Link? I only ask because searching for those numbers doesn't find one. I see the $81 billion but not the $22.4 billion. I see a net income number of $21.9 billion, which is nowhere near profit of $22.4 billion.
Half a billion here and there. I used straight net income, net income after extraordinary items was 21.98 billion. The attached Barron's page includes financials. If you look, their gross revenues had been declining, if I remember correctly because some of their flagship meds were coming off patent, can't remember which ones. The amazing thing about the revenue growth is that they are splitting all revenues on COVID equally with a European partner, so total revenues would've been far more had they not been allocated between two companies.
Financial statement analysis gives you a bit of a roadmap. Although their revenues doubled, their Cost of Goods Sold - COGS (cost to develop, manufacture or purchase inventory) tripled, meaning they had to pull out the stops to get the vaccine to market and they weren't as efficient, financially, as they've historically been.
I needed a summer course between my junior and senior year to graduate in four years, and I had the business classes I wanted to take at Montevallo already teed up to go for the Fall/Spring, so I took one course at UAB, Financial Statement Analysis. It was taught by an old partner at Ernst & Whinney, one of the old "Big 8" firms. It was a perfect course to lay the groundwork for the lingo of financial analysis (a finance equivalent to a pre-med anatomy), and how to move from financial statements to cash flow. It's one of the few textbooks I still have.
EDIT: With all of the non-cash items affecting net income, it's important to remember that it's cash that keeps a company on its feet. Just ask GE. In that textbook of a mine, there was a poem fashioned after The Raven, called "Watch Cash Flow".
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www.pfizer.com
