Blog10/FINANCIAL_ABBOTxlsxBalance_SheetsAbbott_LaboratoriesANNUAL_BALANCE

FINANCIAL ABBOT.xlsx

Balance Sheets

Abbott Laboratories				ANNUAL BALANCE SHEET
TICKER:	ABT
SIC:	2834
GICS:	35101010
	Dec-15	Dec-14	Dec-13	Dec-12	Dec-11	Dec-10	Dec-09	Dec-08	Dec-07	Dec-06	Dec-05
ASSETS
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	@CF
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	$ 29,141.20
LIABILITIES
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	$ 14,725.93
Redeemable Noncontrolling Int.	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	@CF	@CF	@CF	@CF
EQUITY
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	$ 14,415.27
Nonredeemable 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	$ 29,141.20
COMMON SHARES OUTSTANDING	1,472.67	1,508.04	1,548.10	1,576.67	1,570.38	1,546.98	1,551.17	1,552.43	1,549.91	1,537.24	1,539.24

&"Arial,Bold"&12&A

Income Statements

Abbott Laboratories			ANNUAL INCOME STATEMENT
TICKER:	ABT
SIC:	2834
GICS:	35101010
	Dec-15	Dec-14	Dec-13	Dec-12	Dec-11	Dec-10	Dec-09	Dec-08	Dec-07	Dec-06	Dec-05
Sales	$ 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	$ 3,372.07
Preferred 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	$ 3,372.07
Income to Company Incl Extraordinary
Items & 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	@NA
Earnings 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	$ 2.17
Earnings 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	$ 2.17
Earnings Per Share Diluted-
Excluding Extra Items & Disc Op	$ 1.72	$ 1.12	$ 1.50	$ 3.72	$ 3.01	$ 2.96	$ 3.69	$ 3.03	$ 2.31	$ 1.12	$ 2.16
Earning 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	$ 2.16
EPS Basic from Operations	$ 1.83	$ 1.57	$ 1.39	$ 5.05	$ 4.70	$ 4.20	$ 3.77	$ 3.36	$ 2.84	$ 2.54	$ 2.50
EPS Diluted from Ops	$ 1.82	$ 1.56	$ 1.37	$ 4.99	$ 4.66	$ 4.17	$ 3.74	$ 3.32	$ 2.82	$ 2.53	$ 2.48
Dividends Per Share	$ 0.96	$ 0.88	$ 0.56	$ 2.01	$ 1.88	$ 1.72	$ 1.56	$ 1.40	$ 1.27	$ 1.16	$ 1.09
Com Shares for Diluted EPS	1,506.00	1,527.00	1,574.00	1,591.84	1,567.39	1,556.02	1,555.13	1,560.75	1,560.06	1,536.72	1,564.10
Com Shares for Basic Eps	1,496.00	1,516.00	1,558.00	1,575.38	1,557.64	1,546.40	1,546.98	1,545.36	1,543.08	1,529.85	1,552.46

&"Arial,Bold"&12&A

Financial Ratios

Abbott Laboratories		Financial Analysis
DuPont Analysis	Dec-15	Dec-14	Dec-13	Dec-12	Dec-11	Dec-10	Dec-09	Dec-08	Dec-07	Dec-06	Dec-05
Net Profitability	12.77%	8.50%	10.91%	14.95%	12.17%	13.15%	18.68%	16.03%	13.92%	7.64%	15.13%
Total Asset Turnover	0.495	0.481	0.397	0.625	0.649	0.629	0.649	0.719	0.683	0.688
Equity Multiplier	1.921	1.796	2.116	2.484	2.548	2.466	2.349	2.329	2.384	2.294
Return on Equity	12.13%	7.34%	9.15%	23.23%	20.12%	20.39%	28.46%	26.85%	22.66%	12.06%
Profitability Analysis
Gross Profitability	62.16%	59.70%	58.50%	69.88%	68.66%	67.63%	64.84%	64.69%	65.11%	65.48%	59.56%
Operating Profitability	16.53%	14.46%	12.24%	24.54%	23.16%	22.86%	22.44%	21.94%	21.31%	21.62%	21.70%
Net Profitability	12.77%	8.50%	10.91%	14.95%	12.17%	13.15%	18.68%	16.03%	13.92%	7.64%	15.13%
Return on Assets	6.32%	4.09%	4.33%	9.35%	7.90%	8.27%	12.12%	11.53%	9.50%	5.26%
Return on Equity	12.13%	7.34%	9.15%	23.23%	20.12%	20.39%	28.46%	26.85%	22.66%	12.06%
Efficiency Analysis
Receivable Turnover	5.827	5.348	3.767	5.213	5.226	5.124	5.124	5.672	5.647	5.757
Receivable DSO	62.643	68.252	96.887	70.012	69.841	71.232	71.231	64.356	64.636	63.398
Inventory Turnover	2.946	3.058	2.796	3.394	3.763	3.528	3.581	3.641	3.140	2.902
Inventory DCO	123.888	119.355	130.536	107.537	97.007	103.470	101.918	100.241	116.225	125.794
Net PP&E Turnover	3.498	3.420	3.128	5.004	4.904	4.511	4.147	4.007	3.583	3.471
Net Fixed Asset Turnover	0.768	0.814	0.733	1.101	1.055	1.062	1.129	1.157	1.025	1.054
Total Asset Turnover	0.495	0.481	0.397	0.625	0.649	0.629	0.649	0.719	0.683	0.688
Liquidity Analysis
Current Ratio	1.541	1.449	2.025	2.359	1.535	1.293	1.787	1.470	1.543	0.944	1.535
Quick Ratio	1.039	0.764	1.271	1.716	1.019	0.840	1.262	0.910	0.853	0.469	0.881
Cash Ratio	0.667	0.423	0.852	1.143	0.523	0.424	0.761	0.438	0.310	0.115	0.399
Times Interest Earned	20.687	19.513	17.032	18.946	16.970	14.533	13.285	12.256	9.312	11.678	20.034
Accounts Payable Turnover	7.159	7.760	5.645	7.116	7.537	8.029	8.591	7.975	7.671	7.268
Accounts Payable DCO (DPO)	50.985	47.037	64.661	51.292	48.429	45.457	42.486	45.769	47.583	50.223
Leverage Ratio
Total Debt to Total Assets	0.483	0.476	0.412	0.601	0.593	0.622	0.563	0.588	0.552	0.612	0.505
Long Term Term Debt to Total Assets	0.260	0.221	0.190	0.404	0.336	0.332	0.314	0.315	0.323	0.281	0.251
Total Debt to Total Equity	0.934	0.907	0.700	1.508	1.458	1.646	1.289	1.427	1.234	1.574	1.022

&"Arial,Bold"&12&A

FINANCIAL ELI LILLY.xlsx

Balance Sheets

Lilly (Eli) & Co.				ANNUAL BALANCE SHEET
TICKER:	LLY
SIC:	2834
GICS:	35202010
	Dec-15	Dec-14	Dec-13	Dec-12	Dec-11	Dec-10	Dec-09	Dec-08	Dec-07	Dec-06	Dec-05
ASSETS
Cash & Equivalents	$ 4,451.80	$ 4,827.00	$ 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	$ 12,316.10	$ 9,694.40	$ 10,795.80
Gross Plant, Property & 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	$ 13,716.70	$ 13,136.00
Accumulated Depreciation	$ 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
	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------
Net Plant, Property & 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	$ 24,580.80
LIABILITIES
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 Expenses	@CF	@CF	@CF	@CF	@CF	@CF	@CF	@CF	@CF	@CF	@CF
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	$ 13,788.90
Redeemable Noncontrolling Int.	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ 2.40	@CF	@CF	@CF
EQUITY
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	$ 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
	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------
Stockholder's Equity - 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	$ 10,980.70	$ 10,791.90
Nonredeemable Noncontrolling Int.	$ 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 LIABILITIES & EQUITY	$ 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	$ 24,580.80
COMMON SHARES OUTSTANDING	1,055.27	1,060.63	1,066.80	1,093.64	1,107.79	1,102.29	1,099.03	1,096.06	1,094.31	1,091.67	1,090.14

&"Arial,Bold"&12&A

Income Statements

Lilly (Eli) & Co.			ANNUAL INCOME STATEMENT
TICKER:	LLY
SIC:	2834
GICS:	35202010
	Dec-15	Dec-14	Dec-13	Dec-12	Dec-11	Dec-10	Dec-09	Dec-08	Dec-07	Dec-06	Dec-05
Sales	$ 19,958.70	$ 19,615.60	$ 23,113.10	$ 22,603.40	$ 24,286.50	$ 23,076.00	$ 21,836.00	$ 20,378.00	$ 18,633.50	$ 15,691.00	$ 14,645.30
Cost of Goods Sold	$ 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
Selling, General, &
Administrative Expense	$ 11,329.40	$ 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	$ 4,225.80
Depreciation, Depletion, &
Amortization	$ 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	$ 2,001.60
Preferred 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
------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------
Adjusted 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
Extraordinary Items	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 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	$ 1,979.60
Income to Company Incl Extraordinary
Items & 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	@NA
Earnings 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	$ 1.84
Earnings 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	$ 1.82
Earnings Per Share Diluted-
Excluding Extra Items & Disc Op	$ 2.26	$ 2.23	$ 4.32	$ 3.66	$ 3.90	$ 4.58	$ 3.94	$ (1.89)	$ 2.71	$ 2.45	$ 1.83
Earning Per Share Diluted -
Including Extra Items & Disc Op	$ 2.26	$ 2.23	$ 4.32	$ 3.66	$ 3.90	$ 4.58	$ 3.94	$ (1.89)	$ 2.71	$ 2.45	$ 1.81
EPS Basic from Operations	$ 3.05	$ 2.78	$ 4.15	$ 3.40	$ 4.41	$ 4.82	$ 4.36	$ 3.88	$ 3.55	$ 3.19	$ 2.88
EPS Diluted from Ops	$ 3.03	$ 2.78	$ 4.14	$ 3.39	$ 4.41	$ 4.82	$ 4.36	$ 3.88	$ 3.55	$ 3.18	$ 2.87
Dividends Per Share	$ 2.00	$ 1.96	$ 1.96	$ 1.96	$ 1.96	$ 1.96	$ 1.96	$ 1.88	$ 1.70	$ 1.60	$ 1.52
Com Shares for Diluted EPS	1,065.72	1,074.29	1,084.77	1,117.29	1,113.97	1,105.81	1,098.37	1,094.50	1,090.75	1,087.49	1,092.15
Com Shares for Basic Eps	1,061.91	1,069.93	1,080.87	1,113.18	1,113.92	1,105.79	1,098.34	1,094.50	1,090.43	1,086.24	1,088.75

&"Arial,Bold"&12&A

Financial Ratios

Lilly (Eli) & Co.		Financial Analysis
DuPont Analysis	Dec-15	Dec-14	Dec-13	Dec-12	Dec-11	Dec-10	Dec-09	Dec-08	Dec-07	Dec-06	Dec-05
Net Profitability	12.07%	12.19%	20.27%	18.09%	17.90%	21.97%	19.82%	-10.17%	15.85%	16.97%	13.67%
Total Asset Turnover	0.549	0.542	0.664	0.664	0.751	0.789	0.771	0.727	0.763	0.674
Equity Multiplier	2.427	2.193	2.149	2.404	2.492	2.665	3.485	2.771	1.994	2.137
Return on Equity	16.07%	14.48%	28.91%	28.89%	33.51%	46.22%	53.24%	-20.47%	24.12%	24.46%
Profitability Analysis
Gross Profitability	82.29%	81.46%	84.52%	84.61%	84.08%	86.00%	85.54%	83.31%	81.79%	81.40%	80.22%
Operating Profitability	18.76%	17.58%	24.00%	22.19%	26.01%	29.35%	29.17%	27.48%	25.78%	26.29%	24.91%
Net Profitability	12.07%	12.19%	20.27%	18.09%	17.90%	21.97%	19.82%	-10.17%	15.85%	16.97%	13.67%
Return on Assets	6.62%	6.60%	13.45%	12.01%	13.45%	17.34%	15.28%	-7.39%	12.09%	11.44%
Return on Equity	16.07%	14.48%	28.91%	28.89%	33.51%	46.22%	53.24%	-20.47%	24.12%	24.46%
Efficiency Analysis
Receivable Turnover	5.070	5.014	5.843	5.563	5.785	5.776	6.143	5.837	5.824	5.752
Receivable DSO	71.989	72.794	62.466	65.611	63.091	63.189	59.416	62.530	62.675	63.459
Inventory Turnover	1.143	1.283	1.284	1.408	1.605	1.204	1.182	1.356	1.416	1.407
Inventory DCO	319.370	284.414	284.213	259.292	227.387	303.146	308.923	269.242	257.803	259.349
Net PP&E Turnover	2.492	2.461	2.938	2.913	3.094	2.860	2.596	2.369	2.228	1.953
Net Fixed Asset Turnover	0.832	0.832	1.063	1.109	1.365	1.482	1.376	1.301	1.390	1.205
Total Asset Turnover	0.549	0.542	0.664	0.664	0.751	0.789	0.771	0.727	0.763	0.674
Liquidity Analysis
Current Ratio	1.528	1.087	1.470	1.554	1.595	2.090	1.901	0.950	2.265	1.906	1.889
Quick Ratio	1.036	0.770	1.056	1.141	1.247	1.533	1.268	0.702	1.570	1.295	1.364
Cash Ratio	0.541	0.431	0.605	0.678	0.772	0.947	0.685	0.452	0.889	0.765	0.881
Times Interest Earned	17.338	18.427	30.120	25.228	29.844	32.020	21.852	20.253	14.842	11.965	14.850
Accounts Payable Turnover	3.439	3.069	3.348	3.305	3.321	2.842	3.790	3.723	4.256	4.216
Accounts Payable DCO (DPO)	106.141	118.929	109.010	110.426	109.912	128.434	96.304	98.027	85.758	86.565
Leverage Ratio
Total Debt to Total Assets	0.590	0.586	0.500	0.571	0.598	0.600	0.653	0.769	0.498	0.500	0.561
Long Term Term Debt to Total Assets	0.358	0.285	0.247	0.327	0.333	0.371	0.414	0.321	0.295	0.268	0.328
Total Debt to Total Equity	1.438	1.416	0.998	1.328	1.487	1.498	1.883	3.337	0.990	0.999	1.278

&"Arial,Bold"&12&A

FINANCIAL GSK.xlsx

Balance Sheets

Glaxosmithklien PLC				ANNUAL BALANCE SHEET
TICKER:	GSK
SIC:	2834
GICS:	35202010
	Dec-15	Dec-14	Dec-13	Dec-12	Dec-11	Dec-10	Dec-09	Dec-08	Dec-07	Dec-06	Dec-05
ASSETS
Cash & Equivalents	$ 8,707.51	$ 6,865.22	$ 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	$ 46,747.92
LIABILITIES
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	$ 33,736.61
Redeemable Noncontrolling Int.	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ 565.76	$ 609.18	@CF	@CF
EQUITY
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	$ 13,011.32
Nonredeemable 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 LIABILITIES & EQUITY	$ 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	$ 46,747.92
COMMON SHARES OUTSTANDING	2,420.00	2,405.52	2,395.58	2,413.72	2,479.06	2,598.13	2,536.60	2,529.08	2,686.93	2,801.33	2,826.32

&"Arial,Bold"&12&A

Income Statements

Glaxosmithklien PLC			ANNUAL INCOME STATEMENT
TICKER:	GSK
SIC:	2834
GICS:	35202010
	Dec-15	Dec-14	Dec-13	Dec-12	Dec-11	Dec-10	Dec-09	Dec-08	Dec-07	Dec-06	Dec-05
Sales	$ 50,036.13	$ 36,430.71	$ 46,433.72	$ 44,575.77	$ 43,498.94	$ 44,459.79	$ 47,092.86	$ 36,391.08	$ 46,017.90	$ 46,089.77	$ 37,854.85
Cost of Goods Sold	$ 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
Selling, General, &
Administrative Expense	$ 16,904.81	$ 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	$ 13,368.83
Depreciation, Depletion, &
Amortization	$ 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	$ 9,165.07	@NA	@NA	@NA	@NA
Noncontrolling Interest - Inc 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	$ 8,059.45
Preferred 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	$ 8,059.45
Income to Company Incl Extraordinary
Items & Disc Ops	$ 12,345.35	$ 4,410.13	$ 9,327.85	$ 7,714.69	$ 8,480.10	$ 2,852.14	$ 9,165.07	@NA	@NA	@NA	@NA
Earnings Per Share Basic -
Excluding Extra Items & Disc Op	$ 5.15	$ 1.79	$ 3.73	$ 3.02	$ 3.25	$ 0.99	$ 3.52	$ 2.59	$ 3.75	$ 3.74	$ 2.84
Earnings Per Share Basic -
Including Extra Items & Disc Op	$ 5.15	$ 1.79	$ 3.73	$ 3.02	$ 3.25	$ 0.99	$ 3.53	$ 2.59	$ 3.75	$ 3.74	$ 2.84
Earnings Per Share Diluted-
Excluding Extra Items & Disc Op	$ 5.09	$ 1.76	$ 3.66	$ 2.98	$ 3.20	$ 0.99	$ 3.50	$ 2.57	$ 3.71	$ 3.70	$ 2.82
Earning Per Share Diluted -
Including Extra Items & Disc Op	$ 5.09	$ 1.76	$ 3.66	$ 2.98	$ 3.20	$ 0.99	$ 3.50	$ 2.57	$ 3.71	$ 3.70	$ 2.82
EPS Basic from Operations	$ 6.89	$ 2.71	$ 3.86	$ 3.32	$ 3.54	$ 1.67	$ 3.76	$ 3.06	$ 3.93	$ 3.70	$ 2.84
EPS Diluted from Ops	$ 6.81	$ 2.66	$ 3.78	$ 3.25	$ 3.50	$ 1.65	$ 3.73	$ 3.04	$ 3.89	$ 3.68	$ 2.82
Dividends Per Share	$ 2.41	$ 2.65	$ 2.41	$ 2.48	$ 2.21	$ 2.00	$ 1.85	$ 2.14	$ 2.06	$ 1.74	$ 1.53
Com Shares for Diluted EPS	2,444.00	2,432.50	2,459.50	2,494.50	2,549.50	2,564.00	2,554.00	2,613.00	2,783.50	2,850.00	2,860.00
Com Shares for Basic Eps	2,415.50	2,404.00	2,415.50	2,456.00	2,514.00	2,542.50	2,534.50	2,597.50	2,762.00	2,821.50	2,837.00

&"Arial,Bold"&12&A

Financial Ratios

Glaxosmithklien PLC		Financial Analysis
DuPont Analysis	Dec-15	Dec-14	Dec-13	Dec-12	Dec-11	Dec-10	Dec-09	Dec-08	Dec-07	Dec-06	Dec-05
Net Profitability	24.82%	11.78%	19.40%	16.65%	18.79%	5.66%	18.99%	18.49%	22.48%	22.90%	21.29%
Total Asset Turnover	0.704	0.548	0.677	0.679	0.675	0.662	0.742	0.611	0.825	0.952
Equity Multiplier	6.840	6.449	5.736	5.318	4.487	4.149	4.381	3.886	2.940	3.034
Return on Equity	119.52%	41.61%	75.33%	60.14%	56.93%	15.54%	61.75%	43.90%	54.52%	66.16%
Profitability Analysis
Gross Profitability	80.37%	75.90%	75.04%	76.94%	79.15%	80.18%	81.01%	81.74%	81.96%	82.50%	82.47%
Operating Profitability	41.78%	23.77%	26.93%	26.88%	29.99%	17.75%	30.50%	33.18%	34.20%	32.90%	31.21%
Net Profitability	24.82%	11.78%	19.40%	16.65%	18.79%	5.66%	18.99%	18.49%	22.48%	22.90%	21.29%
Return on Assets	17.47%	6.45%	13.13%	11.31%	12.69%	3.75%	14.09%	11.30%	18.55%	21.81%
Return on Equity	119.52%	41.61%	75.33%	60.14%	56.93%	15.54%	61.75%	43.90%	54.52%	66.16%
Efficiency Analysis
Receivable Turnover	6.741	4.677	5.510	5.448	5.200	4.793	5.018	3.794	4.486	4.829
Receivable DSO	54.147	78.040	66.245	67.003	70.194	76.154	72.740	96.197	81.372	75.581
Inventory Turnover	1.450	1.345	1.794	1.648	1.521	1.413	1.431	1.107	1.531	1.894
Inventory DCO	251.711	271.413	203.412	221.429	239.983	258.344	255.020	329.752	238.482	192.716
Net PP&E Turnover	3.529	2.529	3.205	3.200	3.162	3.058	3.214	2.453	3.164	3.686
Net Fixed Asset Turnover	1.055	0.857	1.035	1.063	1.101	1.095	1.286	1.089	1.461	1.752
Total Asset Turnover	0.704	0.548	0.677	0.679	0.675	0.662	0.742	0.611	0.825	0.952
Liquidity Analysis
Current Ratio	1.236	1.104	1.113	0.991	1.077	1.253	1.450	1.724	1.317	1.513	1.385
Quick Ratio	0.842	0.664	0.793	0.672	0.745	0.921	1.074	1.198	0.946	1.127	1.101
Cash Ratio	0.440	0.331	0.409	0.309	0.393	0.488	0.562	0.600	0.438	0.418	0.550
Times Interest Earned	21.193	8.187	10.336	9.758	11.378	6.499	11.287	10.023	18.274	24.659	16.098
Accounts Payable Turnover	2.277	2.004	2.614	2.574	2.520	2.589	4.093	3.678	5.424	5.864
Accounts Payable DCO (DPO)	160.333	182.100	139.633	141.784	144.850	140.964	89.185	99.227	67.291	62.243
Leverage Ratio
Total Debt to Total Assets	0.834	0.879	0.814	0.837	0.785	0.769	0.749	0.799	0.690	0.622	0.722
Long Term Term Debt to Total Assets	0.583	0.552	0.489	0.504	0.420	0.466	0.467	0.535	0.347	0.338	0.372
Total Debt to Total Equity	5.020	7.236	4.387	5.147	3.654	3.334	2.990	3.967	2.228	1.649	2.593

&"Arial,Bold"&12&A

FINANCIAL MERCK.xlsx

Balance Sheets

Merck & Co.				ANNUAL BALANCE SHEET
TICKER:	MRK
SIC:	2834
GICS:	35202010
	Dec-15	Dec-14	Dec-13	Dec-12	Dec-11	Dec-10	Dec-09	Dec-08	Dec-07	Dec-06	Dec-05
ASSETS
Cash & Equivalents	$ 13,427.00	$ 15,719.00	$ 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	$ 15,045.40	$ 15,230.20	$ 21,049.30
Gross Plant, Property & 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	$ 24,209.50	$ 23,713.30
Accumulated Depreciation	$ 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
	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------
Net Plant, Property & 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	$ 44,845.80
LIABILITIES
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 Expenses	@CF	@CF	@CF	@CF	@CF	@CF	@CF	@CF	@CF	@CF	@CF
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	$ 27,759.30	$ 24,604.00	$ 24,522.00
Redeemable Noncontrolling Int.	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ 2,408.80	$ 2,406.70	$ 2,406.10	$ 2,407.20
EQUITY
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	$ 17,916.60
Nonredeemable 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 LIABILITIES & EQUITY	$ 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	$ 44,845.80
COMMON SHARES OUTSTANDING	2,781.13	2,838.14	2,927.53	3,026.64	3,040.84	3,082.11	3,108.22	2,107.69	2,172.50	2,167.79	2,181.92

&"Arial,Bold"&12&A

Income Statements

Merck & Co.			ANNUAL INCOME STATEMENT
TICKER:	MRK
SIC:	2834
GICS:	35202010
	Dec-15	Dec-14	Dec-13	Dec-12	Dec-11	Dec-10	Dec-09	Dec-08	Dec-07	Dec-06	Dec-05
Sales	$ 39,498.00	$ 42,237.00	$ 44,033.00	$ 47,267.00	$ 48,047.00	$ 45,987.00	$ 27,428.30	$ 23,850.30	$ 24,197.70	$ 22,636.00	$ 22,011.90
Cost of Goods Sold	$ 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
Selling, General, &
Administrative Expense	$ 16,412.00	$ 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
	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------
Operating Income Before Deprec.	$ 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	$ 7,973.10
Depreciation, Depletion, &
Amortization	$ 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
	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------
Operating Profit	$ 8,671.00	$ 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
Interest Expense	$ 672.00	$ 732.00	$ 801.00	$ 714.00	$ 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 Extraordinary
Items & Discontinued Operations	$ 4,442.00	$ 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	$ 4,631.30
Preferred Dividends	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 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	$ 4,631.30
Income to Company Incl Extraordinary
Items & 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	@NA
Earnings 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	$ 2.11
Earnings Per Share Basic -
Including Extra Items & Disc Op	$ 1.58	$ 4.12	$ 1.49	$ 2.03	$ 2.04	$ 0.28	$ 5.67	$ 3.66	$ 1.51	$ 2.04	$ 2.11
Earnings Per Share Diluted-
Excluding Extra Items & Disc Op	$ 1.56	$ 4.07	$ 1.47	$ 2.00	$ 2.02	$ 0.28	$ 5.65	$ 3.64	$ 1.49	$ 2.03	$ 2.10
Earning Per Share Diluted -
Including Extra Items & Disc Op	$ 1.56	$ 4.07	$ 1.47	$ 2.00	$ 2.02	$ 0.28	$ 5.65	$ 3.64	$ 1.49	$ 2.03	$ 2.10
EPS Basic from Operations	$ 2.22	$ 2.09	$ 2.13	$ 2.50	$ 2.38	$ 1.76	$ 3.81	$ 3.50	$ 3.44	$ 2.76	$ 2.68
EPS Diluted from Ops	$ 2.20	$ 2.06	$ 2.11	$ 2.48	$ 2.37	$ 1.74	$ 3.80	$ 3.48	$ 3.41	$ 2.82	$ 2.65
Dividends Per Share	$ 1.81	$ 1.77	$ 1.73	$ 1.69	$ 1.56	$ 1.52	$ 1.52	$ 1.52	$ 1.52	$ 1.52	$ 1.52
Com Shares for Diluted EPS	2,841.00	2,928.00	2,996.00	3,076.00	3,094.00	3,120.00	2,273.20	2,145.30	2,192.90	2,187.70	2,200.40
Com Shares for Basic Eps	2,816.00	2,894.00	2,963.00	3,041.00	3,071.00	3,095.00	2,268.20	2,135.80	2,170.50	2,177.60	2,197.00

&"Arial,Bold"&12&A

Financial Ratios

Merck & Co.		Financial Analysis
DuPont Analysis	Dec-15	Dec-14	Dec-13	Dec-12	Dec-11	Dec-10	Dec-09	Dec-08	Dec-07	Dec-06	Dec-05
Net Profitability	11.25%	28.22%	10.00%	13.05%	13.05%	1.87%	47.04%	32.74%	13.54%	19.59%	21.04%
Total Asset Turnover	0.395	0.414	0.416	0.447	0.456	0.422	0.344	0.499	0.521	0.506
Equity Multiplier	2.139	2.017	1.965	1.879	1.854	1.842	1.985	2.586	2.600	2.520
Return on Equity	9.50%	23.58%	8.17%	10.97%	11.03%	1.46%	32.15%	42.27%	18.33%	25.00%
Profitability Analysis
Gross Profitability	79.20%	77.65%	78.27%	80.16%	80.64%	80.61%	81.96%	83.58%	82.93%	83.39%	84.87%
Operating Profitability	21.95%	22.89%	21.02%	22.60%	21.99%	19.95%	23.16%	27.00%	25.83%	26.34%	29.31%
Net Profitability	11.25%	28.22%	10.00%	13.05%	13.05%	1.87%	47.04%	32.74%	13.54%	19.59%	21.04%
Return on Assets	4.44%	11.69%	4.16%	5.84%	5.95%	0.79%	16.20%	16.34%	7.05%	9.92%
Return on Equity	9.50%	23.58%	8.17%	10.97%	11.03%	1.46%	32.15%	42.27%	18.33%	25.00%
Efficiency Analysis
Receivable Turnover	6.026	6.117	5.928	5.933	6.158	6.595	5.284	6.433	6.962	7.253
Receivable DSO	60.575	59.671	61.572	61.518	59.273	55.348	69.078	56.740	52.425	50.326
Inventory Turnover	1.599	1.601	1.500	1.467	1.535	1.281	0.957	1.881	2.263	2.194
Inventory DCO	228.203	228.043	243.352	248.853	237.776	284.994	381.294	194.032	161.307	166.357
Net PP&E Turnover	3.081	3.005	2.841	2.924	2.879	2.601	1.812	1.959	1.895	1.641
Net Fixed Asset Turnover	0.576	0.625	0.624	0.660	0.646	0.573	0.492	0.779	0.773	0.852
Total Asset Turnover	0.395	0.414	0.416	0.447	0.456	0.422	0.344	0.499	0.521	0.506
Liquidity Analysis
Current Ratio	1.550	1.768	1.997	1.900	2.043	1.858	1.805	1.348	1.227	1.197	1.582
Quick Ratio	1.037	1.191	1.381	1.298	1.430	1.250	1.029	0.647	0.968	0.945	1.395
Cash Ratio	0.699	0.838	0.979	0.880	0.922	0.780	0.610	0.383	0.671	0.685	1.175
Times Interest Earned	12.903	13.205	11.557	14.964	14.104	13.146	22.333	25.623	16.266	15.898	16.739
Accounts Payable Turnover	2.847	3.587	4.599	4.584	4.063	2.961	7.511	6.955	7.567	8.001
Accounts Payable DCO (DPO)	128.195	101.760	79.357	79.631	89.837	123.270	48.594	52.484	48.237	45.618
Leverage Ratio
Total Debt to Total Assets	0.560	0.504	0.505	0.477	0.458	0.463	0.451	0.603	0.624	0.606	0.600
Long Term Term Debt to Total Assets	0.371	0.313	0.336	0.305	0.304	0.315	0.311	0.248	0.321	0.267	0.250
Total Debt to Total Equity	1.274	1.015	1.019	0.914	0.846	0.862	0.823	1.516	1.659	1.538	1.503

&"Arial,Bold"&12&A

FINANCIAL NOVARTIS.xlsx

Balance Sheets

Novartis AG (ADR)				ANNUAL BALANCE SHEET
TICKER:	NVS
SIC:	2834
GICS:	35202010
	Dec-15	Dec-14	Dec-13	Dec-12	Dec-11	Dec-10	Dec-09	Dec-08	Dec-07	Dec-06	Dec-05
ASSETS
Cash & Equivalents	$ 5,304.00	$ 13,506.00	$ 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, Property & Equipment	$ 31,448.00	$ 31,428.00	$ 35,601.00	$ 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	$ 57,732.00
LIABILITIES
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	$ 24,568.00
Redeemable Noncontrolling Int.	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ 149.00	$ 173.00	@CF	$ 174.00
EQUITY
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	$ 32,990.00
Nonredeemable 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 LIABILITIES & EQUITY	$ 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	$ 57,732.00
COMMON SHARES OUTSTANDING	2,373.90	2,398.63	2,426.08	2,420.62	2,406.69	2,289.45	2,274.35	2,264.85	2,264.45	2,348.23	2,335.92

&"Arial,Bold"&12&A

Income Statements

Novartis AG (ADR)			ANNUAL INCOME STATEMENT
TICKER:	NVS
SIC:	2834
GICS:	35202010
	Dec-15	Dec-14	Dec-13	Dec-12	Dec-11	Dec-10	Dec-09	Dec-08	Dec-07	Dec-06	Dec-05
Sales	$ 49,440.00	$ 52,419.00	$ 57,920.00	$ 56,617.00	$ 58,683.00	$ 50,624.00	$ 44,267.00	$ 41,459.00	$ 38,072.00	$ 36,031.00	$ 32,212.00
Cost of Goods Sold	$ 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
Selling, General, &
Administrative Expense	$ 22,939.00	$ 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
	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------
Operating Income Before Deprec.	$ 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	$ 7,893.00
Depreciation, Depletion, &
Amortization	$ 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
	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------
Operating Profit	$ 9,250.00	$ 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
Interest Expense	$ 676.00	$ 724.00	$ 692.00	$ 724.00	$ 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 Extraordinary
Items & Discontinued Operations	$ 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
Preferred Dividends	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 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
------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------
Adjusted 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
Extraordinary Items	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 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	$ 6,130.00
Income to Company Incl Extraordinary
Items & Disc Ops	$ 17,786.00	$ 10,283.00	$ 9,292.00	$ 9,618.00	$ 9,245.00	$ 9,969.00	$ 8,454.00	@NA	@NA	@NA	@NA
Earnings Per Share Basic -
Excluding Extra Items & Disc Op	$ 2.92	$ 4.39	$ 3.76	$ 3.93	$ 3.83	$ 4.28	$ 3.70	$ 3.59	$ 2.81	$ 2.98	$ 2.63
Earnings Per Share Basic -
Including Extra Items & Disc Op	$ 7.40	$ 4.21	$ 3.76	$ 3.93	$ 3.83	$ 4.28	$ 3.70	$ 3.62	$ 5.15	$ 3.06	$ 2.63
Earnings Per Share Diluted-
Excluding Extra Items & Disc Op	$ 2.88	$ 4.31	$ 3.70	$ 3.89	$ 3.78	$ 4.26	$ 3.69	$ 3.56	$ 2.80	$ 2.96	$ 2.62
Earning Per Share Diluted -
Including Extra Items & Disc Op	$ 7.29	$ 4.13	$ 3.70	$ 3.89	$ 3.78	$ 4.26	$ 3.69	$ 3.59	$ 5.13	$ 3.04	$ 2.62
EPS Basic from Operations	$ 3.16	$ 4.46	$ 3.87	$ 4.07	$ 4.06	$ 4.79	$ 3.83	$ 3.56	$ 3.23	$ 3.21	$ 2.79
EPS Diluted from Ops	$ 3.12	$ 4.38	$ 3.81	$ 4.02	$ 4.01	$ 4.76	$ 3.81	$ 3.53	$ 3.21	$ 3.19	$ 2.78
Dividends Per Share	$ 2.67	$ 2.76	$ 2.43	$ 2.48	$ 2.36	$ 1.95	$ 1.71	$ 1.54	$ 1.10	$ 0.88	$ 0.88
Com Shares for Diluted EPS	2,438.00	2,470.00	2,479.00	2,445.00	2,413.00	2,301.00	2,276.55	2,284.24	2,328.89	2,360.46	2,342.45
Com Shares for Basic Eps	2,402.81	2,425.78	2,440.85	2,418.00	2,382.00	2,286.00	2,267.86	2,265.54	2,317.47	2,345.23	2,332.85

&"Arial,Bold"&12&A

Financial Ratios

Novartis AG (ADR)		Financial Analysis
DuPont Analysis	Dec-15	Dec-14	Dec-13	Dec-12	Dec-11	Dec-10	Dec-09	Dec-08	Dec-07	Dec-06	Dec-05
Net Profitability	14.21%	20.32%	15.84%	16.79%	15.53%	19.35%	18.98%	19.60%	17.12%	19.41%	19.03%
Total Asset Turnover	0.385	0.417	0.462	0.468	0.487	0.463	0.509	0.539	0.531	0.573
Equity Multiplier	1.737	1.732	1.743	1.788	1.774	1.720	1.613	1.545	1.585	1.693
Return on Equity	9.50%	14.66%	12.77%	14.06%	13.43%	15.40%	15.59%	16.33%	14.40%	18.83%
Profitability Analysis
Gross Profitability	75.68%	75.58%	74.04%	75.24%	75.98%	77.07%	77.61%	77.96%	77.70%	76.55%	76.51%
Operating Profitability	18.71%	21.52%	18.53%	20.16%	20.64%	24.83%	23.24%	21.00%	21.41%	23.91%	20.46%
Net Profitability	14.21%	20.32%	15.84%	16.79%	15.53%	19.35%	18.98%	19.60%	17.12%	19.41%	19.03%
Return on Assets	5.47%	8.47%	7.33%	7.86%	7.57%	8.95%	9.67%	10.57%	9.09%	11.12%
Return on Equity	9.50%	14.66%	12.77%	14.06%	13.43%	15.40%	15.59%	16.33%	14.40%	18.83%
Efficiency Analysis
Receivable Turnover	4.752	4.582	4.604	4.546	4.872	4.660	4.764	4.856	4.622	4.958
Receivable DSO	76.802	79.658	79.270	80.282	74.915	78.322	76.612	75.172	78.974	73.616
Inventory Turnover	1.952	1.904	2.133	2.212	2.344	1.947	1.706	1.625	1.706	2.055
Inventory DCO	186.946	191.695	171.115	164.979	155.694	187.436	213.963	224.595	213.923	177.618
Net PP&E Turnover	3.093	3.054	3.283	3.477	3.730	3.385	3.258	3.222	3.229	3.672
Net Fixed Asset Turnover	0.503	0.571	0.604	0.597	0.618	0.639	0.743	0.786	0.805	0.869
Total Asset Turnover	0.385	0.417	0.462	0.468	0.487	0.463	0.509	0.539	0.531	0.573
Liquidity Analysis
Current Ratio	0.964	1.393	1.158	1.164	1.040	1.082	1.730	1.265	1.648	1.318	1.399
Quick Ratio	0.669	0.881	0.824	0.859	0.754	0.805	1.410	0.890	1.304	0.981	1.141
Cash Ratio	0.224	0.501	0.345	0.338	0.219	0.330	0.896	0.371	0.793	0.490	0.713
Times Interest Earned	13.683	15.580	15.507	15.762	16.130	18.166	18.672	30.021	34.388	32.383	19.216
Accounts Payable Turnover	2.193	1.996	2.665	2.804	2.850	2.698	2.687	2.955	3.433	4.147
Accounts Payable DCO (DPO)	166.410	182.911	136.951	130.188	128.091	135.276	135.843	123.509	106.336	88.024
Leverage Ratio
Total Debt to Total Assets	0.414	0.435	0.410	0.443	0.439	0.434	0.398	0.358	0.348	0.393	0.429
Long Term Term Debt to Total Assets	0.234	0.220	0.201	0.249	0.242	0.234	0.194	0.145	0.125	0.154	0.160
Total Debt to Total Equity	0.706	0.770	0.695	0.795	0.782	0.768	0.662	0.557	0.533	0.647	0.750

&"Arial,Bold"&12&A

FINANCIAL PFIZER.xlsx

Balance Sheets

Pfizer, Inc.				ANNUAL BALANCE SHEET
TICKER:	PFE
SIC:	2834
GICS:	35202010
	Dec-15	Dec-14	Dec-13	Dec-12	Dec-11	Dec-10	Dec-09	Dec-08	Dec-07	Dec-06	Dec-05
ASSETS
Cash & Equivalents	$ 23,290.00	$ 36,122.00	$ 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	$ 46,849.00	$ 46,949.00	$ 41,896.00
Gross Plant, Property & 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	$ 27,063.00	$ 26,617.00
Accumulated Depreciation	$ 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
	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------
Net Plant, Property & 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	$ 117,565.00
LIABILITIES
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	$ 50,144.00	$ 43,479.00	$ 51,938.00
Redeemable Noncontrolling Int.	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ 184.00	$ 114.00	@CF	@CF
EQUITY
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	$ 65,627.00
Nonredeemable 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 LIABILITIES & EQUITY	$ 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	$ 117,565.00
COMMON SHARES OUTSTANDING	6,175.00	6,291.00	6,399.00	7,276.00	7,575.00	8,012.00	8,070.00	6,746.00	6,761.00	7,124.00	7,361.00

&"Arial,Bold"&12&A

Income Statements

Pfizer, Inc.			ANNUAL INCOME STATEMENT
TICKER:	PFE
SIC:	2834
GICS:	35202010
	Dec-15	Dec-14	Dec-13	Dec-12	Dec-11	Dec-10	Dec-09	Dec-08	Dec-07	Dec-06	Dec-05
Sales	$ 48,851.00	$ 49,605.00	$ 51,584.00	$ 58,986.00	$ 67,425.00	$ 67,791.00	$ 49,934.00	$ 48,341.00	$ 48,209.00	$ 48,201.00	$ 51,298.00
Cost of Goods Sold	$ 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
Selling, General, &
Administrative Expense	$ 21,979.00	$ 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
	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------
Operating Income Before Deprec.	$ 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	$ 20,912.00
Depreciation, Depletion, &
Amortization	$ 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	$ 8,630.00	@NA	@NA	@NA	@NA
Noncontrolling Interest - Inc 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	$ 8,094.00
Preferred 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	$ 8,079.00
Income to Company Incl Extraordinary
Items & Disc Ops	$ 6,986.00	$ 9,168.00	$ 22,033.00	$ 14,598.00	$ 10,051.00	$ 8,289.00	$ 8,644.00	@NA	@NA	@NA	@NA
Earnings Per Share Basic -
Excluding Extra Items & Disc Op	$ 1.13	$ 1.43	$ 1.67	$ 1.27	$ 1.11	$ 1.03	$ 1.23	$ 1.19	$ 1.19	$ 1.52	$ 1.10
Earnings Per Share Basic -
Including Extra Items & Disc Op	$ 1.13	$ 1.44	$ 3.23	$ 1.96	$ 1.28	$ 1.03	$ 1.23	$ 1.20	$ 1.18	$ 2.67	$ 1.10
Earnings Per Share Diluted-
Excluding Extra Items & Disc Op	$ 1.11	$ 1.41	$ 1.65	$ 1.26	$ 1.11	$ 1.02	$ 1.23	$ 1.19	$ 1.18	$ 1.52	$ 1.09
Earning Per Share Diluted -
Including Extra Items & Disc Op	$ 1.11	$ 1.42	$ 3.19	$ 1.94	$ 1.27	$ 1.02	$ 1.23	$ 1.20	$ 1.17	$ 2.66	$ 1.09
EPS Basic from Operations	$ 1.77	$ 1.67	$ 1.72	$ 1.63	$ 1.69	$ 1.46	$ 1.66	$ 2.13	$ 1.85	$ 1.69	$ 1.72
EPS Diluted from Ops	$ 1.74	$ 1.65	$ 1.70	$ 1.62	$ 1.69	$ 1.20	$ 1.64	$ 2.12	$ 1.84	$ 1.68	$ 1.70
Dividends Per Share	$ 1.12	$ 1.04	$ 0.96	$ 0.88	$ 0.80	$ 0.72	$ 0.80	$ 1.28	$ 1.16	$ 0.96	$ 0.76
Com Shares for Diluted EPS	6,257.00	6,424.00	6,895.00	7,508.00	7,870.00	8,074.00	7,045.00	6,750.00	6,939.00	7,274.00	7,411.00
Com Shares for Basic Eps	6,176.00	6,346.00	6,813.00	7,442.00	7,817.00	8,036.00	7,007.00	6,727.00	6,917.00	7,242.00	7,361.00

&"Arial,Bold"&12&A

Financial Ratios

Pfizer, Inc.		Financial Analysis
DuPont Analysis	Dec-15	Dec-14	Dec-13	Dec-12	Dec-11	Dec-10	Dec-09	Dec-08	Dec-07	Dec-06	Dec-05
Net Profitability	14.22%	18.32%	22.06%	16.09%	12.90%	12.19%	17.26%	16.60%	17.04%	22.87%	15.78%
Total Asset Turnover	0.290	0.291	0.288	0.316	0.352	0.332	0.308	0.427	0.419	0.415
Equity Multiplier	2.465	2.303	2.261	2.275	2.241	2.283	2.191	1.850	1.690	1.700
Return on Equity	10.17%	12.26%	14.38%	11.55%	10.18%	9.25%	11.66%	13.11%	12.07%	16.13%
Profitability Analysis
Gross Profitability	83.92%	84.33%	85.38%	85.42%	83.94%	81.65%	86.44%	90.11%	88.24%	89.18%	87.99%
Operating Profitability	28.37%	28.71%	32.74%	32.15%	29.32%	26.65%	32.03%	34.83%	30.23%	30.96%	29.90%
Net Profitability	14.22%	18.32%	22.06%	16.09%	12.90%	12.19%	17.26%	16.60%	17.04%	22.87%	15.78%
Return on Assets	4.13%	5.32%	6.36%	5.08%	4.54%	4.05%	5.32%	7.09%	7.14%	9.49%
Return on Equity	10.17%	12.26%	14.38%	11.55%	10.18%	9.25%	11.66%	13.11%	12.07%	16.13%
Efficiency Analysis
Receivable Turnover	5.800	5.504	4.747	4.531	4.692	4.385	3.898	4.776	4.734	4.777
Receivable DSO	62.930	66.319	76.897	80.557	77.785	83.237	93.644	76.419	77.098	76.410
Inventory Turnover	1.192	1.314	1.141	1.160	1.339	1.196	0.807	0.988	0.994	0.859
Inventory DCO	306.087	277.730	320.028	314.749	272.579	305.238	452.516	369.464	367.350	425.110
Net PP&E Turnover	3.827	4.107	3.841	3.757	3.739	3.236	2.769	3.331	2.979	2.859
Net Fixed Asset Turnover	0.415	0.436	0.429	0.463	0.509	0.474	0.455	0.708	0.707	0.672
Total Asset Turnover	0.290	0.291	0.288	0.316	0.352	0.332	0.308	0.427	0.419	0.415
Liquidity Analysis
Current Ratio	1.490	2.668	2.407	2.146	2.057	2.114	1.657	1.595	2.146	2.195	1.473
Quick Ratio	1.070	2.071	1.787	1.575	1.440	1.506	1.123	1.241	1.646	1.759	1.142
Cash Ratio	0.792	1.670	1.387	1.143	0.953	0.979	0.698	0.879	1.167	1.296	0.781
Times Interest Earned	11.258	10.167	11.679	12.119	11.421	9.846	12.624	29.956	33.123	28.865	31.426
Accounts Payable Turnover	2.750	2.179	1.773	1.949	2.593	2.011	4.833	1.921	2.267	2.491
Accounts Payable DCO (DPO)	132.748	167.539	205.865	187.262	140.765	181.484	75.524	190.014	161.025	146.504
Leverage Ratio
Total Debt to Total Assets	0.612	0.577	0.555	0.560	0.561	0.547	0.575	0.483	0.437	0.380	0.443
Long Term Term Debt to Total Assets	0.436	0.449	0.419	0.406	0.411	0.401	0.400	0.238	0.246	0.192	0.200
Total Debt to Total Equity	1.576	1.363	1.246	1.275	1.275	1.209	1.354	0.934	0.776	0.612	0.796

&"Arial,Bold"&12&A

FINANCIALS BRISTOL & MYERS SQUIB.xlsx

Balance Sheets

Bristol Myers Squibb				ANNUAL BALANCE SHEET
TICKER:	BMY
SIC:	2834
GICS:	35202010
	Dec-15	Dec-14	Dec-13	Dec-12	Dec-11	Dec-10	Dec-09	Dec-08	Dec-07	Dec-06	Dec-05
ASSETS
Cash & Equivalents	$ 4,270.00	$ 7,435.00	$ 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, Property & Equipment	$ 4,412.00	$ 4,417.00	$ 4,579.00	$ 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	$ 28,138.00
LIABILITIES
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	$ 15,610.00	$ 15,584.00	$ 16,930.00
Redeemable Noncontrolling Int.	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	@CF	@CF	@CF	@CF
EQUITY
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	$ 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
	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------
Stockholder's Equity - 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	$ 9,991.00	$ 11,208.00
Nonredeemable Noncontrolling Int.	$ 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 LIABILITIES & EQUITY	$ 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	$ 28,138.00
COMMON SHARES OUTSTANDING	1,669.00	1,661.00	1,649.00	1,638.00	1,690.00	1,704.00	1,714.00	1,979.00	1,979.00	1,967.00	1,957.00

&"Arial,Bold"&12&A

Income Statements

Bristol Myers Squibb			ANNUAL INCOME STATEMENT
TICKER:	BMY
SIC:	2834
GICS:	35202010
	Dec-15	Dec-14	Dec-13	Dec-12	Dec-11	Dec-10	Dec-09	Dec-08	Dec-07	Dec-06	Dec-05
Sales	$ 16,560.00	$ 15,879.00	$ 16,385.00	$ 17,621.00	$ 21,244.00	$ 19,484.00	$ 18,808.00	$ 20,597.00	$ 19,348.00	$ 17,914.00	$ 19,207.00
Cost of Goods Sold	$ 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
Selling, General, &
Administrative Expense	$ 10,560.00	$ 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	$ 4,944.00
Depreciation, Depletion, &
Amortization	$ 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	$ 4,420.00	@NA	@NA	@NA	@NA
Noncontrolling Interest - Inc Acc	$ 66.00	$ 25.00	$ 17.00	$ 541.00	$ 1,551.00	$ 1,411.00	$ 1,181.00	$ 996.00	$ 763.00	$ 440.00	$ 592.00
------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------
Income Before Extraordinary
Items & Discontinued Operations	$ 1,565.00	$ 2,004.00	$ 2,563.00	$ 1,960.00	$ 3,709.00	$ 3,102.00	$ 3,239.00	$ 3,155.00	$ 1,968.00	$ 1,585.00	$ 2,992.00
Preferred Dividends	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------
Available for Common	$ 1,565.00	$ 2,004.00	$ 2,563.00	$ 1,960.00	$ 3,709.00	$ 3,102.00	$ 3,239.00	$ 3,155.00	$ 1,968.00	$ 1,585.00	$ 2,992.00
Savings Due to Common
Stock Equivalents	$ - 0	$ - 0	$ - 0	$ (1.00)	$ (8.00)	$ (12.00)	$ (18.00)	$ - 0	$ - 0	$ - 0	$ - 0
------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------
Adjusted Available for Common	$ 1,565.00	$ 2,004.00	$ 2,563.00	$ 1,959.00	$ 3,701.00	$ 3,090.00	$ 3,221.00	$ 3,155.00	$ 1,968.00	$ 1,585.00	$ 2,992.00
Extraordinary Items	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
Discontinued Operations	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ 7,331.00	$ 2,092.00	$ 197.00	$ - 0	$ 8.00
------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------	------------------
Adjusted Net Income	$ 1,565.00	$ 2,004.00	$ 2,563.00	$ 1,959.00	$ 3,701.00	$ 3,090.00	$ 10,552.00	$ 5,247.00	$ 2,165.00	$ 1,585.00	$ 3,000.00
Income to Company Incl Extraordinary
Items & Disc Ops	$ 1,631.00	$ 2,029.00	$ 2,580.00	$ 2,501.00	$ 5,260.00	$ 4,513.00	$ 11,751.00	@NA	@NA	@NA	@NA
Earnings Per Share Basic -
Excluding Extra Items & Disc Op	$ 0.94	$ 1.21	$ 1.56	$ 1.17	$ 2.18	$ 1.80	$ 1.63	$ 1.60	$ 1.00	$ 0.81	$ 1.53
Earnings Per Share Basic -
Including Extra Items & Disc Op	$ 0.94	$ 1.21	$ 1.56	$ 1.17	$ 2.18	$ 1.80	$ 5.35	$ 2.65	$ 1.10	$ 0.81	$ 1.53
Earnings Per Share Diluted-
Excluding Extra Items & Disc Op	$ 0.93	$ 1.20	$ 1.54	$ 1.16	$ 2.16	$ 1.80	$ 1.63	$ 1.59	$ 0.99	$ 0.81	$ 1.52
Earning Per Share Diluted -
Including Extra Items & Disc Op	$ 0.93	$ 1.20	$ 1.54	$ 1.16	$ 2.16	$ 1.80	$ 5.34	$ 2.63	$ 1.09	$ 0.81	$ 1.52
EPS Basic from Operations	$ 1.24	$ 1.83	$ 1.72	$ 2.17	$ 2.27	$ 2.10	$ 1.73	$ 1.39	$ 1.05	$ 0.95	$ 1.37
EPS Diluted from Ops	$ 1.23	$ 1.82	$ 1.70	$ 2.15	$ 2.25	$ 2.09	$ 1.72	$ 1.37	$ 1.05	$ 0.95	$ 1.35
Dividends Per Share	$ 1.49	$ 1.45	$ 1.76	$ 1.36	$ 1.32	$ 0.96	$ 1.25	$ 1.55	$ 1.12	$ 1.12	$ 1.12
Com Shares for Diluted EPS	1,679.00	1,670.00	1,662.00	1,688.00	1,717.00	1,727.00	1,978.00	2,001.00	1,980.00	1,963.00	1,983.00
Com Shares for Basic Eps	1,667.00	1,657.00	1,644.00	1,670.00	1,700.00	1,713.00	1,974.00	1,977.00	1,970.00	1,960.00	1,952.00

&"Arial,Bold"&12&A

Financial Ratios

Bristol Myers Squibb		Financial Analysis
DuPont Analysis	Dec-15	Dec-14	Dec-13	Dec-12	Dec-11	Dec-10	Dec-09	Dec-08	Dec-07	Dec-06	Dec-05
Net Profitability	9.45%	12.62%	15.64%	11.12%	17.46%	15.92%	17.22%	15.32%	10.17%	8.85%	15.58%
Total Asset Turnover	0.506	0.439	0.440	0.512	0.663	0.628	0.621	0.739	0.748	0.667
Equity Multiplier	2.227	2.394	2.580	2.334	2.033	2.041	2.241	2.444	2.518	2.534
Return on Equity	10.64%	13.26%	17.75%	13.29%	23.55%	20.39%	23.97%	27.67%	19.15%	14.95%
Profitability Analysis
Gross Profitability	81.03%	81.41%	80.03%	80.28%	77.77%	77.31%	76.73%	72.89%	72.47%	72.26%	74.00%
Operating Profitability	13.13%	20.09%	19.21%	25.49%	31.91%	31.49%	28.00%	21.48%	18.26%	14.96%	20.90%
Net Profitability	9.45%	12.62%	15.64%	11.12%	17.46%	15.92%	17.22%	15.32%	10.17%	8.85%	15.58%
Return on Assets	4.78%	5.54%	6.88%	5.69%	11.58%	9.99%	10.70%	11.32%	7.61%	5.90%
Return on Equity	10.64%	13.26%	17.75%	13.29%	23.55%	20.39%	23.97%	27.67%	19.15%	14.95%
Efficiency Analysis
Receivable Turnover	4.519	5.033	5.590	5.638	6.300	6.069	5.472	5.182	5.168	5.408
Receivable DSO	80.769	72.522	65.292	64.741	57.935	60.143	66.701	70.441	70.621	67.493
Inventory Turnover	2.260	1.931	2.074	2.285	3.649	3.378	2.754	2.844	2.512	2.402
Inventory DCO	161.532	189.053	175.974	159.753	100.023	108.055	132.538	128.345	145.322	151.985
Net PP&E Turnover	3.751	3.530	3.306	3.576	4.626	4.009	3.596	3.726	3.417	3.152
Net Fixed Asset Turnover	0.818	0.818	0.712	0.800	1.198	1.118	1.181	1.346	1.244	1.151
Total Asset Turnover	0.506	0.439	0.440	0.512	0.663	0.628	0.621	0.739	0.748	0.667
Liquidity Analysis
Current Ratio	1.299	1.727	1.521	1.150	1.969	1.970	2.211	2.200	1.197	1.586	1.783
Quick Ratio	1.046	1.258	0.613	0.676	1.571	1.567	1.850	1.785	0.748	1.118	1.332
Cash Ratio	0.533	0.879	0.364	0.342	1.122	1.083	1.349	1.232	0.257	0.618	0.842
Times Interest Earned	11.821	15.714	15.819	24.676	46.752	40.105	26.731	13.285	7.731	5.194	11.215
Accounts Payable Turnover	1.384	1.195	1.308	1.560	2.138	2.280	2.479	3.485	4.035	3.541
Accounts Payable DCO (DPO)	263.821	305.539	279.114	234.031	170.735	160.094	147.215	104.743	90.457	103.084
Leverage Ratio
Total Debt to Total Assets	0.546	0.556	0.605	0.620	0.519	0.497	0.523	0.586	0.596	0.609	0.602
Long Term Term Debt to Total Assets	0.293	0.305	0.283	0.389	0.283	0.280	0.320	0.359	0.266	0.355	0.357
Total Debt to Total Equity	1.201	1.252	1.533	1.632	1.078	0.987	1.097	1.414	1.478	1.560	1.511

&"Arial,Bold"&12&A

Tasks

1. See attached financial statement and ratio workbooks for the following companies

a. Abbott Laboratories

b. Bristol-Myers Squibb

c. Glaxosmithklien

d. Eli Lilly & Co.

e. Merck & Co.

f. Novartis

g. Pfizer

2. Use Eli Lilly & Co. pharmaceutical company, to complete the following:

A. The product and service of Eli Lilly

B. The target market of Eli Lilly

C. The competition and market structure of Eli Lilly

D. Use the major income statement figures and put the figures in the pie chart.

E. Use the major balance sheet figures to represent them in pie chart

F. Outline and explain the trend

G. What is market distribution channels of Eli Lilly?

3. Complete the following elements of an industry analysis:

a. Table and chart showing an index of sales for all seven companies using FYE Dec 05 as the base year

b. Table and chart showing an index of net income for all seven companies using FYE Dec 05 as the base year.

c. Table and chart showing an index of total assets for all seven companies using FYE Dec 05 as the base year.

d. Table and chart showing an index of net PPE for all seven companies using FYE Dec 05 as the base year.

e. Table and chart showing an index of inventory for all seven companies using FYE Dec 05 as the base year.

f. Table and chart showing the gross profit margins for all seven companies

g. Table and chart showing the inventory turnover for all seven companies

h. Table and chart showing the net PPE turnover for all seven companies

4. Put the tables and charts from step 2 and 3 into a PowerPoint slide presentation.

5. Use Eli Lilly & Co. company, complete the following:

a. Download and review the 10-K document for your company to develop an understanding of its business model

b. Conduct an IODE financial analysis of the company, including but not limited to:

i. Balance sheet analysis of structure and trends

ii. Income statement analysis of structure and trends

iii. Analysis of the DuPont ratio structure and trends

iv. Analysis of key profitability ratio structure and trends

v. Analysis of key efficiency ratios and trends

vi. Analysis of key leverage ratios and trends

c. Prepare a set of exhibit tables and/or charts that support the findings and implication of each step of your analysis. Put these exhibits into a PowerPoint slide presentation.

d. Develop some conclusions regarding the sustainability of the business model for Eli Lilly Pharmaceutical company in the context of what you know about the industry (e.g., from your industry analysis in Step 2 and 3, and comparison to other companies in the sample). Include these conclusions in your presentation slides.

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FINANCIAL ABBOT.xlsx

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