - 0--------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
----------Adjusted Available for Common$ 2,595.00$
1,713.00$ 2,365.00$ 5,917.00$ 4,714.45$ 4,613.17$
5,732.84$ 4,734.22$ 3,606.31$ 1,716.76$ 3,372.07
Extraordinary Items$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$
- 0$ - 0$ - 0$ - 0 Discontinued Operations$ 1,817.00$
563.00$ 193.00$ - 0$ - 0$ - 0$ - 0$ 146.50$ - 0$ - 0$
- 0------------------------------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------Adjusted Net
Income$ 4,412.00$ 2,276.00$ 2,558.00$ 5,917.00$
4,714.45$ 4,613.17$ 5,732.84$ 4,880.72$ 3,606.31$
1,716.76$ 3,372.07Income to Company Incl
ExtraordinaryItems & Disc Ops$ 4,440.00$ 2,297.00$
2,589.00$ 5,974.92$ 4,738.45$ 4,635.17$
5,752.84@NA@NA@NA@NAEarnings Per Share Basic -
Excluding Extra Items & Disc Op$ 1.73$ 1.13$ 1.52$
3.76$ 3.03$ 2.98$ 3.71$ 3.06$ 2.34$ 1.12$
2.17Earnings Per Share Basic - Including Extra Items & Disc
Op$ 2.94$ 1.50$ 1.64$ 3.76$ 3.03$ 2.98$ 3.71$
3.16$ 2.34$ 1.12$ 2.17Earnings Per Share Diluted-

3.72$ 3.01$ 2.96$ 3.69$ 3.03$ 2.31$ 1.12$
2.16Earning Per Share Diluted - Including Extra Items & Disc
Op$ 2.92$ 1.49$ 1.62$ 3.72$ 3.01$ 2.96$ 3.69$
3.12$ 2.31$ 1.12$ 2.16EPS Basic from Operations$ 1.83$
1.57$ 1.39$ 5.05$ 4.70$ 4.20$ 3.77$ 3.36$ 2.84$
2.54$ 2.50EPS Diluted from Ops$ 1.82$ 1.56$ 1.37$
4.99$ 4.66$ 4.17$ 3.74$ 3.32$ 2.82$ 2.53$
2.48Dividends Per Share$ 0.96$ 0.88$ 0.56$ 2.01$ 1.88$
1.72$ 1.56$ 1.40$ 1.27$ 1.16$ 1.09Com Shares for
Diluted
EPS1,506.001,527.001,574.001,591.841,567.391,556.021,555.1
31,560.751,560.061,536.721,564.10Com Shares for Basic
Eps1,496.001,516.001,558.001,575.381,557.641,546.401,546.98
1,545.361,543.081,529.851,552.46
&"Arial,Bold"&12&A
Financial RatiosAbbott LaboratoriesFinancial AnalysisDuPont
AnalysisDec-15Dec-14Dec-13Dec-12Dec-11Dec-10Dec-09Dec-
08Dec-07Dec-06Dec-05Net
Profitability12.77%8.50%10.91%14.95%12.17%13.15%18.68%1
6.03%13.92%7.64%15.13%Total Asset
Turnover0.4950.4810.3970.6250.6490.6290.6490.7190.6830.68
8Equity
Multiplier1.9211.7962.1162.4842.5482.4662.3492.3292.3842.29
4Return on
Equity12.13%7.34%9.15%23.23%20.12%20.39%28.46%26.85%
22.66%12.06%Profitability AnalysisGross
Profitability62.16%59.70%58.50%69.88%68.66%67.63%64.84%
64.69%65.11%65.48%59.56%Operating
Profitability16.53%14.46%12.24%24.54%23.16%22.86%22.44%
21.94%21.31%21.62%21.70%Net
Profitability12.77%8.50%10.91%14.95%12.17%13.15%18.68%1
6.03%13.92%7.64%15.13%Return on
Assets6.32%4.09%4.33%9.35%7.90%8.27%12.12%11.53%9.50
%5.26%Return on
Equity12.13%7.34%9.15%23.23%20.12%20.39%28.46%26.85%

22.66%12.06%Efficiency AnalysisReceivable
Turnover5.8275.3483.7675.2135.2265.1245.1245.6725.6475.75
7Receivable
DSO62.64368.25296.88770.01269.84171.23271.23164.35664.63
663.398Inventory
Turnover2.9463.0582.7963.3943.7633.5283.5813.6413.1402.90
2Inventory
DCO123.888119.355130.536107.53797.007103.470101.918100.
241116.225125.794Net PP&E
Turnover3.4983.4203.1285.0044.9044.5114.1474.0073.5833.47
1Net Fixed Asset
Turnover0.7680.8140.7331.1011.0551.0621.1291.1571.0251.05
4Total Asset
Turnover0.4950.4810.3970.6250.6490.6290.6490.7190.6830.68
8Liquidity AnalysisCurrent
Ratio1.5411.4492.0252.3591.5351.2931.7871.4701.5430.9441.5
35Quick
Ratio1.0390.7641.2711.7161.0190.8401.2620.9100.8530.4690.8
81Cash
Ratio0.6670.4230.8521.1430.5230.4240.7610.4380.3100.1150.3
99Times Interest
Earned20.68719.51317.03218.94616.97014.53313.28512.2569.3
1211.67820.034Accounts Payable
Turnover7.1597.7605.6457.1167.5378.0298.5917.9757.6717.26
8Accounts Payable DCO
(DPO)50.98547.03764.66151.29248.42945.45742.48645.76947.
58350.223Leverage RatioTotal Debt to Total
Assets0.4830.4760.4120.6010.5930.6220.5630.5880.5520.6120.
505Long Term Term Debt to Total
Assets0.2600.2210.1900.4040.3360.3320.3140.3150.3230.2810.
251Total Debt to Total
Equity0.9340.9070.7001.5081.4581.6461.2891.4271.2341.5741.
022
&"Arial,Bold"&12&A

FINANCIAL ELI LILLY.xlsx
Balance SheetsLilly (Eli) & Co.ANNUAL BALANCE
SHEETTICKER:LLYSIC:2834GICS:35202010Dec-15Dec-
5,397.30$ 5,684.30$ 6,897.10$ 6,727.00$ 4,497.60$
5,926.10$ 4,831.20$ 3,891.00$ 5,037.70 Net Receivables$
4,071.60$ 3,801.30$ 4,022.80$ 3,888.30$ 4,237.90$
4,158.10$ 3,831.80$ 3,277.30$ 3,704.80$ 2,694.40$
2,761.70 Inventories$ 3,445.80$ 2,740.00$ 2,928.80$
2,643.80$ 2,299.80$ 2,517.70$ 2,849.90$ 2,493.20$
2,523.70$ 2,270.30$ 1,878.00 Prepaid
Expenses@CF@CF@CF@CF@CF@CF@CF$ 374.60$
613.60$ 319.50$ 362.00 Other Current Assets$ 604.40$
811.50$ 755.80$ 822.30$ 813.40$ 1,437.20$ 1,307.20$
382.10$ 642.80$ 519.20$ 756.40--------------------------------
---------------------------------------------------------------------------
-------------------------------------------------------------------------
Total Current Assets$ 12,573.60$ 12,179.80$ 13,104.70$
13,038.70$ 14,248.20$ 14,840.00$ 12,486.50$ 12,453.30$
Equipment$ 16,660.90$ 16,029.30$ 15,646.70$ 14,918.00$
14,594.10$ 14,486.60$ 15,100.00$ 15,315.90$ 14,841.30$
8,607.40$ 8,065.40$ 7,671.20$ 7,157.80$ 6,833.80$
6,545.90$ 6,902.60$ 6,689.60$ 6,266.20$ 5,564.40$
5,223.50-----------------------------------------------------------------
---------------------------------------------------------------------------
Equipment$ 8,053.50$ 7,963.90$ 7,975.50$ 7,760.20$
7,760.30$ 7,940.70$ 8,197.40$ 8,626.30$ 8,575.10$
8,152.30$ 7,912.50 Investments at
Equity@CF@CF@CF@CF@CF@CF@CF@CF@CF@CF@CF
Other Investments$ 3,646.60$ 4,568.90$ 7,624.90$
6,313.30$ 4,029.80$ 1,779.50$ 1,155.80$ 1,544.60$
577.10$ 1,001.90$ 1,296.60 Intangibles$ 9,074.70$

4,642.30$ 4,331.10$ 4,752.70$ 5,128.10$ 4,818.80$
3,699.80$ 4,054.10$ 2,455.40$ 130.00$ 139.60 Deferred
Charges$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$
1,670.50$ 1,091.50$ 2,419.60 Other Assets$ 2,220.50$
7,823.30$ 2,212.50$ 2,534.00$ 2,493.40$ 1,622.40$
1,921.40$ 2,534.30$ 1,280.60$ 1,885.30$ 2,016.70---------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
---------------------TOTAL ASSETS$ 35,568.90$ 37,178.20$
35,248.70$ 34,398.90$ 33,659.80$ 31,001.40$ 27,460.90$
29,212.60$ 26,874.80$ 21,955.40$ 24,580.80LIABILITIES
Long Term Debt Due In One Year$ 6.10$ 8.10$ 1,012.60$
11.90$ 1,516.80$ 18.20$ 20.30$ 420.40$ 395.10$
210.80$ 721.30 Notes Payable$ - 0$ 2,680.60$ - 0$ - 0$
5.50$ 137.80$ 7.10$ 5,425.90$ 18.60$ 8.60$ 13.40
Accounts Payable$ 1,338.20$ 1,128.10$ 1,119.30$
1,188.30$ 1,125.20$ 1,072.20$ 968.10$ 885.80$ 924.40$
789.40$ 781.30 Taxes Payable$ 358.90$ 93.50$ 254.40$
143.50$ 261.60$ 457.50$ 346.70$ 229.20$ 238.40$
640.60$ 884.90 Accrued
F Other Current Liabilities$ 6,526.40$ 7,297.20$ 6,530.30$
7,045.80$ 6,021.80$ 5,415.70$ 5,225.90$ 6,148.40$
3,860.30$ 3,436.10$ 3,315.40-------------------------------------
---------------------------------------------------------------------------
-------------------------------------------------------------------- Total
Current Liabilities$ 8,229.60$ 11,207.50$ 8,916.60$
8,389.50$ 8,930.90$ 7,101.40$ 6,568.10$ 13,109.70$
5,436.80$ 5,085.50$ 5,716.30 Long Term Debt$ 7,972.40$
5,367.70$ 4,200.30$ 5,519.40$ 5,464.70$ 6,770.50$
6,634.70$ 4,615.70$ 4,593.50$ 3,494.40$ 5,763.50
Deferred Taxes@CF@CF@CF@CF@CF@CF$ 84.80$ 74.70$
287.50$ 62.20$ 695.10 Investment Tax Credit$ - 0$ - 0$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0 Other
Liabilities$ 4,776.60$ 5,214.90$ 4,491.10$ 5,716.10$
5,728.60$ 4,716.70$ 4,648.00$ 4,674.80$ 3,053.10$

2,332.60$ 1,614.00---------------------------------------------------
---------------------------------------------------------------------------
------------------------------------------------------TOTAL
LIABILITIES$ 20,978.60$ 21,790.10$ 17,608.00$
19,625.00$ 20,124.20$ 18,588.60$ 17,935.60$ 22,474.90$
13,370.90$ 10,974.70$ 13,788.90Redeemable Noncontrolling
Int.$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$
2.40@CF@CF@CFEQUITY Preferred Stock - Redeemable$ -
0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
- 0$ - 0$ - 0$ - 0$ - 0$ - 0-------------------------------------
---------------------------------------------------------------------------
-------------------------------------------------------------------- Total
Preferred Stock$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ -
0$ - 0$ - 0$ - 0 Common Stock$ 691.30$ 694.60$
698.50$ 716.60$ 724.10$ 721.30$ 718.70$ 711.10$
709.50$ 707.90$ 706.90 Capital Surplus$ 5,552.10$
5,292.30$ 5,050.00$ 4,963.10$ 4,886.80$ 4,746.10$
4,558.20$ 3,890.30$ 3,710.00$ 3,471.20$ 3,217.50
Retained Earnings$ 11,431.10$ 12,490.90$ 14,989.70$
12,291.10$ 11,039.20$ 10,062.50$ 7,358.50$ 4,868.10$
11,819.90$ 9,538.00$ 9,606.60 Less: Treasury Stock$
3,103.20$ 3,104.60$ 3,106.80$ 3,205.60$ 3,108.40$
3,109.60$ 3,111.70$ 2,734.20$ 2,735.50$ 2,736.40$
2,739.10-----------------------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------- Common Equity$
14,571.30$ 15,373.20$ 17,631.40$ 14,765.20$ 13,541.70$
12,420.30$ 9,523.70$ 6,735.30$ 13,503.90$ 10,980.70$
10,791.90---------------------------------------------------------------
---------------------------------------------------------------------------
Parent$ 14,571.30$ 15,373.20$ 17,631.40$ 14,765.20$
13,541.70$ 12,420.30$ 9,523.70$ 6,735.30$ 13,503.90$
19.00$ 14.90$ 9.30$ 8.70$ (6.10)$ (7.50)$

1.60@NA@NA@NA@NA--------------------------------------------
---------------------------------------------------------------------------
-------------------------------------------------------------TOTAL
EQUITY$ 14,590.30$ 15,388.10$ 17,640.70$ 14,773.90$
13,535.60$ 12,412.80$ 9,525.30$ 6,735.30$ 13,503.90$
10,980.70$ 10,791.90------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------TOTAL
35,248.70$ 34,398.90$ 33,659.80$ 31,001.40$ 27,460.90$
29,212.60$ 26,874.80$ 21,955.40$ 24,580.80COMMON
SHARES
OUTSTANDING1,055.271,060.631,066.801,093.641,107.791,10
2.291,099.031,096.061,094.311,091.671,090.14
&"Arial,Bold"&12&A
Income StatementsLilly (Eli) & Co.ANNUAL INCOME
STATEMENTTICKER:LLYSIC:2834GICS:35202010Dec-
06Dec-05Sales$ 19,958.70$ 19,615.60$ 23,113.10$
22,603.40$ 24,286.50$ 23,076.00$ 21,836.00$ 20,378.00$
3,534.80$ 3,637.50$ 3,578.30$ 3,479.50$ 3,866.50$
3,231.40$ 3,156.50$ 3,400.60$ 3,393.70$ 2,919.10$
2,897.00-----------------------------------------------------------------
---------------------------------------------------------------------------
----------------------------------------Gross Profit$ 16,423.90$
15,978.10$ 19,534.80$ 19,123.90$ 20,420.00$ 19,844.60$
18,679.50$ 16,977.40$ 15,239.80$ 12,771.90$ 11,748.30
11,235.40$ 12,656.90$ 12,791.60$ 12,900.70$ 11,937.60$
11,219.00$ 10,452.30$ 9,581.80$ 8,019.10$ 7,522.50------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
------------------------Operating Income Before Deprec.$

5,094.50$ 4,742.70$ 6,877.90$ 6,332.30$ 7,519.30$
7,907.00$ 7,460.50$ 6,525.10$ 5,658.00$ 4,752.80$
1,349.40$ 1,295.00$ 1,329.80$ 1,317.00$ 1,201.40$
1,134.80$ 1,090.50$ 925.10$ 855.10$ 627.40$ 577.20----
---------------------------------------------------------------------------
---------------------------------------------------------------------------
--------------------------Operating Profit$ 3,745.10$ 3,447.70$
5,548.10$ 5,015.30$ 6,317.90$ 6,772.20$ 6,370.00$
5,600.00$ 4,802.90$ 4,125.40$ 3,648.60 Interest Expense$
216.00$ 187.10$ 184.20$ 198.80$ 211.70$ 211.50$
291.50$ 276.50$ 323.60$ 344.80$ 245.70 Non-Operating
Income/Expense$ 483.30$ 435.60$ 207.70$ 85.00$
32.70$ 206.50$ 62.00$ 250.40$ 445.60$ 582.60$ 559.90
Special Items$ (1,222.40)$ (695.90)$ 317.70$ 506.70$
(789.40)$ (242.00)$ (782.70)$ (6,881.50)$ (1,048.10)$
(945.20)$ (1,245.30)-------------------------------------------------
---------------------------------------------------------------------------
--------------------------------------------------------Pretax Income$
2,790.00$ 3,000.30$ 5,889.30$ 5,408.20$ 5,349.50$
6,525.20$ 5,357.80$ (1,307.60)$ 3,876.80$ 3,418.00$
2,717.50 Total Income Taxes$ 381.60$ 609.80$ 1,204.50$
1,319.60$ 1,001.80$ 1,455.70$ 1,029.00$ 764.30$
923.80$ 755.30$ 715.90 Minority Interest----------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
--------------------------$ 2,408.40$ 2,390.50$ 4,684.80$
4,088.60$ 4,347.70$ 5,069.50$
4,328.80@NA@NA@NA@NA Noncontrolling Interest - Inc
Acc@CF@CF@CF@CF@CF@CF@CF@CF@CF@CF@CF------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
------------------------------------------Income Before
Extraordinary Items & Discontinued Operations$ 2,408.40$
2,390.50$ 4,684.80$ 4,088.60$ 4,347.70$ 5,069.50$
4,328.80$ (2,071.90)$ 2,953.00$ 2,662.70$

2,001.60Preferred Dividends$ - 0$ - 0$ - 0$ - 0$ - 0$ -
0$ - 0$ - 0$ - 0$ - 0$ - 0--------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
----------Available for Common$ 2,408.40$ 2,390.50$
4,684.80$ 4,088.60$ 4,347.70$ 5,069.50$ 4,328.80$
(2,071.90)$ 2,953.00$ 2,662.70$ 2,001.60 Savings Due to
Common Stock Equivalents$ - 0$ - 0$ - 0$ - 0$ - 0$ -
0$ - 0$ - 0$ - 0$ - 0$ - 0--------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
2,390.50$ 4,684.80$ 4,088.60$ 4,347.70$ 5,069.50$
4,328.80$ (2,071.90)$ 2,953.00$ 2,662.70$ 2,001.60
- 0$ - 0$ - 0$ (22.00) Discontinued Operations$ - 0$ - 0$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0----------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
--------------------------------Adjusted Net Income$ 2,408.40$
2,390.50$ 4,684.80$ 4,088.60$ 4,347.70$ 5,069.50$
4,328.80$ (2,071.90)$ 2,953.00$ 2,662.70$
1,979.60Income to Company Incl ExtraordinaryItems & Disc
Ops$ 2,408.40$ 2,390.50$ 4,684.80$ 4,088.60$
4,347.70$ 5,069.50$ 4,328.80@NA@NA@NA@NAEarnings
Per Share Basic - Excluding Extra Items & Disc Op$ 2.27$
2.23$ 4.33$ 3.67$ 3.90$ 4.58$ 3.94$ (1.89)$ 2.71$
2.45$ 1.84Earnings Per Share Basic - Including Extra Items &
Disc Op$ 2.27$ 2.23$ 4.33$ 3.67$ 3.90$ 4.58$ 3.94$
(1.89)$ 2.71$ 2.45$ 1.82Earnings Per Share Diluted-
3.66$ 3.90$ 4.58$ 3.94$ (1.89)$ 2.71$ 2.45$
Op$ 2.26$ 2.23$ 4.32$ 3.66$ 3.90$ 4.58$ 3.94$
(1.89)$ 2.71$ 2.45$ 1.81EPS Basic from Operations$
3.05$ 2.78$ 4.15$ 3.40$ 4.41$ 4.82$ 4.36$ 3.88$

3.55$ 3.19$ 2.88EPS Diluted from Ops$ 3.03$ 2.78$
4.14$ 3.39$ 4.41$ 4.82$ 4.36$ 3.88$ 3.55$ 3.18$
1.96$ 1.96$ 1.88$ 1.70$ 1.60$ 1.52Com Shares for
Diluted
EPS1,065.721,074.291,084.771,117.291,113.971,105.811,098.3
Eps1,061.911,069.931,080.871,113.181,113.921,105.791,098.34
1,094.501,090.431,086.241,088.75
&"Arial,Bold"&12&A
Financial RatiosLilly (Eli) & Co.Financial AnalysisDuPont
Profitability12.07%12.19%20.27%18.09%17.90%21.97%19.82%
-10.17%15.85%16.97%13.67%Total Asset
Turnover0.5490.5420.6640.6640.7510.7890.7710.7270.7630.67
4Equity
Multiplier2.4272.1932.1492.4042.4922.6653.4852.7711.9942.13
7Return on
Equity16.07%14.48%28.91%28.89%33.51%46.22%53.24%-
20.47%24.12%24.46%Profitability AnalysisGross
Profitability82.29%81.46%84.52%84.61%84.08%86.00%85.54%
83.31%81.79%81.40%80.22%Operating
Profitability18.76%17.58%24.00%22.19%26.01%29.35%29.17%
27.48%25.78%26.29%24.91%Net
Profitability12.07%12.19%20.27%18.09%17.90%21.97%19.82%
-10.17%15.85%16.97%13.67%Return on
Assets6.62%6.60%13.45%12.01%13.45%17.34%15.28%-
7.39%12.09%11.44%Return on
Equity16.07%14.48%28.91%28.89%33.51%46.22%53.24%-
20.47%24.12%24.46%Efficiency AnalysisReceivable
Turnover5.0705.0145.8435.5635.7855.7766.1435.8375.8245.75
2Receivable
DSO71.98972.79462.46665.61163.09163.18959.41662.53062.67
563.459Inventory

Turnover1.1431.2831.2841.4081.6051.2041.1821.3561.4161.40
7Inventory
DCO319.370284.414284.213259.292227.387303.146308.923269
.242257.803259.349Net PP&E
Turnover2.4922.4612.9382.9133.0942.8602.5962.3692.2281.95
3Net Fixed Asset
Turnover0.8320.8321.0631.1091.3651.4821.3761.3011.3901.20
5Total Asset
Turnover0.5490.5420.6640.6640.7510.7890.7710.7270.7630.67
Ratio1.5281.0871.4701.5541.5952.0901.9010.9502.2651.9061.8
89Quick
Ratio1.0360.7701.0561.1411.2471.5331.2680.7021.5701.2951.3
64Cash
Ratio0.5410.4310.6050.6780.7720.9470.6850.4520.8890.7650.8
81Times Interest
Earned17.33818.42730.12025.22829.84432.02021.85220.25314.
Turnover3.4393.0693.3483.3053.3212.8423.7903.7234.2564.21
(DPO)106.141118.929109.010110.426109.912128.43496.30498.
02785.75886.565Leverage RatioTotal Debt to Total
Assets0.5900.5860.5000.5710.5980.6000.6530.7690.4980.5000.
Assets0.3580.2850.2470.3270.3330.3710.4140.3210.2950.2680.
Equity1.4381.4160.9981.3281.4871.4981.8833.3370.9900.9991.
278
&"Arial,Bold"&12&A
FINANCIAL GSK.xlsx
Balance SheetsGlaxosmithklien PLCANNUAL BALANCE
SHEETTICKER:GSKSIC:2834GICS:35202010Dec-15Dec-

9,281.44$ 6,935.74$ 9,163.72$ 9,606.15$ 11,014.58$
8,791.87$ 8,992.85$ 5,954.14$ 8,996.20 Net Receivables$
7,958.42$ 6,887.03$ 8,691.41$ 8,163.52$ 8,201.98$
8,528.71$ 10,023.54$ 8,746.55$ 10,435.43$ 10,082.87$
9,004.79 Inventories$ 6,954.21$ 6,591.05$ 6,463.86$
6,454.39$ 6,017.48$ 5,905.91$ 6,570.27$ 5,929.47$
6,075.93$ 4,773.11$ 3,741.83 Prepaid Expenses$ 533.81$
450.20$ 480.65$ 463.47$ 529.81$ 397.11$ 488.24$
431.26$ 474.25$ 438.73$ 491.58 Other Current Assets$
305.24$ 2,071.87$ 319.88$ 248.81$ 1,205.67$ 244.73$
308.79$ 1,346.41$ 1,059.62$ 280.08$ 414.23----------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
-------------- Total Current Assets$ 24,459.19$ 22,865.39$
25,237.23$ 22,265.93$ 25,118.67$ 24,682.61$ 28,405.42$
25,245.55$ 27,038.07$ 21,528.93$ 22,648.63 Gross Plant,
Property & Equipment$ 30,597.95$ 30,151.22$ 30,396.72$
29,697.66$ 29,259.28$ 29,083.19$ 30,324.44$ 27,757.10$
29,937.14$ 26,329.46$ 22,670.97 Accumulated
Depreciation$ 16,341.52$ 16,050.01$ 15,692.26$
15,426.13$ 15,667.51$ 15,161.12$ 15,169.50$ 13,608.83$
14,417.92$ 12,756.36$ 11,237.51---------------------------------
---------------------------------------------------------------------------
------------------------------------------------------------------------
Net Plant, Property & Equipment$ 14,256.43$ 14,101.21$
14,704.45$ 14,271.53$ 13,591.77$ 13,922.07$ 15,154.95$
14,148.27$ 15,519.21$ 13,573.10$ 11,433.46 Investments
at Equity$ 305.24$ 529.65$ 535.34$ 941.57$ 870.07$
1,663.88$ 1,446.95$ 806.97$ 652.84$ 577.79$ 474.39
Other Investments$ 2,930.03$ 2,735.50$ 2,918.68$
2,187.24$ 1,701.30$ 1,914.77$ 1,155.94$ 1,059.88$
1,345.36$ 863.74$ 622.21 Intangibles$ 32,196.42$
18,762.14$ 22,355.01$ 23,612.42$ 17,954.56$ 18,682.81$
18,663.18$ 11,651.34$ 11,560.53$ 7,934.29$ 7,010.98
Deferred Charges$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ -
0$ - 0$ - 0$ - 0 Other Assets$ 4,664.16$ 4,332.24$

4,002.62$ 4,167.95$ 4,589.63$ 4,134.29$ 4,468.56$
4,676.62$ 5,403.25$ 5,570.26$ 4,558.26-----------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
-------TOTAL ASSETS$ 78,811.47$ 63,326.13$ 69,753.34$
67,446.65$ 63,826.00$ 65,000.41$ 69,294.99$ 57,588.63$
61,519.25$ 50,048.11$ 46,747.92LIABILITIES Long Term
Debt Due In One Year$ 1,287.33$ 2,972.28$ 1,567.90$
2,536.87$ 3,935.52$ 49.25$ 1,088.04$ 1,176.83$
2,543.87$ 930.34$ 665.18 Notes Payable$ 641.45$
1,612.32$ 3,054.59$ 3,367.86$ 256.36$ 398.65$
1,290.13$ 220.75$ 4,409.12$ 475.94$ 1,397.38 Accounts
Payable$ 4,600.75$ 4,346.26$ 4,539.62$ 4,335.45$
3,989.90$ 3,295.43$ 2,998.98$ 1,685.57$ 1,847.38$
1,694.19$ 1,407.70 Taxes Payable$ 2,095.41$ 1,472.12$
2,406.55$ 2,234.40$ 2,552.73$ 1,611.54$ 2,345.83$
1,140.28$ 1,639.03$ 1,216.29$ 3,899.96 Accrued
Expenses$ 7,850.77$ 7,321.66$ 7,466.59$ 7,065.84$
6,912.41$ 6,743.24$ 7,244.43$ 6,704.27$ 7,278.41$
7,156.72$ 6,663.79 Other Current Liabilities$ 3,309.00$
2,986.30$ 3,633.02$ 2,925.53$ 5,674.11$ 7,594.41$
4,623.76$ 3,716.15$ 2,809.77$ 2,755.75$ 2,313.51---------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
--------------------- Total Current Liabilities$ 19,784.71$
20,710.95$ 22,668.26$ 22,465.95$ 23,321.04$ 19,692.53$
19,591.17$ 14,643.85$ 20,527.58$ 14,229.23$ 16,347.51
Long Term Debt$ 22,596.77$ 24,677.11$ 25,616.77$
23,857.98$ 18,959.80$ 22,794.01$ 23,904.53$ 22,266.20$
14,023.05$ 9,346.44$ 9,059.79 Deferred Taxes$ 2,244.34$
693.22$ 1,148.58$ 1,632.71$ 1,277.14$ 1,088.21$
1,042.77$ 1,043.80$ 1,760.07$ 1,165.37$ 978.00
Investment Tax Credit$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ -
0$ - 0$ - 0$ - 0$ - 0 Other Liabilities$ 21,094.15$
9,555.55$ 7,372.12$ 8,518.04$ 6,553.51$ 6,426.16$
7,389.94$ 7,474.70$ 5,544.13$ 6,410.50$ 7,351.31---------

---------------------------------------------------------------------------
---------------------------------------------------------------------------
---------------------TOTAL LIABILITIES$ 65,719.98$
55,636.83$ 56,805.73$ 56,474.68$ 50,111.48$ 50,000.91$
51,928.40$ 45,428.54$ 41,854.84$ 31,151.53$
33,736.61Redeemable Noncontrolling Int.$ - 0$ - 0$ - 0$ -
0$ - 0$ - 0$ - 0$ 565.76$ 609.18@CF@CFEQUITY
Preferred Stock - Redeemable$ - 0$ - 0$ - 0$ - 0$ - 0$ -
0$ - 0$ - 0$ - 0$ - 0$ - 0 Preferred Stock -
Nonredeemable$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ -
0$ - 0$ - 0$ - 0----------------------------------------------------
---------------------------------------------------------------------------
----------------------------------------------------- Total Preferred
Stock$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ -
0$ - 0 Common Stock$ 1,975.96$ 2,085.89$ 2,214.29$
2,193.74$ 2,154.98$ 2,182.59$ 2,289.25$ 2,068.59$
2,982.40$ 2,933.98$ 2,562.73 Capital Surplus$ 4,174.59$
4,297.97$ 4,300.95$ 3,288.18$ 2,599.34$ 2,197.98$
2,211.65$ 1,938.48$ 2,512.12$ 1,680.48$ 943.62 Retained
Earnings$ 11,700.95$ 11,267.57$ 16,988.35$ 15,335.07$
18,838.61$ 20,274.34$ 23,676.57$ 18,889.21$ 30,030.40$
24,361.07$ 16,572.67 Less: Treasury Stock$ 10,310.40$
11,010.53$ 11,906.76$ 11,368.76$ 11,113.62$ 10,976.04$
12,002.38$ 11,301.95$ 16,469.69$ 10,078.96$ 7,067.71---
---------------------------------------------------------------------------
---------------------------------------------------------------------------
--------------------------- Common Equity$ 7,541.10$
6,640.90$ 11,596.83$ 9,448.22$ 12,479.32$ 13,678.87$
16,175.08$ 11,594.33$ 19,055.23$ 18,896.57$ 13,011.32--
---------------------------------------------------------------------------
---------------------------------------------------------------------------
----------------------------Stockholder's Equity - Parent$
7,541.10$ 6,640.90$ 11,596.83$ 9,448.22$ 12,479.32$
13,678.87$ 16,175.08$ 11,594.33$ 19,055.23$ 18,896.57$
13,011.32Nonredeemable Noncontrolling Int.$ 5,550.40$
1,048.40$ 1,350.78$ 1,523.75$ 1,235.19$ 1,320.63$

1,191.51@NA@NA@NA@NA---------------------------------------
---------------------------------------------------------------------------
------------------------------------------------------------------TOTAL
EQUITY$ 13,091.50$ 7,689.30$ 12,947.61$ 10,971.97$
13,714.51$ 14,999.50$ 17,366.59$ 11,594.33$ 19,055.23$
18,896.57$ 13,011.32------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------TOTAL
69,753.34$ 67,446.65$ 63,826.00$ 65,000.41$ 69,294.99$
57,588.63$ 61,519.25$ 50,048.11$ 46,747.92COMMON
SHARES
OUTSTANDING2,420.002,405.522,395.582,413.722,479.062,59
8.132,536.602,529.082,686.932,801.332,826.32
&"Arial,Bold"&12&A
Income StatementsGlaxosmithklien PLCANNUAL INCOME
STATEMENTTICKER:GSKSIC:2834GICS:35202010Dec-
06Dec-05Sales$ 50,036.13$ 36,430.71$ 46,433.72$
44,575.77$ 43,498.94$ 44,459.79$ 47,092.86$ 36,391.08$
9,820.84$ 8,778.20$ 11,590.20$ 10,279.21$ 9,067.39$
8,813.46$ 8,945.20$ 6,644.34$ 8,302.31$ 8,063.56$
6,634.57-----------------------------------------------------------------
---------------------------------------------------------------------------
----------------------------------------Gross Profit$ 40,215.29$
27,652.51$ 34,843.52$ 34,296.56$ 34,431.54$ 35,646.33$
38,147.65$ 29,746.74$ 37,715.59$ 38,026.22$ 31,220.28
16,680.92$ 19,994.87$ 19,966.48$ 19,174.21$ 25,169.00$
21,261.22$ 15,873.31$ 19,950.15$ 20,984.44$ 17,851.46--
---------------------------------------------------------------------------
---------------------------------------------------------------------------
----------------------------Operating Income Before Deprec.$

23,310.48$ 10,971.58$ 14,848.65$ 14,330.08$ 15,257.33$
10,477.33$ 16,886.43$ 13,873.43$ 17,765.44$ 17,041.78$
2,403.60$ 2,311.78$ 2,343.56$ 2,349.86$ 2,210.92$
2,584.32$ 2,525.29$ 1,799.60$ 2,027.96$ 1,876.34$
1,553.80-----------------------------------------------------------------
---------------------------------------------------------------------------
----------------------------------------Operating Profit$
20,906.88$ 8,659.81$ 12,505.08$ 11,980.22$ 13,046.42$
7,893.02$ 14,361.15$ 12,073.83$ 15,737.48$ 15,165.44$
11,815.03 Interest Expense$ 986.51$ 1,057.75$ 1,209.90$
1,227.78$ 1,146.63$ 1,214.43$ 1,272.34$ 1,204.61$
861.19$ 615.00$ 733.93 Non-Operating Income/Expense$
1,294.70$ 85.68$ 120.99$ 91.07$ 980.39$ 255.51$
413.88$ 507.28$ 581.40$ 597.37$ 489.86 Special Items$
(5,693.43)$ (3,064.19)$ (399.43)$ 39.03$ (919.79)$
(2,074.84)$ (745.30)$ (1,641.71)$ (670.69)$ 127.31$ - 0-
---------------------------------------------------------------------------
---------------------------------------------------------------------------
-----------------------------Pretax Income$ 15,521.64$
4,623.55$ 11,016.74$ 10,882.53$ 11,960.38$ 4,859.25$
12,757.38$ 9,734.79$ 14,787.00$ 15,275.12$ 11,570.96
Total Income Taxes$ 3,176.29$ 213.42$ 1,688.89$
3,167.84$ 3,480.29$ 2,007.12$ 3,592.31$ 2,846.32$
4,250.37$ 4,506.74$ 3,293.22 Minority Interest---------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
---------------------------------$ 12,345.35$ 4,410.13$
9,327.85$ 7,714.69$ 8,480.10$ 2,852.14$
Acc$ (73.73)$ 116.84$ 318.22$ 291.09$ 306.08$
337.09$ 223.11$ 160.81$ 190.49$ 213.49$ 218.29---------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------Income Before Extraordinary
Items & Discontinued Operations$ 12,419.08$ 4,293.30$

9,009.63$ 7,423.60$ 8,174.02$ 2,515.05$ 8,941.97$
6,727.66$ 10,346.14$ 10,554.90$ 8,059.45Preferred
Dividends$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ -
0$ - 0$ - 0-----------------------------------------------------------
---------------------------------------------------------------------------
----------------------------------------------------------------Available
for Common$ 12,419.08$ 4,293.30$ 9,009.63$ 7,423.60$
8,174.02$ 2,515.05$ 8,941.97$ 6,727.66$ 10,346.14$
10,554.90$ 8,059.45 Savings Due to Common Stock
Equivalents$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ -
0$ - 0$ - 0-----------------------------------------------------------
---------------------------------------------------------------------------
----------------------------------------------------------------Adjusted
Available for Common$ 12,419.08$ 4,293.30$ 9,009.63$
7,423.60$ 8,174.02$ 2,515.05$ 8,941.97$ 6,727.66$
10,346.14$ 10,554.90$ 8,059.45 Extraordinary Items$ - 0$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Discontinued Operations$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$
- 0$ - 0$ - 0$ - 0$ - 0--------------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
----Adjusted Net Income$ 12,419.08$ 4,293.30$ 9,009.63$
7,423.60$ 8,174.02$ 2,515.05$ 8,941.97$ 6,727.66$
10,346.14$ 10,554.90$ 8,059.45Income to Company Incl
9,327.85$ 7,714.69$ 8,480.10$ 2,852.14$
3.02$ 3.25$ 0.99$ 3.52$ 2.59$ 3.75$ 3.74$
Op$ 5.15$ 1.79$ 3.73$ 3.02$ 3.25$ 0.99$ 3.53$
2.98$ 3.20$ 0.99$ 3.50$ 2.57$ 3.71$ 3.70$
Op$ 5.09$ 1.76$ 3.66$ 2.98$ 3.20$ 0.99$ 3.50$

2.71$ 3.86$ 3.32$ 3.54$ 1.67$ 3.76$ 3.06$ 3.93$
3.25$ 3.50$ 1.65$ 3.73$ 3.04$ 3.89$ 3.68$
2.00$ 1.85$ 2.14$ 2.06$ 1.74$ 1.53Com Shares for
Diluted
EPS2,444.002,432.502,459.502,494.502,549.502,564.002,554.0
Eps2,415.502,404.002,415.502,456.002,514.002,542.502,534.50
2,597.502,762.002,821.502,837.00
&"Arial,Bold"&12&A
Financial RatiosGlaxosmithklien PLCFinancial AnalysisDuPont
Profitability24.82%11.78%19.40%16.65%18.79%5.66%18.99%1
8.49%22.48%22.90%21.29%Total Asset
Turnover0.7040.5480.6770.6790.6750.6620.7420.6110.8250.95
2Equity
Multiplier6.8406.4495.7365.3184.4874.1494.3813.8862.9403.03
4Return on
Equity119.52%41.61%75.33%60.14%56.93%15.54%61.75%43.9
0%54.52%66.16%Profitability AnalysisGross
Profitability80.37%75.90%75.04%76.94%79.15%80.18%81.01%
81.74%81.96%82.50%82.47%Operating
Profitability41.78%23.77%26.93%26.88%29.99%17.75%30.50%
33.18%34.20%32.90%31.21%Net
Profitability24.82%11.78%19.40%16.65%18.79%5.66%18.99%1
8.49%22.48%22.90%21.29%Return on
Assets17.47%6.45%13.13%11.31%12.69%3.75%14.09%11.30%
18.55%21.81%Return on
Equity119.52%41.61%75.33%60.14%56.93%15.54%61.75%43.9
0%54.52%66.16%Efficiency AnalysisReceivable
Turnover6.7414.6775.5105.4485.2004.7935.0183.7944.4864.82
9Receivable

DSO54.14778.04066.24567.00370.19476.15472.74096.19781.37
275.581Inventory
Turnover1.4501.3451.7941.6481.5211.4131.4311.1071.5311.89
4Inventory
DCO251.711271.413203.412221.429239.983258.344255.020329
.752238.482192.716Net PP&E
Turnover3.5292.5293.2053.2003.1623.0583.2142.4533.1643.68
6Net Fixed Asset
Turnover1.0550.8571.0351.0631.1011.0951.2861.0891.4611.75
2Total Asset
Turnover0.7040.5480.6770.6790.6750.6620.7420.6110.8250.95
Ratio1.2361.1041.1130.9911.0771.2531.4501.7241.3171.5131.3
85Quick
Ratio0.8420.6640.7930.6720.7450.9211.0741.1980.9461.1271.1
01Cash
Ratio0.4400.3310.4090.3090.3930.4880.5620.6000.4380.4180.5
50Times Interest
Earned21.1938.18710.3369.75811.3786.49911.28710.02318.274
Turnover2.2772.0042.6142.5742.5202.5894.0933.6785.4245.86
(DPO)160.333182.100139.633141.784144.850140.96489.18599.
Assets0.8340.8790.8140.8370.7850.7690.7490.7990.6900.6220.
Assets0.5830.5520.4890.5040.4200.4660.4670.5350.3470.3380.
Equity5.0207.2364.3875.1473.6543.3342.9903.9672.2281.6492.
593
&"Arial,Bold"&12&A
FINANCIAL MERCK.xlsx
Balance SheetsMerck & Co.ANNUAL BALANCE
SHEETTICKER:MRKSIC:2834GICS:35202010Dec-15Dec-

17,486.00$ 16,141.00$ 14,972.00$ 12,201.00$ 9,604.50$
5,486.40$ 8,230.80$ 8,713.00$ 15,637.60 Net Receivables$
6,484.00$ 6,626.00$ 7,184.00$ 7,672.00$ 8,261.00$
7,344.00$ 6,602.90$ 3,778.90$ 3,636.20$ 3,314.80$
2,927.30 Inventories$ 4,700.00$ 5,571.00$ 6,226.00$
6,535.00$ 6,254.00$ 5,868.00$ 8,055.30$ 2,283.30$
1,881.00$ 1,769.40$ 1,658.10 Prepaid Expenses$ - 0$ - 0$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ 467.90$ 255.30$ 826.30
Other Current Assets$ 5,153.00$ 5,257.00$ 4,789.00$
4,509.00$ 3,694.00$ 3,651.00$ 4,165.90$ 7,756.30$
829.50$ 1,177.70$ - 0----------------------------------------------
---------------------------------------------------------------------------
----------------------------------------------------------- Total
Current Assets$ 29,764.00$ 33,173.00$ 35,685.00$
34,857.00$ 33,181.00$ 29,064.00$ 28,428.60$ 19,304.90$
Equipment$ 28,430.00$ 31,140.00$ 33,094.00$ 33,415.00$
32,473.00$ 30,563.00$ 30,868.10$ 24,128.20$ 24,803.10$
15,923.00$ 18,004.00$ 18,121.00$ 17,385.00$ 16,176.00$
13,481.00$ 12,594.60$ 12,128.60$ 12,457.10$ 11,015.40$
9,315.10-----------------------------------------------------------------
---------------------------------------------------------------------------
Equipment$ 12,507.00$ 13,136.00$ 14,973.00$ 16,030.00$
16,297.00$ 17,082.00$ 18,273.50$ 11,999.60$ 12,346.00$
13,194.10$ 14,398.20 Investments at Equity$ 702.00$
337.00$ 1,600.00$ 1,300.00$ 886.00$ 494.00$ 900.00$
1,400.00$ 3,900.00$ 3,500.00$ 3,000.00 Other
Investments$ 13,049.00$ 13,595.00$ 9,770.00$ 7,305.00$
3,458.00$ 2,175.00$ 432.30$ 6,491.30$ 7,159.20$
7,788.20$ 1,107.90 Intangibles$ 40,325.00$ 33,378.00$
36,102.00$ 41,217.00$ 46,457.00$ 51,834.00$ 59,578.90$
1,964.10$ 2,168.00$ 2,375.50$ 1,604.40 Deferred Charges$

- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Other Assets$ 5,432.00$ 4,716.00$ 7,515.00$ 5,423.00$
4,849.00$ 5,132.00$ 4,476.40$ 6,035.80$ 7,732.10$
2,481.80$ 3,686.00---------------------------------------------------
---------------------------------------------------------------------------
------------------------------------------------------TOTAL
ASSETS$ 101,779.00$ 98,335.00$ 105,645.00$
106,132.00$ 105,128.00$ 105,781.00$ 112,089.70$
47,195.70$ 48,350.70$ 44,569.80$ 44,845.80LIABILITIES
Long Term Debt Due In One Year$ 2,300.00$ 1,000.00$
2,100.00$ 1,800.00$ 24.00$ 1,500.00$ 748.60$ 7.40$
1,400.00$ 449.00$ 522.00 Notes Payable$ 285.00$
1,704.00$ 2,421.00$ 2,515.00$ 1,966.00$ 900.00$
837.20$ 2,289.70$ 423.60$ 836.10$ 2,450.00 Accounts
Payable$ 2,533.00$ 2,625.00$ 2,274.00$ 1,753.00$
2,462.00$ 2,308.00$ 2,236.90$ 617.60$ 624.50$ 496.60$
471.10 Taxes Payable$ 1,560.00$ 1,606.00$ 251.00$
1,200.00$ 781.00$ 1,243.00$ 1,117.40$ 1,422.60$
444.10$ 3,398.00$ 3,489.50 Accrued
F Other Current Liabilities$ 12,525.00$ 11,831.00$
10,822.00$ 11,080.00$ 11,012.00$ 9,690.00$ 10,810.60$
9,981.40$ 9,366.00$ 7,543.00$ 6,370.90-----------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
------- Total Current Liabilities$ 19,203.00$ 18,766.00$
17,868.00$ 18,348.00$ 16,245.00$ 15,641.00$ 15,750.70$
14,318.70$ 12,258.20$ 12,722.70$ 13,303.50 Long Term
Debt$ 23,929.00$ 18,699.00$ 20,539.00$ 16,254.00$
15,525.00$ 15,482.00$ 16,074.90$ 3,943.30$ 3,915.80$
5,551.00$ 5,125.60 Deferred Taxes$ 6,535.00$ 4,266.00$
6,776.00$ 5,740.00$ 5,626.00$ 7,411.00$ 8,797.20$
312.20$ 395.60$ 852.60$ 1,269.80 Investment Tax Credit$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Other Liabilities$ 7,345.00$ 7,813.00$ 8,136.00$
10,327.00$ 10,789.00$ 10,442.00$ 9,974.30$ 7,454.40$

11,189.70$ 5,477.70$ 4,823.10-----------------------------------
---------------------------------------------------------------------------
----------------------------------------------------------------------
TOTAL LIABILITIES$ 57,012.00$ 49,544.00$ 53,319.00$
50,669.00$ 48,185.00$ 48,976.00$ 50,597.10$ 26,028.60$
Int.$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ 2,408.80$
2,406.70$ 2,406.10$ 2,407.20EQUITY Preferred Stock -
Redeemable$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ -
0$ - 0$ - 0 Preferred Stock - Nonredeemable$ - 0$ - 0$ -
0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0-----------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
------------- Total Preferred Stock$ - 0$ - 0$ - 0$ - 0$ - 0$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0 Common Stock$ 1,788.00$
1,788.00$ 1,788.00$ 1,788.00$ 1,788.00$ 1,788.00$
1,781.30$ 29.80$ 29.80$ 29.80$ 29.80 Capital Surplus$
40,222.00$ 40,423.00$ 40,508.00$ 40,646.00$ 40,663.00$
40,701.00$ 39,682.60$ 8,319.10$ 8,014.90$ 7,166.50$
6,900.00 Retained Earnings$ 41,200.00$ 41,698.00$
37,060.00$ 35,303.00$ 35,858.00$ 34,320.00$ 38,638.40$
41,144.90$ 38,314.70$ 37,930.80$ 37,971.20 Less:
Treasury Stock$ 38,534.00$ 35,262.00$ 29,591.00$
24,717.00$ 23,792.00$ 22,433.00$ 21,044.30$ 30,735.50$
28,174.70$ 27,567.40$ 26,984.40---------------------------------
---------------------------------------------------------------------------
------------------------------------------------------------------------
Common Equity$ 44,676.00$ 48,647.00$ 49,765.00$
53,020.00$ 54,517.00$ 54,376.00$ 59,058.00$ 18,758.30$
18,184.70$ 17,559.70$ 17,916.60---------------------------------
---------------------------------------------------------------------------
------------------------------------------------------------------------
Stockholder's Equity - Parent$ 44,676.00$ 48,647.00$
49,765.00$ 53,020.00$ 54,517.00$ 54,376.00$ 59,058.00$
18,758.30$ 18,184.70$ 17,559.70$
17,916.60Nonredeemable Noncontrolling Int.$ 91.00$

144.00$ 2,561.00$ 2,443.00$ 2,426.00$ 2,429.00$
2,434.60@NA@NA@NA@NA---------------------------------------
---------------------------------------------------------------------------
------------------------------------------------------------------TOTAL
EQUITY$ 44,767.00$ 48,791.00$ 52,326.00$ 55,463.00$
56,943.00$ 56,805.00$ 61,492.60$ 18,758.30$ 18,184.70$
17,559.70$ 17,916.60------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------TOTAL
105,645.00$ 106,132.00$ 105,128.00$ 105,781.00$
112,089.70$ 47,195.70$ 48,350.70$ 44,569.80$
44,845.80COMMON SHARES
OUTSTANDING2,781.132,838.142,927.533,026.643,040.843,08
2.113,108.222,107.692,172.502,167.792,181.92
&"Arial,Bold"&12&A
Income StatementsMerck & Co.ANNUAL INCOME
STATEMENTTICKER:MRKSIC:2834GICS:35202010Dec-
06Dec-05Sales$ 39,498.00$ 42,237.00$ 44,033.00$
47,267.00$ 48,047.00$ 45,987.00$ 27,428.30$ 23,850.30$
8,214.00$ 9,441.00$ 9,570.00$ 9,379.00$ 9,304.00$
8,916.00$ 4,948.40$ 3,916.80$ 4,130.00$ 3,760.10$
3,330.30-----------------------------------------------------------------
---------------------------------------------------------------------------
----------------------------------------Gross Profit$ 31,284.00$
32,796.00$ 34,463.00$ 37,888.00$ 38,743.00$ 37,071.00$
22,479.90$ 19,933.50$ 20,067.70$ 18,875.90$ 18,681.60
17,339.00$ 18,795.00$ 20,461.00$ 21,341.00$ 21,363.00$
13,898.70$ 12,079.90$ 12,289.00$ 11,408.00$ 10,708.50--
---------------------------------------------------------------------------
---------------------------------------------------------------------------

14,872.00$ 15,457.00$ 15,668.00$ 17,427.00$ 17,402.00$
15,708.00$ 8,581.20$ 7,853.60$ 7,778.70$ 7,467.90$
6,201.00$ 5,791.00$ 6,411.00$ 6,743.00$ 6,838.00$
6,532.00$ 2,227.50$ 1,414.50$ 1,527.60$ 1,504.60$
1,520.40-----------------------------------------------------------------
---------------------------------------------------------------------------
9,666.00$ 9,257.00$ 10,684.00$ 10,564.00$ 9,176.00$
6,353.70$ 6,439.10$ 6,251.10$ 5,963.30$ 6,452.70
749.00$ 698.00$ 284.50$ 251.30$ 384.30$ 375.10$
385.50 Non-Operating Income/Expense$ 358.00$ 561.00$
517.00$ 733.00$ 650.00$ 603.00$ 2,750.40$ 3,016.30$
4,007.10$ 3,172.70$ 2,334.60 Special Items$ (2,956.00)$
7,788.00$ (3,428.00)$ (1,964.00)$ (3,131.00)$ (7,428.00)$
6,472.20$ 727.60$ (6,381.80)$ (2,419.00)$ (916.10)--------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
----------------------Pretax Income$ 5,401.00$ 17,283.00$
5,545.00$ 8,739.00$ 7,334.00$ 1,653.00$ 15,291.80$
9,931.70$ 3,492.10$ 6,341.90$ 7,485.70 Total Income
Taxes$ 942.00$ 5,349.00$ 1,028.00$ 2,440.00$ 942.00$
671.00$ 2,267.60$ 1,999.40$ 95.30$ 1,787.60$ 2,732.60
Minority Interest-------------------------------------------------------
---------------------------------------------------------------------------
--------------------------------------------------------------------$
4,459.00$ 11,934.00$ 4,517.00$ 6,299.00$ 6,392.00$
982.00$ 13,024.20@NA@NA@NA@NA Noncontrolling
Interest - Inc Acc$ 17.00$ 14.00$ 113.00$ 131.00$
120.00$ 121.00$ 122.90$ 123.90$ 121.40$ 120.50$
121.80-------------------------------------------------------------------
---------------------------------------------------------------------------
--------------------------------------------------------Income Before

11,920.00$ 4,404.00$ 6,168.00$ 6,272.00$ 861.00$
12,901.30$ 7,808.40$ 3,275.40$ 4,433.80$
0$ 2.10$ - 0$ - 0$ - 0$ - 0-------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
-----------Available for Common$ 4,442.00$ 11,920.00$
4,404.00$ 6,168.00$ 6,272.00$ 861.00$ 12,899.20$
7,808.40$ 3,275.40$ 4,433.80$ 4,631.30 Savings Due to
Common Stock Equivalents$ - 0$ - 0$ - 0$ (3.00)$
(15.00)$ (2.00)$ (46.30)$ - 0$ - 0$ - 0$ - 0---------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
---------------------------------Adjusted Available for Common$
4,442.00$ 11,920.00$ 4,404.00$ 6,165.00$ 6,257.00$
859.00$ 12,852.90$ 7,808.40$ 3,275.40$ 4,433.80$
4,631.30 Extraordinary Items$ - 0$ - 0$ - 0$ - 0$ - 0$ -
0$ - 0$ - 0$ - 0$ - 0$ - 0 Discontinued Operations$ - 0$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0---------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------Adjusted Net Income$
4,442.00$ 11,920.00$ 4,404.00$ 6,165.00$ 6,257.00$
859.00$ 12,852.90$ 7,808.40$ 3,275.40$ 4,433.80$
4,631.30Income to Company Incl ExtraordinaryItems & Disc
Ops$ 4,459.00$ 11,934.00$ 4,517.00$ 6,299.00$
6,392.00$ 982.00$ 13,024.20@NA@NA@NA@NAEarnings
Per Share Basic - Excluding Extra Items & Disc Op$ 1.58$
4.12$ 1.49$ 2.03$ 2.04$ 0.28$ 5.67$ 3.66$ 1.51$
2.04$ 2.11Earnings Per Share Basic - Including Extra Items &
Disc Op$ 1.58$ 4.12$ 1.49$ 2.03$ 2.04$ 0.28$ 5.67$
2.00$ 2.02$ 0.28$ 5.65$ 3.64$ 1.49$ 2.03$
Op$ 1.56$ 4.07$ 1.47$ 2.00$ 2.02$ 0.28$ 5.65$

2.09$ 2.13$ 2.50$ 2.38$ 1.76$ 3.81$ 3.50$ 3.44$
2.48$ 2.37$ 1.74$ 3.80$ 3.48$ 3.41$ 2.82$
1.52$ 1.52$ 1.52$ 1.52$ 1.52$ 1.52Com Shares for
Diluted
EPS2,841.002,928.002,996.003,076.003,094.003,120.002,273.2
Eps2,816.002,894.002,963.003,041.003,071.003,095.002,268.20
2,135.802,170.502,177.602,197.00
&"Arial,Bold"&12&A
Financial RatiosMerck & Co.Financial AnalysisDuPont
Profitability11.25%28.22%10.00%13.05%13.05%1.87%47.04%3
2.74%13.54%19.59%21.04%Total Asset
Turnover0.3950.4140.4160.4470.4560.4220.3440.4990.5210.50
6Equity
Multiplier2.1392.0171.9651.8791.8541.8421.9852.5862.6002.52
0Return on
Equity9.50%23.58%8.17%10.97%11.03%1.46%32.15%42.27%1
8.33%25.00%Profitability AnalysisGross
Profitability79.20%77.65%78.27%80.16%80.64%80.61%81.96%
83.58%82.93%83.39%84.87%Operating
Profitability21.95%22.89%21.02%22.60%21.99%19.95%23.16%
27.00%25.83%26.34%29.31%Net
Profitability11.25%28.22%10.00%13.05%13.05%1.87%47.04%3
2.74%13.54%19.59%21.04%Return on
Assets4.44%11.69%4.16%5.84%5.95%0.79%16.20%16.34%7.05
%9.92%Return on
Equity9.50%23.58%8.17%10.97%11.03%1.46%32.15%42.27%1
8.33%25.00%Efficiency AnalysisReceivable
Turnover6.0266.1175.9285.9336.1586.5955.2846.4336.9627.25
3Receivable

DSO60.57559.67161.57261.51859.27355.34869.07856.74052.42
550.326Inventory
Turnover1.5991.6011.5001.4671.5351.2810.9571.8812.2632.19
4Inventory
DCO228.203228.043243.352248.853237.776284.994381.294194
.032161.307166.357Net PP&E
Turnover3.0813.0052.8412.9242.8792.6011.8121.9591.8951.64
1Net Fixed Asset
Turnover0.5760.6250.6240.6600.6460.5730.4920.7790.7730.85
2Total Asset
Turnover0.3950.4140.4160.4470.4560.4220.3440.4990.5210.50
Ratio1.5501.7681.9971.9002.0431.8581.8051.3481.2271.1971.5
82Quick
Ratio1.0371.1911.3811.2981.4301.2501.0290.6470.9680.9451.3
95Cash
Ratio0.6990.8380.9790.8800.9220.7800.6100.3830.6710.6851.1
75Times Interest
Earned12.90313.20511.55714.96414.10413.14622.33325.62316.
Turnover2.8473.5874.5994.5844.0632.9617.5116.9557.5678.00
(DPO)128.195101.76079.35779.63189.837123.27048.59452.484
Assets0.5600.5040.5050.4770.4580.4630.4510.6030.6240.6060.
Assets0.3710.3130.3360.3050.3040.3150.3110.2480.3210.2670.
Equity1.2741.0151.0190.9140.8460.8620.8231.5161.6591.5381.
503
&"Arial,Bold"&12&A
FINANCIAL NOVARTIS.xlsx
Balance SheetsNovartis AG (ADR)ANNUAL BALANCE
SHEETTICKER:NVSSIC:2834GICS:35202010Dec-15Dec-

9,101.00$ 8,119.00$ 5,075.00$ 8,134.00$ 17,449.00$
6,117.00$ 13,201.00$ 7,955.00$ 10,933.00 Net
Receivables$ 10,551.00$ 10,255.00$ 12,625.00$
12,533.00$ 12,373.00$ 11,716.00$ 10,010.00$ 8,573.00$
8,504.00$ 7,971.00$ 6,563.00 Inventories$ 6,226.00$
6,093.00$ 7,354.00$ 6,744.00$ 5,930.00$ 6,093.00$
5,830.00$ 5,792.00$ 5,455.00$ 4,498.00$ 3,725.00
Prepaid Expenses$ 621.00$ 550.00$ 674.00$ 608.00$
706.00$ 742.00$ 402.00$ 399.00$ 270.00$ 244.00$
222.00 Other Current Assets$ 143.00$ 7,157.00$ 788.00$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ 736.00$ - 0------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
------------ Total Current Assets$ 22,845.00$ 37,561.00$
30,542.00$ 28,004.00$ 24,084.00$ 26,685.00$ 33,691.00$
20,881.00$ 27,430.00$ 21,404.00$ 21,443.00 Gross Plant,
32,772.00$ 29,935.00$ 28,957.00$ 25,900.00$ 23,973.00$
22,800.00$ 19,703.00$ 16,514.00 Accumulated
Depreciation$ 15,466.00$ 15,445.00$ 17,259.00$
15,833.00$ 14,308.00$ 13,117.00$ 11,825.00$ 10,873.00$
10,167.00$ 8,758.00$ 7,835.00-----------------------------------
---------------------------------------------------------------------------
----------------------------------------------------------------------
Net Plant, Property & Equipment$ 15,982.00$ 15,983.00$
18,342.00$ 16,939.00$ 15,627.00$ 15,840.00$ 14,075.00$
13,100.00$ 12,633.00$ 10,945.00$ 8,679.00 Investments at
Equity$ 15,314.00$ 8,432.00$ 9,225.00$ 8,840.00$
8,622.00$ 8,386.00$ 17,794.00$ 17,712.00$ 6,945.00$
6,111.00$ 7,086.00 Other Investments$
1,796.00@NA@NA@CF$ 1,356.00$ 1,262.00$ 1,375.00$
1,182.00$ 1,319.00$ 2,313.00$ 1,910.00 Intangibles$
65,391.00$ 53,143.00$ 58,867.00$ 61,421.00$ 61,912.00$
64,923.00$ 22,370.00$ 20,819.00$ 21,249.00$ 21,230.00$

13,294.00 Deferred Charges$ 36.00$ 37.00$ 42.00$
55.00$ 38.00$ 982.00$ 1,585.00$ 182.00$ 2,309.00$
2,102.00$ 1,919.00 Other Assets$ 10,192.00$ 10,231.00$
9,236.00$ 8,957.00$ 5,857.00$ 5,240.00$ 4,615.00$
4,423.00$ 3,567.00$ 3,903.00$ 3,401.00-----------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
-------TOTAL ASSETS$ 131,556.00$ 125,387.00$
126,254.00$ 124,216.00$ 117,496.00$ 123,318.00$
95,505.00$ 78,299.00$ 75,452.00$ 68,008.00$
57,732.00LIABILITIES Long Term Debt Due In One Year$
1,659.00$ 2,989.00$ 2,590.00$ 2,009.00$ 778.00$ 98.00$
29.00$ 17.00$ 24.00$ 1,340.00$ 1,122.00 Notes Payable$
3,915.00$ 3,571.00$ 4,083.00$ 3,936.00$ 5,596.00$
8,529.00$ 5,284.00$ 5,169.00$ 5,093.00$ 5,303.00$
5,768.00 Accounts Payable$ 5,668.00$ 5,419.00$
6,148.00$ 5,593.00$ 4,989.00$ 4,788.00$ 4,012.00$
3,395.00$ 3,018.00$ 2,487.00$ 1,961.00 Taxes Payable$
1,717.00$ 2,076.00$ 2,459.00$ 2,070.00$ 1,706.00$
1,710.00$ 1,816.00$ 1,376.00$ 1,719.00$ 1,161.00$
1,253.00 Accrued Expenses$ 4,366.00$ 4,402.00$
3,818.00$ 3,359.00$ 3,372.00$ 3,345.00$ 2,830.00$
2,546.00$ 2,280.00$ 1,950.00$ 1,999.00 Other Current
Liabilities$ 6,383.00$ 8,516.00$ 7,270.00$ 7,084.00$
6,707.00$ 6,188.00$ 5,499.00$ 4,001.00$ 4,507.00$
3,993.00$ 3,225.00---------------------------------------------------
---------------------------------------------------------------------------
------------------------------------------------------ Total Current
Liabilities$ 23,708.00$ 26,973.00$ 26,368.00$ 24,051.00$
23,148.00$ 24,658.00$ 19,470.00$ 16,504.00$ 16,641.00$
16,234.00$ 15,328.00 Long Term Debt$ 16,327.00$
13,799.00$ 11,242.00$ 13,781.00$ 13,855.00$ 14,360.00$
8,675.00$ 2,178.00$ 677.00$ 656.00$ 1,319.00 Deferred
Taxes$ 6,355.00$ 6,099.00$ 6,904.00$ 7,286.00$
6,761.00$ 7,689.00$ 4,407.00$ 4,144.00$ 4,466.00$
5,290.00$ 3,472.00 Investment Tax Credit$ - 0$ - 0$ - 0$

- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0 Other Liabilities$
8,044.00$ 7,672.00$ 7,268.00$ 9,879.00$ 7,792.00$
6,842.00$ 5,491.00$ 5,036.00$ 4,272.00$ 4,534.00$
4,449.00-----------------------------------------------------------------
---------------------------------------------------------------------------
----------------------------------------TOTAL LIABILITIES$
54,434.00$ 54,543.00$ 51,782.00$ 54,997.00$ 51,556.00$
53,549.00$ 38,043.00$ 27,862.00$ 26,056.00$ 26,714.00$
24,568.00Redeemable Noncontrolling Int.$ - 0$ - 0$ - 0$ -
0$ - 0$ - 0$ - 0$ 149.00$ 173.00@CF$ 174.00EQUITY
Preferred Stock - Redeemable$ - 0$ - 0$ - 0$ - 0$ - 0$ -
0$ - 0$ - 0$ - 0$ - 0$ - 0 Preferred Stock -
Nonredeemable$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ -
0$ - 0$ - 0$ - 0----------------------------------------------------
---------------------------------------------------------------------------
----------------------------------------------------- Total Preferred
Stock$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ -
0$ - 0 Common Stock$ 991.00$ 1,001.00$ 1,001.00$
1,001.00$ 1,016.00$ 957.00$ 957.00$ 959.00$ 990.00$
990.00$ 994.00 Capital Surplus$ - 0$ - 0$ - 0$ 198.00$
198.00$ 198.00$ 198.00$ 198.00$ 198.00$ 198.00$
199.00 Retained Earnings$ 76,156.00$ 69,868.00$
73,431.00$ 67,986.00$ 64,751.00$ 62,166.00$ 56,364.00$
49,270.00$ 48,210.00$ 40,246.00$ 31,943.00 Less:
Treasury Stock$ 101.00$ 103.00$ 89.00$ 92.00$ 121.00$
125.00$ 132.00$ 139.00$ 175.00$ 140.00$ 146.00---------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
--------------------- Common Equity$ 77,046.00$ 70,766.00$
74,343.00$ 69,093.00$ 65,844.00$ 63,196.00$ 57,387.00$
50,288.00$ 49,223.00$ 41,294.00$ 32,990.00-----------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
-------------Stockholder's Equity - Parent$ 77,046.00$
70,766.00$ 74,343.00$ 69,093.00$ 65,844.00$ 63,196.00$
57,387.00$ 50,288.00$ 49,223.00$ 41,294.00$

32,990.00Nonredeemable Noncontrolling Int.$ 76.00$ 78.00$
129.00$ 126.00$ 96.00$ 6,573.00$
75.00@NA@NA@NA@NA-------------------------------------------
---------------------------------------------------------------------------
--------------------------------------------------------------TOTAL
EQUITY$ 77,122.00$ 70,844.00$ 74,472.00$ 69,219.00$
65,940.00$ 69,769.00$ 57,462.00$ 50,288.00$ 49,223.00$
41,294.00$ 32,990.00------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------TOTAL
126,254.00$ 124,216.00$ 117,496.00$ 123,318.00$
95,505.00$ 78,299.00$ 75,452.00$ 68,008.00$
OUTSTANDING2,373.902,398.632,426.082,420.622,406.692,28
9.452,274.352,264.852,264.452,348.232,335.92
&"Arial,Bold"&12&A
Income StatementsNovartis AG (ADR)ANNUAL INCOME
STATEMENTTICKER:NVSSIC:2834GICS:35202010Dec-
06Dec-05Sales$ 49,440.00$ 52,419.00$ 57,920.00$
56,617.00$ 58,683.00$ 50,624.00$ 44,267.00$ 41,459.00$
12,026.00$ 12,802.00$ 15,036.00$ 14,020.00$ 14,093.00$
11,609.00$ 9,913.00$ 9,139.00$ 8,491.00$ 8,449.00$
7,566.00-----------------------------------------------------------------
---------------------------------------------------------------------------
----------------------------------------Gross Profit$ 37,414.00$
39,617.00$ 42,884.00$ 42,597.00$ 44,590.00$ 39,015.00$
34,354.00$ 32,320.00$ 29,581.00$ 27,582.00$ 24,646.00
23,976.00$ 27,422.00$ 26,587.00$ 27,720.00$ 23,946.00$
21,800.00$ 21,314.00$ 19,210.00$ 17,118.00$ 16,753.00--
---------------------------------------------------------------------------

---------------------------------------------------------------------------
14,475.00$ 15,641.00$ 15,462.00$ 16,010.00$ 16,870.00$
15,069.00$ 12,554.00$ 11,006.00$ 10,371.00$ 10,464.00$
5,225.00$ 4,361.00$ 4,731.00$ 4,598.00$ 4,756.00$
2,498.00$ 2,266.00$ 2,300.00$ 2,221.00$ 1,850.00$
1,302.00-----------------------------------------------------------------
---------------------------------------------------------------------------
11,280.00$ 10,731.00$ 11,412.00$ 12,114.00$ 12,571.00$
10,288.00$ 8,706.00$ 8,150.00$ 8,614.00$ 6,591.00
751.00$ 692.00$ 551.00$ 290.00$ 237.00$ 266.00$
343.00 Non-Operating Income/Expense$ 295.00$ 1,924.00$
1,057.00$ 972.00$ 69.00$ 1,188.00$ 522.00$ 1,083.00$
717.00$ 595.00$ 1,017.00 Special Items$ (735.00)$
(208.00)$ (361.00)$ (417.00)$ (659.00)$ (1,365.00)$
(337.00)@CF$ (1,143.00)$ (642.00)@CF------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
------Pretax Income$ 8,134.00$ 12,272.00$ 10,735.00$
11,243.00$ 10,773.00$ 11,702.00$ 9,922.00$ 9,499.00$
7,487.00$ 8,301.00$ 7,265.00 Total Income Taxes$
1,106.00$ 1,545.00$ 1,443.00$ 1,625.00$ 1,528.00$
1,733.00$ 1,468.00$ 1,336.00$ 947.00$ 1,282.00$
1,124.00 Minority Interest-------------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
-----$ 7,028.00$ 10,727.00$ 9,292.00$ 9,618.00$
9,245.00$ 9,969.00$ 8,454.00@NA@NA@NA@NA
Noncontrolling Interest - Inc Acc$ 3.00$ 73.00$ 117.00$
113.00$ 132.00$ 175.00$ 54.00$ 38.00$ 22.00$ 27.00$
11.00--------------------------------------------------------------------
---------------------------------------------------------------------------
-------------------------------------------------------Income Before

10,654.00$ 9,175.00$ 9,505.00$ 9,113.00$ 9,794.00$
8,400.00$ 8,125.00$ 6,518.00$ 6,992.00$
0$ - 0$ - 0$ - 0$ - 0$ - 0--------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
----------Available for Common$ 7,025.00$ 10,654.00$
9,175.00$ 9,505.00$ 9,113.00$ 9,794.00$ 8,400.00$
8,125.00$ 6,518.00$ 6,992.00$ 6,130.00 Savings Due to
Common Stock Equivalents$ - 0$ - 0$ - 0$ - 0$ - 0$ -
0$ - 0$ - 0$ - 0$ - 0$ - 0--------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
10,654.00$ 9,175.00$ 9,505.00$ 9,113.00$ 9,794.00$
8,400.00$ 8,125.00$ 6,518.00$ 6,992.00$ 6,130.00
- 0$ - 0$ - 0$ - 0 Discontinued Operations$ 10,758.00$
(444.00)$ - 0$ - 0$ - 0$ - 0$ - 0$ 70.00$ 5,428.00$
183.00$ - 0------------------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------Adjusted
Net Income$ 17,783.00$ 10,210.00$ 9,175.00$ 9,505.00$
9,113.00$ 9,794.00$ 8,400.00$ 8,195.00$ 11,946.00$
7,175.00$ 6,130.00Income to Company Incl
9,292.00$ 9,618.00$ 9,245.00$ 9,969.00$
3.93$ 3.83$ 4.28$ 3.70$ 3.59$ 2.81$ 2.98$
Op$ 7.40$ 4.21$ 3.76$ 3.93$ 3.83$ 4.28$ 3.70$
3.89$ 3.78$ 4.26$ 3.69$ 3.56$ 2.80$ 2.96$

Op$ 7.29$ 4.13$ 3.70$ 3.89$ 3.78$ 4.26$ 3.69$
4.46$ 3.87$ 4.07$ 4.06$ 4.79$ 3.83$ 3.56$ 3.23$
4.02$ 4.01$ 4.76$ 3.81$ 3.53$ 3.21$ 3.19$
1.95$ 1.71$ 1.54$ 1.10$ 0.88$ 0.88Com Shares for
Diluted
EPS2,438.002,470.002,479.002,445.002,413.002,301.002,276.5
Eps2,402.812,425.782,440.852,418.002,382.002,286.002,267.86
2,265.542,317.472,345.232,332.85
&"Arial,Bold"&12&A
Financial RatiosNovartis AG (ADR)Financial AnalysisDuPont
Profitability14.21%20.32%15.84%16.79%15.53%19.35%18.98%
19.60%17.12%19.41%19.03%Total Asset
Turnover0.3850.4170.4620.4680.4870.4630.5090.5390.5310.57
3Equity
Multiplier1.7371.7321.7431.7881.7741.7201.6131.5451.5851.69
3Return on
Equity9.50%14.66%12.77%14.06%13.43%15.40%15.59%16.33
%14.40%18.83%Profitability AnalysisGross
Profitability75.68%75.58%74.04%75.24%75.98%77.07%77.61%
77.96%77.70%76.55%76.51%Operating
Profitability18.71%21.52%18.53%20.16%20.64%24.83%23.24%
21.00%21.41%23.91%20.46%Net
Profitability14.21%20.32%15.84%16.79%15.53%19.35%18.98%
19.60%17.12%19.41%19.03%Return on
Assets5.47%8.47%7.33%7.86%7.57%8.95%9.67%10.57%9.09%
11.12%Return on
Equity9.50%14.66%12.77%14.06%13.43%15.40%15.59%16.33
%14.40%18.83%Efficiency AnalysisReceivable

Turnover4.7524.5824.6044.5464.8724.6604.7644.8564.6224.95
8Receivable
DSO76.80279.65879.27080.28274.91578.32276.61275.17278.97
473.616Inventory
Turnover1.9521.9042.1332.2122.3441.9471.7061.6251.7062.05
5Inventory
DCO186.946191.695171.115164.979155.694187.436213.963224
.595213.923177.618Net PP&E
Turnover3.0933.0543.2833.4773.7303.3853.2583.2223.2293.67
2Net Fixed Asset
Turnover0.5030.5710.6040.5970.6180.6390.7430.7860.8050.86
9Total Asset
Turnover0.3850.4170.4620.4680.4870.4630.5090.5390.5310.57
Ratio0.9641.3931.1581.1641.0401.0821.7301.2651.6481.3181.3
99Quick
Ratio0.6690.8810.8240.8590.7540.8051.4100.8901.3040.9811.1
41Cash
Ratio0.2240.5010.3450.3380.2190.3300.8960.3710.7930.4900.7
13Times Interest
Earned13.68315.58015.50715.76216.13018.16618.67230.02134.
Turnover2.1931.9962.6652.8042.8502.6982.6872.9553.4334.14
(DPO)166.410182.911136.951130.188128.091135.276135.8431
23.509106.33688.024Leverage RatioTotal Debt to Total
Assets0.4140.4350.4100.4430.4390.4340.3980.3580.3480.3930.
Assets0.2340.2200.2010.2490.2420.2340.1940.1450.1250.1540.
Equity0.7060.7700.6950.7950.7820.7680.6620.5570.5330.6470.
750
&"Arial,Bold"&12&A
FINANCIAL PFIZER.xlsx

Balance SheetsPfizer, Inc.ANNUAL BALANCE
SHEETTICKER:PFESIC:2834GICS:35202010Dec-15Dec-
32,408.00$ 32,708.00$ 26,758.00$ 28,012.00$ 25,969.00$
23,731.00$ 25,475.00$ 27,713.00$ 22,226.00 Net
Receivables$ 8,176.00$ 8,669.00$ 9,357.00$ 12,378.00$
13,659.00$ 15,079.00$ 15,840.00$ 9,782.00$ 10,460.00$
9,906.00$ 10,275.00 Inventories$ 7,513.00$ 5,663.00$
6,166.00$ 7,063.00$ 7,769.00$ 8,405.00$ 12,403.00$
4,381.00$ 5,302.00$ 6,111.00$ 6,039.00 Prepaid Expenses$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0@CF@CF@CF
Other Current Assets$ 4,825.00$ 7,248.00$ 8,313.00$
9,266.00$ 9,542.00$ 8,972.00$ 7,458.00$ 5,182.00$
5,612.00$ 3,219.00$ 3,356.00-------------------------------------
---------------------------------------------------------------------------
-------------------------------------------------------------------- Total
Current Assets$ 43,804.00$ 57,702.00$ 56,244.00$
61,415.00$ 57,728.00$ 60,468.00$ 61,670.00$ 43,076.00$
Equipment$ 27,268.00$ 24,988.00$ 25,678.00$ 27,882.00$
30,522.00$ 32,298.00$ 33,924.00$ 25,128.00$ 28,103.00$
13,502.00$ 13,226.00$ 13,281.00$ 13,421.00$ 13,584.00$
13,175.00$ 11,144.00$ 11,841.00$ 12,369.00$ 10,431.00$
9,527.00-----------------------------------------------------------------
---------------------------------------------------------------------------
Equipment$ 13,766.00$ 11,762.00$ 12,397.00$ 14,461.00$
16,938.00$ 19,123.00$ 22,780.00$ 13,287.00$ 15,734.00$
16,632.00$ 17,090.00 Investments at
Equity@CF@CF@CF@CF@CF@CF@CF$ - 0$ - 0$ - 0$ -
0 Other Investments$ 15,999.00$ 17,518.00$ 16,406.00$
14,149.00$ 9,457.00$ 9,748.00$ 13,122.00$ 11,478.00$
4,856.00$ 3,892.00$ 2,497.00 Intangibles$ 88,598.00$
77,236.00$ 81,904.00$ 90,685.00$ 98,900.00$

101,505.00$ 110,391.00$ 39,185.00$ 41,880.00$
45,226.00$ 51,560.00 Deferred Charges$ - 0$ - 0$ - 0$ -
0$ - 0$ - 0$ - 0@CF@CF@CF@CF Other Assets$
5,293.00$ 5,056.00$ 5,150.00$ 5,088.00$ 4,979.00$
4,170.00$ 4,986.00$ 4,122.00$ 5,949.00$ 2,138.00$
4,522.00-----------------------------------------------------------------
---------------------------------------------------------------------------
----------------------------------------TOTAL ASSETS$
167,460.00$ 169,274.00$ 172,101.00$ 185,798.00$
188,002.00$ 195,014.00$ 212,949.00$ 111,148.00$
115,268.00$ 114,837.00$ 117,565.00LIABILITIES Long
Term Debt Due In One Year$ 3,720.00$ 3,011.00$
2,060.00$ 2,449.00$ 6.00$ 3,502.00$ 27.00$ 937.00$
1,024.00$ 712.00$ 778.00 Notes Payable$ 6,440.00$
2,130.00$ 3,967.00$ 3,975.00$ 4,012.00$ 2,121.00$
5,442.00$ 8,383.00$ 4,801.00$ 1,722.00$ 10,811.00
Accounts Payable$ 3,620.00$ 3,440.00$ 3,234.00$
4,264.00$ 3,836.00$ 4,026.00$ 4,370.00$ 1,751.00$
2,270.00$ 2,019.00$ 2,226.00 Taxes Payable$ 418.00$
531.00$ 678.00$ 1,010.00$ 1,013.00$ 946.00$
10,107.00$ 656.00$ 1,380.00$ 6,466.00$ 3,617.00
Accrued Expenses$ 2,359.00$ 1,784.00$ 1,792.00$
2,046.00$ 2,169.00$ 2,108.00$ 2,242.00$ 1,667.00$
1,974.00$ 1,903.00$ 1,720.00 Other Current Liabilities$
12,842.00$ 10,735.00$ 11,635.00$ 14,875.00$ 17,033.00$
15,906.00$ 15,037.00$ 13,615.00$ 10,386.00$ 8,567.00$
9,296.00-----------------------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------- Total Current Liabilities$
29,399.00$ 21,631.00$ 23,366.00$ 28,619.00$ 28,069.00$
28,609.00$ 37,225.00$ 27,009.00$ 21,835.00$ 21,389.00$
28,448.00 Long Term Debt$ 28,818.00$ 31,541.00$
30,462.00$ 31,036.00$ 34,931.00$ 38,410.00$ 43,193.00$
7,963.00$ 7,314.00$ 5,546.00$ 6,347.00 Deferred Taxes$
26,877.00$ 24,981.00$ 25,590.00$ 21,593.00$ 19,597.00$
18,648.00$ 17,839.00$ 2,959.00$ 7,696.00$ 8,015.00$

10,240.00 Investment Tax Credit$ - 0$ - 0$ - 0$ - 0$ -
0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0 Other Liabilities$
17,368.00$ 19,499.00$ 16,063.00$ 22,872.00$ 22,784.00$
21,082.00$ 24,246.00$ 15,477.00$ 13,299.00$ 8,529.00$
6,903.00-----------------------------------------------------------------
---------------------------------------------------------------------------
----------------------------------------TOTAL LIABILITIES$
102,462.00$ 97,652.00$ 95,481.00$ 104,120.00$
105,381.00$ 106,749.00$ 122,503.00$ 53,408.00$
Int.$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ 184.00$
114.00@CF@CFEQUITY Preferred Stock - Redeemable$ - 0$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
Preferred Stock - Nonredeemable$ 26.00$ 29.00$ 33.00$
39.00$ 45.00$ 52.00$ 61.00$ 73.00$ 93.00$ 141.00$
169.00-------------------------------------------------------------------
---------------------------------------------------------------------------
-------------------------------------- Total Preferred Stock$
26.00$ 29.00$ 33.00$ 39.00$ 45.00$ 52.00$ 61.00$
73.00$ 93.00$ 141.00$ 169.00 Common Stock$ 459.00$
455.00$ 453.00$ 448.00$ 445.00$ 444.00$ 443.00$
443.00$ 442.00$ 441.00$ 439.00 Capital Surplus$
81,016.00$ 78,977.00$ 77,283.00$ 72,607.00$ 71,420.00$
70,753.00$ 70,164.00$ 69,858.00$ 69,363.00$ 68,316.00$
66,699.00 Retained Earnings$ 62,471.00$ 64,861.00$
66,461.00$ 48,287.00$ 42,081.00$ 39,276.00$ 40,978.00$
44,573.00$ 51,959.00$ 49,200.00$ 38,087.00 Less:
Treasury Stock$ 79,252.00$ 73,021.00$ 67,923.00$
40,121.00$ 31,801.00$ 22,712.00$ 21,632.00$ 57,391.00$
56,847.00$ 46,740.00$ 39,767.00---------------------------------
---------------------------------------------------------------------------
------------------------------------------------------------------------
Common Equity$ 64,694.00$ 71,272.00$ 76,274.00$
81,221.00$ 82,145.00$ 87,761.00$ 89,953.00$ 57,483.00$
64,917.00$ 71,217.00$ 65,458.00---------------------------------
---------------------------------------------------------------------------

------------------------------------------------------------------------
Stockholder's Equity - Parent$ 64,720.00$ 71,301.00$
76,307.00$ 81,260.00$ 82,190.00$ 87,813.00$ 90,014.00$
57,556.00$ 65,010.00$ 71,358.00$
65,627.00Nonredeemable Noncontrolling Int.$ 278.00$
321.00$ 313.00$ 418.00$ 431.00$ 452.00$
432.00@NA@NA@NA@NA-----------------------------------------
---------------------------------------------------------------------------
----------------------------------------------------------------TOTAL
EQUITY$ 64,998.00$ 71,622.00$ 76,620.00$ 81,678.00$
82,621.00$ 88,265.00$ 90,446.00$ 57,483.00$ 64,917.00$
71,217.00$ 65,458.00------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------TOTAL
172,101.00$ 185,798.00$ 188,002.00$ 195,014.00$
212,949.00$ 111,148.00$ 115,268.00$ 114,837.00$
OUTSTANDING6,175.006,291.006,399.007,276.007,575.008,01
2.008,070.006,746.006,761.007,124.007,361.00
&"Arial,Bold"&12&A
Income StatementsPfizer, Inc.ANNUAL INCOME
STATEMENTTICKER:PFESIC:2834GICS:35202010Dec-
06Dec-05Sales$ 48,851.00$ 49,605.00$ 51,584.00$
58,986.00$ 67,425.00$ 67,791.00$ 49,934.00$ 48,341.00$
7,856.00$ 7,773.00$ 7,544.00$ 8,600.00$ 10,829.00$
12,441.00$ 6,769.00$ 4,783.00$ 5,670.00$ 5,216.00$
6,161.00-----------------------------------------------------------------
---------------------------------------------------------------------------
----------------------------------------Gross Profit$ 40,995.00$
41,832.00$ 44,040.00$ 50,386.00$ 56,596.00$ 55,350.00$
43,165.00$ 43,558.00$ 42,539.00$ 42,985.00$ 45,137.00

22,051.00$ 20,742.00$ 23,809.00$ 27,801.00$ 28,796.00$
22,413.00$ 21,633.00$ 22,765.00$ 22,769.00$ 24,225.00--
---------------------------------------------------------------------------
---------------------------------------------------------------------------
19,016.00$ 19,781.00$ 23,298.00$ 26,577.00$ 28,795.00$
26,554.00$ 20,752.00$ 21,925.00$ 19,774.00$ 20,216.00$
5,157.00$ 5,537.00$ 6,410.00$ 7,611.00$ 9,026.00$
8,487.00$ 4,757.00$ 5,090.00$ 5,200.00$ 5,293.00$
5,576.00-----------------------------------------------------------------
---------------------------------------------------------------------------
----------------------------------------Operating Profit$
13,859.00$ 14,244.00$ 16,888.00$ 18,966.00$ 19,769.00$
18,067.00$ 15,995.00$ 16,835.00$ 14,574.00$ 14,923.00$
15,336.00 Interest Expense$ 1,231.00$ 1,401.00$
1,446.00$ 1,565.00$ 1,731.00$ 1,835.00$ 1,267.00$
562.00$ 440.00$ 517.00$ 488.00 Non-Operating
Income/Expense$ 1,553.00$ 1,728.00$ 549.00$ 261.00$
1,061.00$ 1,280.00$ 1,710.00$ 1,793.00$ 1,948.00$
1,718.00$ 1,167.00 Special Items$ (5,216.00)$ (2,331.00)$
(275.00)$ (5,582.00)$ (6,337.00)$ (8,090.00)$ (5,611.00)$
(8,372.00)$ (6,804.00)$ (3,096.00)$ (4,481.00)---------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
---------------Pretax Income$ 8,965.00$ 12,240.00$
15,716.00$ 12,080.00$ 12,762.00$ 9,422.00$ 10,827.00$
9,694.00$ 9,278.00$ 13,028.00$ 11,534.00 Total Income
Taxes$ 1,990.00$ 3,120.00$ 4,306.00$ 2,562.00$
4,023.00$ 1,124.00$ 2,197.00$ 1,645.00$ 1,023.00$
1,992.00$ 3,424.00 Minority Interest-----------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
-------------------$ 6,975.00$ 9,120.00$ 11,410.00$
9,518.00$ 8,739.00$ 8,298.00$

Acc$ 26.00$ 32.00$ 30.00$ 28.00$ 42.00$ 32.00$
9.00$ 23.00$ 42.00$ 12.00$ 16.00-----------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
-------------------Income Before Extraordinary Items &
Discontinued Operations$ 6,949.00$ 9,088.00$ 11,380.00$
9,490.00$ 8,697.00$ 8,266.00$ 8,621.00$ 8,026.00$
8,213.00$ 11,024.00$ 8,094.00Preferred Dividends$ 1.00$
1.00$ 2.00$ 2.00$ 2.00$ 2.00$ 2.00$ 3.00$ 4.00$
5.00$ 6.00-------------------------------------------------------------
---------------------------------------------------------------------------
--------------------------------------------------------------Available
for Common$ 6,948.00$ 9,087.00$ 11,378.00$ 9,488.00$
8,695.00$ 8,264.00$ 8,619.00$ 8,023.00$ 8,209.00$
11,019.00$ 8,088.00 Savings Due to Common Stock
Equivalents$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ -
0$ - 0$ - 0-----------------------------------------------------------
---------------------------------------------------------------------------
----------------------------------------------------------------Adjusted
Available for Common$ 6,948.00$ 9,087.00$ 11,378.00$
9,488.00$ 8,695.00$ 8,264.00$ 8,619.00$ 8,023.00$
8,209.00$ 11,019.00$ 8,088.00 Extraordinary Items$ - 0$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ (25.00)
Discontinued Operations$ 11.00$ 48.00$ 10,623.00$
5,080.00$ 1,312.00$ (9.00)$ 14.00$ 78.00$ (69.00)$
8,313.00$ 16.00------------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------
Adjusted Net Income$ 6,959.00$ 9,135.00$ 22,001.00$
14,568.00$ 10,007.00$ 8,255.00$ 8,633.00$ 8,101.00$
8,140.00$ 19,332.00$ 8,079.00Income to Company Incl
22,033.00$ 14,598.00$ 10,051.00$ 8,289.00$

1.27$ 1.11$ 1.03$ 1.23$ 1.19$ 1.19$ 1.52$
Op$ 1.13$ 1.44$ 3.23$ 1.96$ 1.28$ 1.03$ 1.23$
1.26$ 1.11$ 1.02$ 1.23$ 1.19$ 1.18$ 1.52$
Op$ 1.11$ 1.42$ 3.19$ 1.94$ 1.27$ 1.02$ 1.23$
1.67$ 1.72$ 1.63$ 1.69$ 1.46$ 1.66$ 2.13$ 1.85$
1.62$ 1.69$ 1.20$ 1.64$ 2.12$ 1.84$ 1.68$
0.72$ 0.80$ 1.28$ 1.16$ 0.96$ 0.76Com Shares for
Diluted
EPS6,257.006,424.006,895.007,508.007,870.008,074.007,045.0
Eps6,176.006,346.006,813.007,442.007,817.008,036.007,007.00
6,727.006,917.007,242.007,361.00
&"Arial,Bold"&12&A
Financial RatiosPfizer, Inc.Financial AnalysisDuPont
Profitability14.22%18.32%22.06%16.09%12.90%12.19%17.26%
16.60%17.04%22.87%15.78%Total Asset
Turnover0.2900.2910.2880.3160.3520.3320.3080.4270.4190.41
5Equity
Multiplier2.4652.3032.2612.2752.2412.2832.1911.8501.6901.70
0Return on
Equity10.17%12.26%14.38%11.55%10.18%9.25%11.66%13.11
%12.07%16.13%Profitability AnalysisGross
Profitability83.92%84.33%85.38%85.42%83.94%81.65%86.44%
90.11%88.24%89.18%87.99%Operating
Profitability28.37%28.71%32.74%32.15%29.32%26.65%32.03%
34.83%30.23%30.96%29.90%Net

Profitability14.22%18.32%22.06%16.09%12.90%12.19%17.26%
16.60%17.04%22.87%15.78%Return on
Assets4.13%5.32%6.36%5.08%4.54%4.05%5.32%7.09%7.14%9
.49%Return on
Equity10.17%12.26%14.38%11.55%10.18%9.25%11.66%13.11
%12.07%16.13%Efficiency AnalysisReceivable
Turnover5.8005.5044.7474.5314.6924.3853.8984.7764.7344.77
7Receivable
DSO62.93066.31976.89780.55777.78583.23793.64476.41977.09
876.410Inventory
Turnover1.1921.3141.1411.1601.3391.1960.8070.9880.9940.85
9Inventory
DCO306.087277.730320.028314.749272.579305.238452.516369
.464367.350425.110Net PP&E
Turnover3.8274.1073.8413.7573.7393.2362.7693.3312.9792.85
9Net Fixed Asset
Turnover0.4150.4360.4290.4630.5090.4740.4550.7080.7070.67
2Total Asset
Turnover0.2900.2910.2880.3160.3520.3320.3080.4270.4190.41
Ratio1.4902.6682.4072.1462.0572.1141.6571.5952.1462.1951.4
73Quick
Ratio1.0702.0711.7871.5751.4401.5061.1231.2411.6461.7591.1
42Cash
Ratio0.7921.6701.3871.1430.9530.9790.6980.8791.1671.2960.7
81Times Interest
Earned11.25810.16711.67912.11911.4219.84612.62429.95633.1
Turnover2.7502.1791.7731.9492.5932.0114.8331.9212.2672.49
(DPO)132.748167.539205.865187.262140.765181.48475.52419
0.014161.025146.504Leverage RatioTotal Debt to Total
Assets0.6120.5770.5550.5600.5610.5470.5750.4830.4370.3800.
Assets0.4360.4490.4190.4060.4110.4010.4000.2380.2460.1920.

Equity1.5761.3631.2461.2751.2751.2091.3540.9340.7760.6120.
796
&"Arial,Bold"&12&A
FINANCIALS BRISTOL & MYERS SQUIB.xlsx
Balance SheetsBristol Myers SquibbANNUAL BALANCE
SHEETTICKER:BMYSIC:2834GICS:35202010Dec-15Dec-
4,525.00$ 2,829.00$ 8,733.00$ 7,301.00$ 8,514.00$
8,265.00$ 2,225.00$ 4,013.00$ 5,799.00 Net Receivables$
4,117.00$ 3,212.00$ 3,098.00$ 2,764.00$ 3,487.00$
3,257.00$ 3,164.00$ 3,710.00$ 4,240.00$ 3,247.00$
3,378.00 Inventories$ 1,221.00$ 1,560.00$ 1,498.00$
1,657.00$ 1,384.00$ 1,204.00$ 1,413.00$ 1,765.00$
2,162.00$ 2,079.00$ 2,060.00 Prepaid
Expenses@CF@CF@CF@CF@CF$ 252.00$ 256.00$
320.00$ 310.00$ 314.00$ 270.00 Other Current Assets$
807.00$ 2,401.00$ 9,795.00$ 2,271.00$ 1,714.00$
1,259.00$ 611.00$ 703.00$ 1,411.00$ 649.00$ 776.00----
---------------------------------------------------------------------------
---------------------------------------------------------------------------
-------------------------- Total Current Assets$ 10,415.00$
14,608.00$ 18,916.00$ 9,521.00$ 15,318.00$ 13,273.00$
13,958.00$ 14,763.00$ 10,348.00$ 10,302.00$ 12,283.00
Gross Plant, Property & Equipment$ 8,631.00$ 9,066.00$
8,843.00$ 9,383.00$ 8,381.00$ 8,260.00$ 8,895.00$
9,449.00$ 10,214.00$ 10,144.00$ 9,984.00 Accumulated
Depreciation$ 4,219.00$ 4,649.00$ 4,264.00$ 4,050.00$
3,860.00$ 3,596.00$ 3,840.00$ 4,044.00$ 4,564.00$
4,471.00$ 4,291.00---------------------------------------------------
---------------------------------------------------------------------------
------------------------------------------------------ Net Plant,
5,333.00$ 4,521.00$ 4,664.00$ 5,055.00$ 5,405.00$

5,650.00$ 5,673.00$ 5,693.00 Investments at
Equity@NA@NA@CF@CF@CF@CF@CF@CF@CF@CF$
66.00 Other Investments$ 4,720.00$ 4,444.00$ 3,747.00$
3,523.00$ 2,909.00$ 2,681.00$ 1,369.00$ - 0$ - 0$ - 0$
- 0 Intangibles$ 8,300.00$ 8,780.00$ 9,414.00$
16,413.00$ 8,710.00$ 8,603.00$ 8,083.00$ 5,978.00$
6,328.00$ 6,681.00$ 6,744.00 Deferred Charges$ - 0$ - 0$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ 1,324.00 Other
Assets$ 3,901.00$ 1,500.00$ 1,936.00$ 1,107.00$
1,512.00$ 1,855.00$ 2,543.00$ 3,406.00$ 3,846.00$
2,919.00$ 2,028.00---------------------------------------------------
---------------------------------------------------------------------------
------------------------------------------------------TOTAL
ASSETS$ 31,748.00$ 33,749.00$ 38,592.00$ 35,897.00$
32,970.00$ 31,076.00$ 31,008.00$ 29,552.00$ 26,172.00$
25,575.00$ 28,138.00LIABILITIES Long Term Debt Due In
One Year$ - 0$ - 0$ 27.00$ 664.00$ - 0$ 17.00$
148.00$ 27.00$ - 0$ - 0$ - 0 Notes Payable$ 139.00$
590.00$ 359.00$ 162.00$ 115.00$ 100.00$ 83.00$
127.00$ 1,891.00$ 187.00$ 231.00 Accounts Payable$
1,565.00$ 2,487.00$ 2,559.00$ 2,202.00$ 2,603.00$
1,983.00$ 1,711.00$ 1,535.00$ 1,442.00$ 1,239.00$
1,579.00 Taxes Payable$ 572.00$ 251.00$ 160.00$
193.00$ 167.00$ 65.00$ 175.00$ 347.00$ 296.00$
444.00$ 538.00 Accrued Expenses$ 4,083.00$ 3,310.00$
3,041.00$ 3,627.00$ 3,961.00$ 3,597.00$ 3,407.00$
3,780.00$ 3,919.00$ 3,663.00$ 3,995.00 Other Current
Liabilities$ 1,658.00$ 1,823.00$ 6,294.00$ 1,431.00$
934.00$ 977.00$ 789.00$ 894.00$ 1,096.00$ 963.00$
547.00-------------------------------------------------------------------
---------------------------------------------------------------------------
-------------------------------------- Total Current Liabilities$
8,017.00$ 8,461.00$ 12,440.00$ 8,279.00$ 7,780.00$
6,739.00$ 6,313.00$ 6,710.00$ 8,644.00$ 6,496.00$
6,890.00 Long Term Debt$ 6,550.00$ 7,242.00$ 7,981.00$
6,568.00$ 5,376.00$ 5,328.00$ 6,130.00$ 6,585.00$

4,381.00$ 7,248.00$ 8,364.00 Deferred Taxes$ 31.00$
60.00$ 73.00$ 383.00$ 107.00$ 54.00$ 31.00$ 59.00$
80.00$ 68.00$ 178.00 Investment Tax Credit$ - 0$ - 0$ -
0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0 Other
Liabilities$ 2,726.00$ 3,003.00$ 2,862.00$ 7,029.00$
3,840.00$ 3,317.00$ 3,749.00$ 3,957.00$ 2,505.00$
1,772.00$ 1,498.00---------------------------------------------------
---------------------------------------------------------------------------
------------------------------------------------------TOTAL
LIABILITIES$ 17,324.00$ 18,766.00$ 23,356.00$
22,259.00$ 17,103.00$ 15,438.00$ 16,223.00$ 17,311.00$
Int.$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ -
0@CF@CF@CF@CFEQUITY Preferred Stock - Redeemable$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0
- 0$ - 0$ - 0$ - 0$ - 0$ - 0-------------------------------------
---------------------------------------------------------------------------
-------------------------------------------------------------------- Total
Preferred Stock$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ -
0$ - 0$ - 0$ - 0 Common Stock$ 221.00$ 221.00$
221.00$ 221.00$ 220.00$ 220.00$ 220.00$ 220.00$
220.00$ 220.00$ 220.00 Capital Surplus$ 1,459.00$
1,507.00$ 1,922.00$ 2,694.00$ 3,114.00$ 3,682.00$
3,768.00$ 2,757.00$ 2,625.00$ 2,498.00$ 2,457.00
Retained Earnings$ 29,145.00$ 30,116.00$ 30,811.00$
29,531.00$ 30,024.00$ 29,265.00$ 28,219.00$ 19,830.00$
18,301.00$ 18,200.00$ 19,699.00 Less: Treasury Stock$
16,559.00$ 16,992.00$ 17,800.00$ 18,823.00$ 17,402.00$
17,454.00$ 17,364.00$ 10,566.00$ 10,584.00$ 10,927.00$
11,168.00---------------------------------------------------------------
---------------------------------------------------------------------------
------------------------------------------ Common Equity$
14,266.00$ 14,852.00$ 15,154.00$ 13,623.00$ 15,956.00$
15,713.00$ 14,843.00$ 12,241.00$ 10,562.00$ 9,991.00$
11,208.00---------------------------------------------------------------

---------------------------------------------------------------------------
Parent$ 14,266.00$ 14,852.00$ 15,154.00$ 13,623.00$
15,956.00$ 15,713.00$ 14,843.00$ 12,241.00$ 10,562.00$
158.00$ 131.00$ 82.00$ 15.00$ (89.00)$ (75.00)$
(58.00)@NA@NA@NA@NA-----------------------------------------
---------------------------------------------------------------------------
----------------------------------------------------------------TOTAL
EQUITY$ 14,424.00$ 14,983.00$ 15,236.00$ 13,638.00$
15,867.00$ 15,638.00$ 14,785.00$ 12,241.00$ 10,562.00$
9,991.00$ 11,208.00-------------------------------------------------
---------------------------------------------------------------------------
--------------------------------------------------------TOTAL
38,592.00$ 35,897.00$ 32,970.00$ 31,076.00$ 31,008.00$
29,552.00$ 26,172.00$ 25,575.00$ 28,138.00COMMON
SHARES
OUTSTANDING1,669.001,661.001,649.001,638.001,690.001,70
4.001,714.001,979.001,979.001,967.001,957.00
&"Arial,Bold"&12&A
Income StatementsBristol Myers SquibbANNUAL INCOME
STATEMENTTICKER:BMYSIC:2834GICS:35202010Dec-
06Dec-05Sales$ 16,560.00$ 15,879.00$ 16,385.00$
17,621.00$ 21,244.00$ 19,484.00$ 18,808.00$ 20,597.00$
3,142.00$ 2,952.00$ 3,272.00$ 3,474.00$ 4,722.00$
4,420.00$ 4,376.00$ 5,584.00$ 5,326.00$ 4,970.00$
4,993.00-----------------------------------------------------------------
---------------------------------------------------------------------------
----------------------------------------Gross Profit$ 13,418.00$
12,927.00$ 13,113.00$ 14,147.00$ 16,522.00$ 15,064.00$
14,432.00$ 15,013.00$ 14,022.00$ 12,944.00$ 14,214.00

8,908.00$ 8,654.00$ 8,667.00$ 8,942.00$ 8,184.00$
8,519.00$ 9,777.00$ 9,597.00$ 9,337.00$ 9,270.00---------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
---------------------Operating Income Before Deprec.$
2,858.00$ 4,019.00$ 4,459.00$ 5,480.00$ 7,580.00$
6,880.00$ 5,913.00$ 5,236.00$ 4,425.00$ 3,607.00$
683.00$ 829.00$ 1,311.00$ 989.00$ 801.00$ 744.00$
647.00$ 812.00$ 892.00$ 927.00$ 929.00--------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
----------Operating Profit$ 2,175.00$ 3,190.00$ 3,148.00$
4,491.00$ 6,779.00$ 6,136.00$ 5,266.00$ 4,424.00$
3,533.00$ 2,680.00$ 4,015.00 Interest Expense$ 184.00$
203.00$ 199.00$ 182.00$ 145.00$ 153.00$ 197.00$
333.00$ 457.00$ 516.00$ 358.00 Non-Operating
Income/Expense$ 864.00$ 1,177.00$ 348.00$ 599.00$
593.00$ 627.00$ 820.00$ 751.00$ 659.00$ 935.00$
572.00 Special Items$ (778.00)$ (1,783.00)$ (406.00)$
(2,568.00)$ (246.00)$ (539.00)$ (287.00)$ 629.00$
(201.00)$ (464.00)$ 287.00----------------------------------------
---------------------------------------------------------------------------
-----------------------------------------------------------------Pretax
Income$ 2,077.00$ 2,381.00$ 2,891.00$ 2,340.00$
6,981.00$ 6,071.00$ 5,602.00$ 5,471.00$ 3,534.00$
2,635.00$ 4,516.00 Total Income Taxes$ 446.00$ 352.00$
311.00$ (161.00)$ 1,721.00$ 1,558.00$ 1,182.00$
1,320.00$ 803.00$ 610.00$ 932.00 Minority Interest--------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
----------------------------------------$ 1,631.00$ 2,029.00$
2,580.00$ 2,501.00$ 5,260.00$ 4,513.00$
Acc$ 66.00$ 25.00$ 17.00$ 541.00$ 1,551.00$

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