Valuation Template by mnp19709

VIEWS: 139 PAGES: 38

									Major Drug Companies                                              Date of Analysis June 29, 2001
Comparative Company Analysis
($ in millions)                                        Total Dollar Amounts in Millions of Dollars
                                            Equity                   Total
Comparables                                 Market       Total     Enterprise    TTM
Company Name                      Ticker    Value        Debt        Value     Revenue
Abbot Labs                         ABT
American Home Products             AHP
Bristol-Myers Squibb               BMY
GlaxoSmithkline                    GSK
Johnson & Johnson                  JNJ
Merck                              MRK
Pfizer                             PFE
Pharmacia                          PHA
Schering-Plough                    SGP

Stats for Comparable Firms
(excludes Eli Lilly)




Firm Evaluated(2):
LLY Ratios
LLY Dollar Amounts (TTM)         SWRG



                                                                                Mean Equity Value
                                                                                Median Equity Value
                                                                                Number of Shares Outs
                                                                                Mean Price Per Share
                                                                                Median Price Per Share
                                                                                Current Price as of 6/29/01




1) Equity valuation means that you have to subtract Total Debt from Firm Value e.g., Firm Value - Total Debt = Equ
2) TTM figures represents Trailing Twelve Months e.g. last 12 months/latest 4 quarters
sis June 29, 2001

 Millions of Dollars                          Total Enterprise Value (TEV) Multiples                      Equity Market Value (
                ($)        ($)
               TTM        TTM         TTM           2001 Est   2002 Est TTM            TTM       TTM
             EBITDA       EBIT      Revenue         Revenue    Revenue EBITDA          EBIT    Earnings




                       Mean
                       Median
                       StDev
                       Max
                       Min




           Eli Lilly (LLY) Implied Equity Valuation (1)
Mean Equity Value
Median Equity Value
Number of Shares Outs
Mean Price Per Share
Median Price Per Share
Current Price as of 6/29/01           74.00          74.00       74.00     74.00       74.00    74.00




.g., Firm Value - Total Debt = Equity Value
Equity Market Value (EMV) Multiples
   Mean        Mean
   2001E      2002E       LTM         2001
  Earnings Earnings BV EQTY           PEG




   74.00      74.00       74.00       74.00
                                  6/29/2001      ($Mil)         ($Mil)
Firm                     Ticker     Price   Est. Sales2001 Est. Sales2002 Est. EPS2001
Abbot Labs                ABT       48.00      16273.77       18294.15         1.88
American Home Products    AHP       58.75      14658.65       16353.75         2.19
Bristol-Myers Squibb      BMY       52.30      19320.58       21178.67         2.42
Eli Lilly                 LLY       74.00      11500.76       12130.13         2.82
GlaxoSmithkline           GSK       56.20      27118.05       28700.91         1.93
Johnson & Johnson         JNJ       49.96        31239          33629          1.93
Merck                     MRK       63.91      48037.27         53510          3.15
Pfizer                    PFE       40.05      32499.87       36430.27         1.30
Pharmacia                 PHA       45.95      19831.70       21471.30         1.75
Schering-Plough           SGP       36.24      10081.75       11354.25         1.64
              Est. LT                           Pct
Est. EPS2002 EPS CAGR   Beta   Payout (TTM)   Insiders
     2.25      12.51     .47       65%            8
     2.51      13.96     .50       NMF            1
     2.70      12.60     .52       31%            1
     2.99      13.16     .37       38%           17
     2.18      11.46     .58       NMF           11
     2.19      13.00     .61       36%            1
     3.46      11.53     .52       42%            1
     1.59      21.37     .70       41%           20
     2.06      18.18     .35       13%            6
     1.93      12.77     .82       35%           14
Abbott Laboratories (ABT)
In Millions of U.S. Dollars (except for per    3 Months    3 Months 3 Months 3 Months 3 Months
share items)                                     Ending      Ending   Ending   Ending   Ending
                                                03/31/01    12/31/00 09/30/00 06/30/00 03/31/00
Revenue                                         3,559.90    3,704.70 3,317.90 3,370.20 3,353.20
Other Revenue                                          –           –        –        –        –
Total Revenue                                   3,559.90    3,704.70 3,317.90 3,370.20 3,353.20
Cost of Revenue                                 1,643.30    1,696.40 1,515.50 1,530.30 1,496.40
Gross Profit                                    1,916.60    2,008.20 1,802.40 1,839.90 1,856.70
Selling/ General/ Administrative Expenses            747       735.6    699.3    728.9    730.3
Research & Development                             318.3       349.7    318.4    361.6    321.4
Depreciation/ Amortization                             –           –        –        –        –
Interest Expense (Income), Net Operating               –           –        –        –        –
Unusual Expense (Income)                        1,015.00           –        –        –        –
Other Operating Expenses                               0           0        0    -92.2    -46.3
Total Operating Expense                         3,723.60    2,781.80 2,533.20 2,528.60 2,501.80
Operating Income                                  -163.7       922.9    784.7    841.6    851.4
Interest Expense, Net Non-Operating                    –           –        –        –        –
Interest/ Investment Income, Non-Operating        -193.9       108.1    136.7    117.6    118.9

Interest Income (Expense), Net Non-Operating      -220.7      108.9     135.8      106.5      106.9
Gain (Loss) on Sale of Assets                          –          –         –          –          –
Other, Net                                          -4.3        0.2     -24.1       -9.4         -9
Income Before Tax                                 -388.7   1,032.10     896.5      938.6      949.3
Income Tax                                        -165.1      278.7       242      253.4      256.3
Income After Tax                                  -223.6      753.4     654.4      685.2        693
Minority Interest                                      –          –         –          –          –
Equity In Affiliates                                   –          –         –          –          –
Net Income Before Extra. Items                    -223.6      753.4     654.4      685.2        693
Accounting Change                                      0          0         0          0          0
Discontinued Operations                                –          –         –          –          –
Extraordinary Item                                     0          0         0          0          0
Net Income                                        -223.6      753.4     654.4      685.2        693
Preferred Dividends                                    –          –         –          –          –
Income Available to Common Excl. Extra.
Items                                             -223.6      753.4     654.4      685.2        693
Income Available to Common Incl. Extra.
Items                                             -223.6      753.4      654.4      685.2        693
Basic/ Primary Weighted Average Shares          1,547.07   1,545.91   1,548.22   1,549.86   1,548.07
Basic/ Primary EPS Excl. Extra. Items             -0.145      0.487      0.423      0.442      0.448
Basic/ Primary EPS Incl. Extra. Items             -0.145      0.487      0.423      0.442      0.448
Dilution Adjustment                                    0          0          –          –          0
Diluted Weighted Average Shares                 1,547.07   1,569.64   1,566.75   1,566.37   1,559.56
Diluted EPS Excl. Extra. Items                    -0.145       0.48      0.418      0.437      0.444
Diluted EPS Incl. Extra. Items                    -0.145       0.48      0.418      0.437      0.444
Dividends per Share - Common Stock                  0.21       0.19       0.19       0.19       0.19
Interest Expense, Supplemental                        51       23.7         25         33       32.2
Total Special Items                             1,015.00          0          0      -92.2      -46.3
Normalized Income Before Tax                       626.3   1,032.10      896.5      846.4        903
Effect of Special Charge on Income Taxes               0          0          0      -24.9      -12.5
Income Taxes Excl. Impact of Special Items        -165.1      278.7        242      228.5      243.8
Normalized Income After Tax                      791.4       753.4       654.4       617.9       659.2

Normalized Income Available to Common            791.4       753.4       654.4       617.9       659.2
Basic Normalized EPS                             0.512       0.487       0.423       0.399       0.426
Diluted Normalized EPS                           0.512        0.48       0.418       0.394       0.423

In Millions of U.S. Dollars (except for per   3 Months    3 Months    3 Months    3 Months    3 Months
share items)                                    Ending      Ending      Ending      Ending      Ending
                                               03/31/01    12/31/00    09/30/00    06/30/00    03/31/00
Cash & Equivalents                                492.2       914.2       878.1       840.1       680.9
Short Term Investments                              266       242.5        89.5       144.1        94.5
Cash and Short Term Investments                   758.2    1,156.70       967.6       984.3       775.3
Trade Accounts Receivable, Net                 2,553.80    2,179.50    2,030.00    2,040.90    1,941.50
Other Receivables                                     –           –           –           –           –
Total Receivables, Net                         2,553.80    2,179.50    2,030.00    2,040.90    1,941.50
Total Inventory                                2,239.70    1,741.30    1,732.50    1,684.30    1,622.30
Prepaid Expenses                               2,639.60    2,298.70    2,241.20    2,188.60    2,388.80
Total Current Assets                           8,191.40    7,376.20    6,971.30    6,898.00    6,727.90
Property/ Plant/ Equipment - Gross            10,895.30   10,127.90    9,980.20    9,938.90    9,891.20
Accumulated Depreciation                      -5,478.10   -5,311.00   -5,239.60   -5,168.10   -5,110.20
Property/ Plant/ Equipment, Net                5,417.20    4,816.90    4,740.60    4,770.80    4,781.00
Goodwill, Net                                         –           –           –           –           –
Intangibles, Net                               5,533.00           –           –           –           –
Long Term Investments                             597.5         638       858.8       879.7    1,014.90
Other Long Term Assets                         2,239.40    2,452.10    2,409.50    2,415.60    2,437.10
Total Assets                                  21,978.50   15,283.30   14,980.20   14,964.10   14,960.90
Accounts Payable                               1,453.30    1,356.00    1,263.70    1,480.10    1,203.80
Notes Payable/ Short Term Debt                 5,966.80       479.5         547       355.6       909.1
Current Port. LT Debt/ Capital Leases                 –           –           –           –           –
Other Current Liabilities                      3,468.70    2,462.10    2,473.40    2,352.60    2,387.70
Total Current Liabilities                     10,888.80    4,297.50    4,284.10    4,188.30    4,500.60
Long Term Debt                                 1,076.40    1,076.40    1,076.30    1,326.40    1,326.70
Capital Lease Obligations                             –           –           –           –           –
Total Long Term Debt                           1,076.40    1,076.40    1,076.30    1,326.40    1,326.70
Total Debt                                     7,043.20    1,555.80    1,623.30    1,682.00    2,235.90
Deferred Income Tax                                   –           –           –           –           –
Minority Interest                                     –           –           –           –           –
Other Liabilities                              1,913.80    1,338.40    1,306.10    1,265.00    1,260.00
Total Liabilities                             13,879.00    6,712.30    6,666.50    6,779.70    7,087.40
Redeemable Preferred Stock                            –           –           –           –           –
Preferred Stock - Non Redeemable, Net                 –           –           –           –           –
Common Stock                                   2,314.80    2,218.20    2,136.20    2,074.20    2,001.40
Additional Paid-In Capital                            –           –           –           –           –
Retained Earnings (Accum. Deficit)             6,643.20    7,229.60    6,990.50    6,879.50    6,566.50
Treasury Stock - Common                          -255.4      -255.6      -255.7      -257.1      -257.3
Other Equity                                       -603      -621.3      -557.3      -512.2        -437
Total Equity                                   8,099.50    8,570.90    8,313.70    8,184.40    7,873.60
Total Liability & Shareholders’ Equity        21,978.50   15,283.30   14,980.20   14,964.10   14,960.90
Shares Outs. - Common Stock                    1,548.26    1,545.93    1,546.43    1,549.93    1,549.13
Total Common Shares Outstanding                1,548.26    1,545.93    1,546.43    1,549.93    1,549.13
In Millions of U.S. Dollars (except for per   3 Months 12 Months 9 Months 6 Months 3 Months
share items)                                    Ending    Ending    Ending    Ending  Ending
                                               03/31/01  12/31/00 09/30/00 06/30/00 03/31/00
Net Income                                       -223.6  2,786.00 2,032.60 1,378.20       693
Depreciation/ Depletion                           230.1     827.4     628.7     435.8   224.4
Deferred Taxes                                        –         –         –         –        –
Non-Cash Items                                    -11.7     -68.6      57.3    -138.5  -388.9
Changes in Working Capital                        -91.2    -445.2    -393.1     -27.9   -86.7
Total Cash from Operating Activities              -96.4  3,099.60 2,325.40 1,647.60     441.8
Capital Expenditures                          -5,598.20 -1,035.90    -728.2    -530.8  -300.6
Other Investing Cash Flow Items                   -18.1     418.2     350.7     184.5   164.8
Total Cash from Investing Activities          -5,616.30    -617.7    -377.5    -346.4  -135.8
Financing Cash Flow Items                             –         –         –         –        –
Total Cash Dividends Paid                        -288.8 -1,145.90    -851.9    -557.5  -263.1
Issuance (Retirement) of Stock, Net                30.9    -329.3    -202.9        50    27.3
Issuance (Retirement) of Debt, Net             5,497.90    -672.8    -606.7    -548.6      6.2
Total Cash from Financing Activities           5,239.90 -2,147.90 -1,661.60 -1,056.10  -229.5
Foreign Exchange Effects                           50.7     -27.9     -16.3     -13.1    -3.7
Net Change in Cash                                 -422     306.1       270     232.1    72.8
Cash Interest Paid                                    –     113.9         –         0        0
Cash Taxes Paid                                       –  1,085.10         –         0        0

In Millions of U.S. Dollars (except for per   3 Months    3 Months 3 Months 3 Months 3 Months
share items)                                    Ending      Ending   Ending   Ending   Ending
                                               03/31/01    12/31/00 09/30/00 06/30/00 03/31/00
Depreciation/Depletion
Amortization                                         0           0        0        0        0
Depreciation and Amortization                        0           0        0        0        0
American Home Products (AHP)
In Millions of U.S. Dollars (except for per    3 Months     3 Months 3 Months 3 Months 3 Months
share items)                                     Ending       Ending   Ending   Ending    Ending
                                                03/31/01     12/31/00 09/30/00 06/30/00 03/31/00
Revenue                                         3,449.20     3,195.80 3,677.30 3,193.80 3,195.90
Other Revenue                                           –           –        –        –         –
Total Revenue                                   3,449.20     3,195.80 3,677.30 3,193.80 3,195.90
Cost of Revenue                                    798.6        752.8    908.9    825.7       782
Gross Profit                                    2,650.60     2,442.90 2,768.40 2,368.10 2,413.90
Selling/ General/ Administrative Expenses       1,285.50     1,246.80 1,322.90 1,298.60 1,164.20
Research & Development                               451        367.2    458.5      454     408.2
Depreciation/ Amortization                              –           –        –        –         –
Interest Expense (Income), Net Operating              3.9       -13.9    -22.7     43.2      50.9
Unusual Expense (Income)                                0    8,248.00        0        0 -1,709.40
Other Operating Expenses                           -70.8    -2,151.30    -14.6     10.1     -66.4
Total Operating Expense                         2,468.20     8,449.60 2,653.10 2,631.60     629.5
Operating Income                                     981    -5,253.80 1,024.20    562.3 2,566.30

Interest Income (Expense), Net Non-Operating           –            –          –         –         –
Gain (Loss) on Sale of Assets                          –            –          –         –         –
Income Before Tax                                    981    -5,253.80   1,024.20     562.3 2,566.30
Income Tax                                         247.4    -1,432.00      262.1     149.6     820.3
Income After Tax                                   733.6    -3,821.90      762.1     412.7 1,746.00
Minority Interest                                      –            –          –         –         –
Equity In Affiliates                                   –            –          –         –         –
Net Income Before Extra. Items                     733.6    -3,821.90      762.1     412.7 1,746.00
Accounting Change                                      –            –          –         –         –
Discontinued Operations                                0            0          0         0 -1,469.60
Extraordinary Item                                     –            –          –         –         –
Net Income                                         733.6    -3,821.90      762.1     412.7     276.4
Preferred Dividends                                    0            0          0         0         0
Income Available to Common Excl. Extra.
Items                                              733.5    -3,821.90     762.1      412.7   1,746.00
Income Available to Common Incl. Extra.
Items                                              733.5    -3,821.90      762.1      412.7     276.4
Basic/ Primary Weighted Average Shares          1,313.86     1,311.16   1,305.48   1,304.05 1,305.21
Basic/ Primary EPS Excl. Extra. Items              0.558       -2.915      0.584      0.316     1.338
Basic/ Primary EPS Incl. Extra. Items              0.558       -2.915      0.584      0.316     0.212
Dilution Adjustment                                    0            0          0          0         0
Diluted Weighted Average Shares                 1,328.06     1,311.16   1,321.00   1,321.42 1,319.67
Diluted EPS Excl. Extra. Items                     0.552       -2.915      0.577      0.312     1.323
Diluted EPS Incl. Extra. Items                     0.552       -2.915      0.577      0.312     0.209
Dividends per Share - Common Stock                  0.23         0.23       0.23       0.23      0.23
Gross Dividends - Common Stock                       302        304.6      296.9      299.9     300.1
Total Special Items                                    0     6,186.80          0          0 -1,709.40
Normalized Income Before Tax                         981          933   1,024.20      562.3       857
Effect of Special Charge on Income Taxes               0            0          0          0    -546.4
Income Taxes Excl. Impact of Special Items         247.4    -1,432.00      262.1      149.6     273.9
Normalized Income After Tax                        733.6     2,364.90      762.1      412.7       583

Normalized Income Available to Common              733.5     2,364.90     762.1      412.7       583
Basic Normalized EPS                              0.558        1.804       0.584       0.316       0.447
Diluted Normalized EPS                            0.552        1.804       0.577       0.312       0.442

In Millions of U.S. Dollars (except for per   3 Months     3 Months     3 Months    3 Months    3 Months
share items)                                    Ending       Ending       Ending      Ending      Ending
                                               03/31/01     12/31/00     09/30/00    06/30/00    03/31/00
Cash & Equivalents                             3,512.20     2,644.30     3,179.10    2,920.10    2,143.20
Short Term Investments                            404.6          341        947.3       834.3       561.4
Cash and Short Term Investments                3,916.80     2,985.30     4,126.40    3,754.50    2,704.60
Trade Accounts Receivable, Net                 2,484.80     2,740.30     2,647.80    2,333.00    2,245.40
Other Receivables                                      –            –           –           –           –
Total Receivables, Net                         2,484.80     2,740.30     2,647.80    2,333.00    2,245.40
Total Inventory                                1,583.10     1,531.70     1,733.10    1,790.40    1,714.80
Prepaid Expenses                                       –            –           –           –           –
Other Current Assets                           2,344.00     2,923.50     1,763.60    1,940.80    6,142.10
Total Current Assets                          10,328.70    10,180.80    10,270.90    9,818.70   12,806.90
Property/ Plant/ Equipment - Gross             7,798.60     7,578.20     7,199.40    6,935.00    6,681.70
Accumulated Depreciation                      -2,582.10    -2,543.40    -2,454.70   -2,463.50   -2,380.40
Property/ Plant/ Equipment, Net                5,216.60     5,034.80     4,744.70    4,471.40    4,301.30
Goodwill, Net                                  3,993.10     4,052.40     4,697.70    4,763.70    4,783.60
Intangibles, Net                                       –            –           –           –           –
Long Term Investments                                  –            –           –           –           –
Other Long Term Assets                         2,489.90     1,824.40     1,139.80    1,346.70    1,588.60
Total Assets                                  22,028.20    21,092.50    20,853.20   20,400.40   23,480.40
Accounts Payable                                  512.8        595.2        834.2       550.2       611.8
Accrued Expenses                               5,437.10     9,088.10     5,398.90    6,030.50    5,653.10
Notes Payable/ Short Term Debt                         –            –           –           –           –
Current Port. LT Debt/ Capital Leases              57.5         58.7         31.8        30.5       859.8
Total Current Liabilities                      6,007.30     9,742.10     6,264.90    6,611.20    7,124.80
Long Term Debt                                 7,334.30     2,394.80     3,483.10    2,390.30    3,634.10
Capital Lease Obligations                              –            –           –           –           –
Total Long Term Debt                           7,334.30     2,394.80     3,483.10    2,390.30    3,634.10
Total Debt                                     7,391.80     2,453.50     3,514.80    2,420.80    4,493.90
Deferred Income Tax                                    –            –           –           –           –
Minority Interest                                      –            –           –           –           –
Other Liabilities                              5,465.00     6,137.50     4,772.10    5,274.80    6,469.10
Total Liabilities                             18,806.70    18,274.40    14,520.10   14,276.30   17,228.00
Redeemable Preferred Stock                             –            –           –           –           –
Preferred Stock - Non Redeemable, Net                0.1          0.1         0.1         0.1         0.1
Common Stock                                        438        437.3        435.9       434.4       434.5
Additional Paid-In Capital                     4,004.40     3,952.50     3,701.70    3,543.90    3,436.40
Retained Earnings (Accum. Deficit)               -469.1       -899.1     2,871.80    2,744.40    2,860.80
Treasury Stock - Common                                –            –           –           –           –
Other Equity                                     -751.8       -672.6       -676.4      -598.6      -479.4
Total Equity                                   3,221.50     2,818.10     6,333.10    6,124.10    6,252.40
Total Liability & Shareholders’ Equity        22,028.20    21,092.50    20,853.20   20,400.40   23,480.40
Shares Outs. - Common Stock                    1,314.43     1,311.77     1,310.55    1,303.66    1,304.20
Total Common Shares Outstanding                1,314.43     1,311.77     1,310.55    1,303.66    1,304.20
In Millions of U.S. Dollars (except for per   3 Months 12 Months 9 Months 6 Months 3 Months
share items)                                    Ending    Ending    Ending    Ending    Ending
                                               03/31/01  12/31/00 09/30/00 06/30/00 03/31/00
Net Income                                        733.6      -901 2,920.80 2,158.70 1,746.00
Depreciation/ Depletion                           149.6     336.2     399.7     280.5     137.5
Amortization                                          –     198.8         –         –         –
Deferred Taxes                                     53.4    -814.3     704.6     355.8     184.6
Non-Cash Items                                -4,150.30  1,901.40 -2,298.30 -1,179.80 -1,186.20
Changes in Working Capital                       -199.1    -166.1     -11.2     373.4     715.1
Total Cash from Operating Activities          -3,412.80     554.9 1,715.70 1,988.70 1,597.00
Capital Expenditures                             -361.7 -1,681.90    -978.7    -592.4    -238.7
Other Investing Cash Flow Items                     -39  6,167.60 3,579.00 3,572.20        59.2
Total Cash from Investing Activities             -400.7  4,485.70 2,600.30 2,979.70      -179.5
Financing Cash Flow Items                             –         –         –         –         –
Total Cash Dividends Paid                          -302 -1,201.50    -896.8    -599.9    -300.1
Issuance (Retirement) of Stock, Net                52.5      17.8     -90.8    -212.2       -79
Issuance (Retirement) of Debt, Net             4,942.50 -3,080.40 -2,017.50 -3,110.40 -1,036.30
Total Cash from Financing Activities           4,692.90 -4,264.10 -3,005.20 -3,922.60 -1,415.30
Foreign Exchange Effects                          -11.4     -24.9     -24.4     -18.4      -4.6
Net Change in Cash                                867.9     751.6 1,286.40 1,027.40        -2.4
Cash Interest Paid                                 76.3       343       312     235.8     161.6
Cash Taxes Paid                                   162.1  1,038.30     693.3     343.8     133.2

In Millions of U.S. Dollars (except for per   3 Months    3 Months 3 Months 3 Months 3 Months
share items)                                    Ending      Ending   Ending   Ending   Ending
                                               03/31/01    12/31/00 09/30/00 06/30/00 03/31/00
Depreciation/ Depletion
Amortization
Depreciation and Amortization
Bristol-Myers Squibb Co. (NYSE)
In Millions of U.S. Dollars (except for per    3 Months    3 Months 3 Months 3 Months 3 Months
share items)                                     Ending      Ending   Ending   Ending   Ending
                                                03/31/01    12/31/00 09/30/00 06/30/00 03/31/00
Revenue                                         4,689.00    4,784.00 4,563.00 4,418.00 4,451.00
Other Revenue                                          –           –        –        –        –
Total Revenue                                   4,689.00    4,784.00 4,563.00 4,418.00 4,451.00
Cost of Revenue                                 1,283.00    1,288.00 1,200.00 1,130.00 1,141.00
Gross Profit                                    3,406.00    3,496.00 3,363.00 3,288.00 3,310.00
Selling/ General/ Administrative Expenses       1,211.00    1,326.00 1,357.00 1,515.00 1,334.00
Research & Development                               508         564      479      450      446
Depreciation/ Amortization                             –           –        –        –        –
Interest Expense (Income), Net Operating               –           –        –        –        –
Unusual Expense (Income)                               –           0      386      122        –
Other Operating Expenses                               –         160        0     -160        –
Total Operating Expense                         3,002.00    3,338.00 3,422.00 3,057.00 2,921.00
Operating Income                                1,687.00    1,446.00 1,141.00 1,361.00 1,530.00

Interest Income (Expense), Net Non-Operating           –           –          –          –           –
Gain (Loss) on Sale of Assets                          –           –          –          –           –
Income Before Tax                               1,687.00    1,446.00   1,141.00   1,361.00    1,530.00
Income Tax                                           444         377        248        356         401
Income After Tax                                1,243.00    1,069.00        893   1,005.00    1,129.00
Minority Interest                                      –           –          –          –           –
Equity In Affiliates                                   –           –          –          –           –
Net Income Before Extra. Items                  1,243.00    1,069.00        893   1,005.00    1,129.00
Accounting Change                                      –           –          –          –           –
Discontinued Operations                               93          94        343         86          92
Extraordinary Item                                     –           –          –          –           –
Net Income                                      1,336.00    1,163.00   1,236.00   1,091.00    1,221.00
Preferred Dividends                                    –           –          –          –           –
Income Available to Common Excl. Extra.
Items                                           1,243.00    1,069.00       893    1,005.00    1,129.00
Income Available to Common Incl. Extra.
Items                                           1,336.00    1,163.00   1,236.00   1,091.00    1,221.00
Basic/ Primary Weighted Average Shares          1,948.00    1,951.00   1,963.00   1,970.00    1,976.00
Basic/ Primary EPS Excl. Extra. Items              0.638       0.548      0.455       0.51       0.571
Basic/ Primary EPS Incl. Extra. Items              0.686       0.596       0.63      0.554       0.618
Dilution Adjustment                                    0           0          0           0          0
Diluted Weighted Average Shares                 1,978.00    1,986.00   1,991.00   2,002.00    2,009.00
Diluted EPS Excl. Extra. Items                     0.628       0.538      0.449      0.502       0.562
Diluted EPS Incl. Extra. Items                     0.675       0.586      0.621      0.545       0.608
Dividends per Share - Common Stock                 0.275       0.245      0.245      0.245       0.245
Total Special Items                                    –           0        386         -38          –
Normalized Income Before Tax                    1,687.00    1,446.00   1,527.00   1,323.00    1,530.00
Effect of Special Charge on Income Taxes               –           0       83.9        -9.9          –
Income Taxes Excl. Impact of Special Items           444         377      331.9      346.1         401
Normalized Income After Tax                     1,243.00    1,069.00   1,195.10      976.9    1,129.00

Normalized Income Available to Common           1,243.00    1,069.00   1,195.10      976.9    1,129.00
Basic Normalized EPS                               0.638       0.548      0.609      0.496       0.571
Diluted Normalized EPS                            0.628       0.538          0.6      0.488       0.562

In Millions of U.S. Dollars (except for per    3 Months    3 Months    3 Months    3 Months    3 Months
share items)                                     Ending      Ending      Ending      Ending      Ending
                                                03/31/01    12/31/00    09/30/00    06/30/00    03/31/00
Cash & Equivalents                              2,634.00    3,182.00    2,760.00    2,222.00    2,468.00
Short Term Investments                               302         203         202         202         212
Cash and Short Term Investments                 2,936.00    3,385.00    2,962.00    2,424.00    2,680.00
Trade Accounts Receivable, Net                  3,946.00    3,662.00    3,782.00    3,575.00    3,349.00
Other Receivables                                      –           –           –           –           –
Total Receivables, Net                          3,946.00    3,662.00    3,782.00    3,575.00    3,349.00
Total Inventory                                 1,938.00    1,831.00    1,852.00    2,017.00    2,046.00
Prepaid Expenses                                     931         946    1,075.00         923         971
Total Current Assets                            9,751.00    9,824.00    9,671.00    8,939.00    9,046.00
Property/ Plant/ Equipment - Gross              8,060.00    7,926.00    7,798.00    7,822.00    7,833.00
Accumulated Depreciation                       -3,460.00   -3,378.00   -3,367.00   -3,310.00   -3,283.00
Property/ Plant/ Equipment, Net                 4,600.00    4,548.00    4,431.00    4,512.00    4,550.00
Goodwill, Net                                   1,420.00    1,436.00    1,445.00    1,463.00    1,483.00
Intangibles, Net                                       –           –           –           –           –
Long Term Investments                                  –           –           –           –           –
Other Long Term Assets                          1,893.00    1,770.00    1,920.00    1,917.00    1,957.00
Total Assets                                   17,664.00   17,578.00   17,467.00   16,831.00   17,036.00
Accounts Payable                                1,608.00    1,702.00    1,430.00    1,586.00    1,514.00
Accrued Expenses                                2,862.00    2,881.00    2,853.00    2,362.00    2,321.00
Notes Payable/ Short Term Debt                       181         162         173         258         365
Current Port. LT Debt/ Capital Leases                  –           –           –           –           –
Other Current Liabilities                            847         887    1,103.00         925    1,117.00
Total Current Liabilities                       5,498.00    5,632.00    5,559.00    5,131.00    5,317.00
Long Term Debt                                  1,316.00    1,336.00    1,323.00    1,330.00    1,333.00
Capital Lease Obligations                              –           –           –           –           –
Total Long Term Debt                            1,316.00    1,336.00    1,323.00    1,330.00    1,333.00
Total Debt                                      1,497.00    1,498.00    1,496.00    1,588.00    1,698.00
Deferred Income Tax                                    –           –           –           –           –
Minority Interest                                      –           –           –           –           –
Other Liabilities                               1,408.00    1,430.00    1,429.00    1,453.00    1,577.00
Total Liabilities                               8,222.00    8,398.00    8,311.00    7,914.00    8,227.00
Redeemable Preferred Stock                             –           –           –           –           –
Preferred Stock - Non Redeemable, Net                  –           –           –           –           –
Common Stock                                         220         220         220         219         219
Additional Paid-In Capital                      2,138.00    2,002.00    1,774.00    1,691.00    1,612.00
Retained Earnings (Accum. Deficit)             18,580.00   17,781.00   17,098.00   16,343.00   15,736.00
Treasury Stock - Common                       -10,492.00   -9,720.00   -8,954.00   -8,358.00   -7,888.00
Other Equity                                   -1,004.00   -1,103.00        -982        -978        -870
Total Equity                                    9,442.00    9,180.00    9,156.00    8,917.00    8,809.00
Total Liability & Shareholders’ Equity         17,664.00   17,578.00   17,467.00   16,831.00   17,036.00
Shares Outs. - Common Stock                     1,945.71    1,953.54    1,958.54    1,967.08    1,973.28
Total Common Shares Outstanding                 1,945.71    1,953.54    1,958.54    1,967.08    1,973.28
Total Preferred Stock Shares Outs.                  0.01        0.01        0.01        0.01        0.01
In Millions of U.S. Dollars (except for per   3 Months 12 Months 9 Months 6 Months       3 Months
share items)                                   Ending    Ending     Ending    Ending       Ending
                                              03/31/01   12/31/00 09/30/00 06/30/00      03/31/00
Net Income                                      1,336.00  4,711.00 3,548.00 2,312.00       1,221.00
Depreciation/ Depletion                              185       746       560       373          187
Deferred Taxes                                         –          –        –         –            –
Non-Cash Items                                       -32        -20      -20       -20            0
Changes in Working Capital                          -620      -785 -1,256.00 -1,021.00         -702
Total Cash from Operating Activities                 869  4,652.00 2,832.00 1,644.00            706
Capital Expenditures                                -197      -589      -480      -192          -98
Other Investing Cash Flow Items                     -113       605       831       197          203
Total Cash from Investing Activities                -310         16      351         5          105
Financing Cash Flow Items                              –          –        –         –            –
Total Cash Dividends Paid                           -537 -1,930.00 -1,450.00      -969         -485
Issuance (Retirement) of Stock, Net                 -604 -1,986.00 -1,413.00      -984         -505
Issuance (Retirement) of Debt, Net                    17      -241      -248      -160          -59
Total Cash from Financing Activities           -1,124.00 -4,157.00 -3,111.00 -2,113.00    -1,049.00
Foreign Exchange Effects                              17        -49      -32       -34          -14
Net Change in Cash                                  -548       462        40      -498         -252
Cash Interest Paid                                     –       112         –         –            –
Cash Taxes Paid                                        –  1,620.00         –         –            –

In Millions of U.S. Dollars (except for per   3 Months    3 Months 3 Months 3 Months 3 Months
share items)                                    Ending      Ending   Ending   Ending   Ending
                                               03/31/01    12/31/00 09/30/00 06/30/00 03/31/00
Depreciation/ Depletion
Amortization                                          0          0        0         0            0
Depreciation and Amortization
GlaxoSmithKline plc (NYSE)
In Millions of U.S. Dollars (except for per   6 Months 6 Months       6 Months 6 Months      6 Months
share items)                                    Ending   Ending         Ending   Ending        Ending
                                               12/31/00 06/30/00       12/31/99 06/30/99      12/31/98
Revenue                                       19,045.20 6,490.10      17,923.70 5,799.40      5,816.40
Other Revenue                                         –        –              –        –             –
Total Revenue                                 19,045.20 6,490.10      17,923.70 5,799.40      5,816.40
Cost of Revenue                                4,158.20 1,437.90       4,985.90 1,135.60      1,120.10
Gross Profit                                  14,887.00 5,052.30      12,937.90 4,663.80      4,696.30
Selling/ General/ Administrative Expenses      7,820.60 2,258.50       6,847.50 1,974.60      1,940.70
Research & Development                         2,670.90    896.9       2,409.60    819.2         875.7
Depreciation/ Amortization                            –        –              –        –             –
Interest Expense (Income), Net Operating              –        –              –        –             –
Unusual Expense (Income)                              –        –              –        –             –
Other Operating Expenses                         -238.7   -148.3         -514.1    -69.2        -105.9
Total Operating Expense                       14,411.00 4,444.90      13,728.80 3,860.20      3,830.50
Operating Income                               4,634.20 2,045.20       4,194.90 1,939.30      1,985.90
Interest Income (Expense), Net Non-
Operating                                           50.8      -50.8        55.1      -55.1           –
Gain (Loss) on Sale of Assets                          –          –           –          –           –
Other, Net                                      1,648.30      187.9      -138.4      -12.7          41
Income Before Tax                               6,333.30   2,182.20    4,111.60   1,871.50    2,026.80
Income Tax                                      1,799.40      600.3    1,178.00      542.4       618.6
Income After Tax                                4,533.90   1,581.90    2,933.60   1,329.10    1,408.20
Minority Interest                                 -151.1      -18.4      -142.7      -12.7       -15.5
Equity In Affiliates                                   –          –           –          –           –
U.S. GAAP Adjustment                          -12,615.80     -635.6       737.3     -737.3      -518.4
Net Income Before Extra. Items                 -8,233.10        928    3,528.20      579.1       874.3
Accounting Change                                      –          –           –          –           –
Discontinued Operations                                –          –           –          –           –
Extraordinary Item                                     –          –           –          –           –
Net Income                                     -8,233.10        928    3,528.20      579.1       874.3
Preferred Dividends                                -79.1          –       -69.2          –           –
Income Available to Common Excl. Extra.
Items                                          -8,312.10       928     3,459.00     579.1       874.3
Income Available to Common Incl. Extra.
Items                                          -8,312.10        928    3,459.00      579.1       874.3
Basic/ Primary Weighted Average Shares          6,065.00   3,593.00    6,118.00   3,629.00    3,603.00
Basic/ Primary EPS Excl. Extra. Items             -1.371      0.258       0.565       0.16       0.243
Basic/ Primary EPS Incl. Extra. Items             -1.371      0.258       0.565       0.16       0.243
Dilution Adjustment                                    0          –           –          –           –
Diluted Weighted Average Shares                 6,134.00   3,606.00    6,171.00   3,668.00    3,616.00
Diluted EPS Excl. Extra. Items                    -1.355      0.257       0.561      0.158       0.242
Diluted EPS Incl. Extra. Items                    -1.355      0.257       0.561      0.158       0.242
Dividends per Share - Common Stock                 0.325      0.212       0.311      0.212       0.297
Gross Dividends - Common Stock                  2,202.00      759.9    1,124.30      769.8    1,073.40
Total Special Items                                    –          –           –          –           –
Normalized Income Before Tax                    6,333.30   2,182.20    4,111.60   1,871.50    2,026.80
Effect of Special Charge on Income Taxes               –          –           –          –           –

Income Taxes Excl. Impact of Special Items     1,799.40      600.3     1,178.00     542.4       618.6
Normalized Income After Tax                    4,533.90   1,581.90     2,933.60   1,329.10    1,408.20

Normalized Income Available to Common          -8,312.10        928    3,459.00     579.1       874.3
Basic Normalized EPS                              -1.371      0.258       0.565      0.16       0.243
Diluted Normalized EPS                            -1.355      0.257       0.561     0.158       0.242
Currency Exchange Rate (most recent)          0.708 British Pounds
ADR Information                               2 Share(s) Per ADR

In Millions of U.S. Dollars (except for per    6 Months 6 Months      6 Months 6 Months      6 Months
share items)                                     Ending      Ending     Ending    Ending       Ending
                                                12/31/00 06/30/00      12/31/99 06/30/99      12/31/98
Cash                                            1,812.10      293.8       817.8     370.1          339
Short Term Investments                          3,261.30 2,405.40      2,587.60 2,597.50      2,323.40
Cash and Short Term Investments                 5,073.40 2,699.20      3,405.40 2,967.50      2,662.40
Trade Accounts Receivable, Net                  7,625.70 4,009.90      6,819.20 3,604.50      3,488.70
Other Receivables                                       –         –           –         –            –
Total Receivables, Net                          7,625.70 4,009.90      6,819.20 3,604.50      3,488.70
Total Inventory                                 3,216.10 2,223.20      3,168.10 1,980.20      1,629.90
Prepaid Expenses                                        –         –           –         –            –
Total Current Assets                           15,915.30 8,932.20     13,392.70 8,552.30      7,781.10
Property/ Plant/ Equipment, Net                 9,381.40 5,292.40      9,042.40 5,282.50      5,131.40
Goodwill, Net                                      240.1      217.5         226     221.8        149.7
Intangibles, Net                                1,364.40        8.5    1,307.90         –            –
Long Term Investments                           3,593.20 1,347.50      2,548.00      94.6        138.4
Total Assets                                   30,494.40 15,798.00    26,516.90 14,151.10    13,200.60
Accounts Payable                                        –     446.3           –     422.3            –
Notes Payable/ Short Term Debt                          – 2,217.50            – 1,439.30             –
Current Port. LT Debt/ Capital Leases           3,221.80 1,072.00      3,981.60 1,331.90      1,860.20
Other Current Liabilities                       9,608.80 3,738.70      7,950.60 3,214.70      3,994.40
Total Current Liabilities                      12,830.50 7,474.60     11,932.20 6,408.20      5,854.50
Long Term Debt                                  2,675.10 1,830.50      2,887.00 2,282.50      2,548.00
Capital Lease Obligations                               –       1.4           –       4.2            –
Total Long Term Debt                            2,675.10 1,831.90      2,887.00 2,286.70      2,548.00
Total Debt                                      5,896.90 5,121.50      6,868.60 5,057.90      4,408.20
Deferred Income Tax                                     –         –           –         –            –
Minority Interest                               1,467.50       77.7    1,357.30      76.3         93.2
Other Liabilities                               2,340.40 1,018.40      2,365.80     940.7        888.4
Total Liabilities                              19,313.60 10,402.50    18,542.40 9,711.90      9,384.20
Redeemable Preferred Stock                              –         –           –         –            –
Preferred Stock - Non Redeemable, Net                   –         –           –         –            –
Common Stock                                    2,197.70 1,288.10      2,187.90 1,283.90      1,279.70
Additional Paid-In Capital                          42.4 1,823.40             0 1,706.20      1,622.90
Retained Earnings (Accum. Deficit)              8,651.10 2,283.90      5,529.70 1,449.20         913.8
Treasury Stock - Common                                 –         –           –         –            –
Other Equity                                       289.5          –       257.1         –            –
Total Equity                                   11,180.80 5,395.50      7,974.60 4,439.30      3,816.40
Total Liability & Shareholders’ Equity         30,494.40 15,798.00    26,516.90 14,151.10    13,200.60
Shares Outs. - Common Stock                     6,225.66 3,593.00      3,640.80 3,629.00      3,625.70
Total Common Shares Outstanding                 6,225.66 3,593.00      3,640.80 3,629.00      3,625.70
Currency Exchange Rate (most recent)          0.708 British Pounds
ADR Information                               2 Share(s) Per ADR
In Millions of U.S. Dollars (except for per   12 Months 6 Months 12 Months 6 Months        12 Months
share items)                                     Ending      Ending    Ending   Ending        Ending
                                                12/31/00 06/30/00     12/31/99 06/30/99      12/31/98
Net Income                                      7,485.90 2,045.20     6,802.30 1,939.30      6,339.00
Depreciation/ Depletion                         1,038.10         202     918.1      226         858.8
Amortization                                        53.7           –      77.7         –        131.4
Deferred Taxes                                          –          –         –         –            –
Non-Cash Items                                    -947.7           0    -252.8    -21.2        -247.2
Changes in Working Capital                          55.1      -282.5    -742.9   -425.1     -1,100.30
Total Cash from Operating Activities            7,685.00 1,964.70     6,802.30 1,718.90      5,981.60
Capital Expenditures                              -461.9      -221.8 -3,165.30   -370.1     -1,703.40
Other Investing Cash Flow Items                -6,062.10 -2,019.80 -3,501.40 -1,901.10      -4,576.30
Total Cash from Investing Activities           -6,524.00 -2,241.50 -6,666.70 -2,271.20      -6,279.70
Financing Cash Flow Items                          305.1       -46.6      42.4       9.9        351.7
Total Cash Dividends Paid                               –          –         –         –            –
Issuance (Retirement) of Stock, Net                     –       62.1         –     87.6             –
Issuance (Retirement) of Debt, Net                 966.1           –     490.1         –        168.1
Total Cash from Financing Activities            1,271.20        15.5     532.5     97.5         519.8
Foreign Exchange Effects                            33.9           –    -159.6         –        -62.1
Net Change in Cash                              2,466.10      -261.3     508.5   -454.8         159.6
Cash Interest Paid                                      –          –     279.7         –        282.5
Cash Taxes Paid                                         –          –     949.2         –        884.2
Currency Exchange Rate (most recent)          0.708 British Pounds
ADR Information                               2 Share(s) Per ADR

In Millions of U.S. Dollars (except for per    6 Months 6 Months    6 Months 6 Months       6 Months
share items)                                     Ending   Ending      Ending   Ending         Ending
                                                12/31/00 06/30/00    12/31/99 06/30/99       12/31/98
Depreciation/ Depletion
Amortization
Depreciation and Amortization
Eli Lilly (LLY)
In Millions of U.S. Dollars (except for per    3 Months    3 Months 3 Months 3 Months 3 Months
share items)                                     Ending      Ending   Ending   Ending   Ending
                                                03/31/01    12/31/00 09/30/00 06/30/00 03/31/00
Revenue                                         2,805.70    2,977.70 2,811.90 2,621.50 2,451.10
Other Revenue                                          –           –        –        –        –
Total Revenue                                   2,805.70    2,977.70 2,811.90 2,621.50 2,451.10
Cost of Revenue                                    522.3       565.2    490.1    491.7    508.7
Gross Profit                                    2,283.40    2,412.50 2,321.80 2,129.80 1,942.40
Selling/ General/ Administrative Expenses          768.9       944.3    800.3    795.4    688.3
Research & Development                             515.5       545.1    506.1    508.8    458.5
Depreciation/ Amortization                             –           –        –        –        –
Interest Expense (Income), Net Operating            41.4        45.9     44.1     45.5     46.8
Unusual Expense (Income)                               –           0        0        0        0
Other Operating Expenses                           -76.8      -106.5    -27.1      -74   -273.7
Total Operating Expense                         1,771.30    1,994.00 1,813.50 1,767.40 1,428.60
Operating Income                                1,034.40       983.7    998.4    854.1 1,022.50
Interest Income (Expense), Net Non-Operating           –           –        –        –        –
Gain (Loss) on Sale of Assets                          –           –        –        –        –
Income Before Tax                               1,034.40       983.7    998.4    854.1 1,022.50
Income Tax                                         227.6       216.4    219.6    187.9      177
Income After Tax                                   806.8       767.3    778.8    666.2    845.5
Minority Interest                                      –           –        –        –        –
Equity In Affiliates                                   –           –        –        –        –
Net Income Before Extra. Items                     806.8       767.3    778.8    666.2    845.5
Accounting Change                                      –           –        –        –        –
Discontinued Operations                                –           0        0        0        0
Extraordinary Item                                     –           0        –        –        –
Net Income                                         806.8       767.3    778.8    666.2    845.5
Preferred Dividends                                    –           0        0        0        0
Income Available to Common Excl. Extra.
Items                                             806.8       767.3     778.8      666.2      845.5
Income Available to Common Incl. Extra.
Items                                              806.8      767.3      778.8      666.2      845.5
Basic/ Primary Weighted Average Shares          1,078.50   1,079.74   1,081.00   1,081.30   1,084.20
Basic/ Primary EPS Excl. Extra. Items              0.748      0.711       0.72      0.616       0.78
Basic/ Primary EPS Incl. Extra. Items              0.748      0.711       0.72      0.616       0.78
Dilution Adjustment                                    0          0          0          –          –
Diluted Weighted Average Shares                 1,092.10   1,099.20   1,097.50   1,096.50   1,097.70
Diluted EPS Excl. Extra. Items                     0.739      0.698       0.71      0.608       0.77
Diluted EPS Incl. Extra. Items                     0.739      0.698       0.71      0.608       0.77
Dividends per Share - Common Stock                  0.28       0.28       0.26       0.26       0.26
Interest Expense, Supplemental                      41.4       45.9       44.1       45.5       46.8
Total Special Items                                    –          0          0          0          0
Normalized Income Before Tax                    1,034.40      983.7      998.4      854.1   1,022.50
Effect of Special Charge on Income Taxes               –          0          0          0          0
Income Taxes Excl. Impact of Special Items        227.6       216.4     219.6      187.9        177
Normalized Income After Tax                       806.8       767.3     778.8      666.2      845.5
Normalized Income Available to Common             806.8       767.3     778.8      666.2      845.5
Basic Normalized EPS                              0.748       0.711      0.72      0.616       0.78
Diluted Normalized EPS                            0.739       0.698      0.71      0.608       0.77
In Millions of U.S. Dollars (except for per   3 Months    3 Months    3 Months    3 Months    3 Months
share items)                                    Ending      Ending      Ending      Ending      Ending
                                               03/31/01    12/31/00    09/30/00    06/30/00    03/31/00
Cash & Equivalents                             3,231.30    4,114.90    3,116.20    3,370.50    3,797.80
Short Term Investments                            514.3       503.3       738.5       256.6          37
Cash and Short Term Investments                3,745.60    4,618.20    3,854.70    3,627.10    3,834.80
Trade Accounts Receivable, Net                 1,471.30    1,630.70    1,394.70    1,440.00    1,388.00
Other Receivables                                 293.5       335.4       240.2       218.4       256.7
Total Receivables, Net                         1,764.80    1,966.10    1,634.90    1,658.40    1,644.70
Total Inventory                                   883.3       883.1         905       935.8       899.6
Prepaid Expenses                                  377.1       206.1       333.2       360.4       360.7
Other Current Assets                               97.3       269.5       164.3       170.4         213
Total Current Assets                           6,868.10    7,943.00    6,892.10    6,752.10    6,952.80
Property/ Plant/ Equipment - Gross             7,792.90    7,784.70    7,526.30    7,468.50    7,371.80
Accumulated Depreciation                      -3,618.30   -3,608.10   -3,522.80   -3,476.60   -3,425.40
Property/ Plant/ Equipment, Net                4,174.60    4,176.60    4,003.50    3,991.90    3,946.40
Goodwill, Net                                         –           –       108.1       106.3         110
Intangibles, Net                                      –           –           –           –           –
Long Term Investments                          1,277.50       395.7       869.3       615.9       291.5
Other Long Term Assets                         2,432.20    2,175.50    1,712.00    1,563.40    1,393.40
Total Assets                                  14,752.40   14,690.80   13,585.00   13,029.60   12,694.10
Accounts Payable                                  495.4       661.9       375.9         390         395
Notes Payable/ Short Term Debt                    432.5       184.3          45        50.1        51.8
Current Port. LT Debt/ Capital Leases                 –           –           –           –           –
Other Current Liabilities                      3,541.30    4,114.50    3,273.10    3,156.50    2,779.50
Total Current Liabilities                      4,469.20    4,960.70    3,694.00    3,596.60    3,226.30
Long Term Debt                                 2,656.50    2,633.70    2,785.40    2,797.40    2,783.10
Capital Lease Obligations                             –           –           –           –           –
Total Long Term Debt                           2,656.50    2,633.70    2,785.40    2,797.40    2,783.10
Total Debt                                     3,089.00    2,818.00    2,830.40    2,847.50    2,834.90
Deferred Income Tax                                  89        91.6        77.5       133.9        81.7
Minority Interest                                     –           –           –           –           –
Other Liabilities                                 944.1       957.9         964       988.2       944.6
Total Liabilities                              8,158.80    8,643.90    7,520.90    7,516.10    7,035.70
Redeemable Preferred Stock                            –           –           –           –           –
Preferred Stock - Non Redeemable, Net                 –           –           –           –           –
Common Stock                                      703.1       704.4       704.9       705.7       681.3
Additional Paid-In Capital                     2,610.00    2,610.00    2,610.00    2,610.00           –
Retained Earnings (Accum. Deficit)             6,866.80    6,223.20    6,259.10    5,631.00    5,717.50
Treasury Stock - Common                          -108.6      -109.5      -109.3      -107.4      -106.8
ESOP Debt Guarantee                              -133.6        -135      -136.4      -137.7        -139
Other Equity                                  -3,344.10   -3,246.20   -3,264.20   -3,188.10      -494.6
Total Equity                                   6,593.60    6,046.90    6,064.10    5,513.50    5,658.40
Total Liability & Shareholders’ Equity        14,752.40   14,690.80   13,585.00   13,029.60   12,694.10
Shares Outs. - Common Stock                    1,123.88    1,125.56    1,127.27    1,129.50    1,129.35
Total Common Shares Outstanding                1,123.88    1,125.56    1,127.27    1,129.50    1,129.35

In Millions of U.S. Dollars(except for per    3 Months 12 Months 9 Months 6 Months 3 Months
share items)                                    Ending    Ending   Ending   Ending   Ending
                                               03/31/01  12/31/00 09/30/00 06/30/00 03/31/00
Net Income                                        806.8    3,057.80 2,290.50 1,511.70      845.5
Depreciation/ Depletion                           120.4       435.8     359.9     237.4    116.2
Deferred Taxes                                    -22.4      -442.7     -74.9      87.7    -14.4
Non-Cash Items                                     35.4       -97.1    -130.1    -242.7   -245.3
Changes in Working Capital                       -412.6       777.7     206.2    -182.8    -91.8
Total Cash from Operating Activities              527.6    3,731.50 2,651.60 1,411.30      610.2
Capital Expenditures                               -154      -677.9      -433      -276     -110
Other Investing Cash Flow Items                  -912.6      -378.6 -1,046.70    -295.4    289.6
Total Cash from Investing Activities          -1,066.60   -1,056.50 -1,479.70    -571.4    179.6
Financing Cash Flow Items                             –           0         –         –        –
Total Cash Dividends Paid                          -302   -1,126.00      -845    -563.3   -282.2
Issuance (Retirement) of Stock, Net              -264.3      -874.4    -629.7      -382   -197.1
Issuance (Retirement) of Debt, Net                274.9      -229.1    -215.3    -200.8   -194.4
Total Cash from Financing Activities             -291.4   -2,229.50 -1,690.00 -1,146.10   -673.7
Foreign Exchange Effects                          -53.2         -31     -66.1     -23.7    -18.7
Net Change in Cash                               -883.6       414.5    -584.2    -329.9     97.4
Cash Interest Paid                                    –       195.9         –         –        –
Cash Taxes Paid                                       –         294         –         –        –

In Millions of U.S. Dollars (except for per   3 Months    3 Months 3 Months 3 Months 3 Months
share items)                                    Ending      Ending   Ending   Ending   Ending
                                               03/31/01    12/31/00 09/30/00 06/30/00 03/31/00
Depreciation/ Depletion
Amortization
Depreciation and Amortization
Johnson & Johnson (JNJ)
In Millions of U.S. Dollars (except for per share   3 Months 3 Months 3 Months 3 Months 3 Months
items)                                                Ending   Ending   Ending   Ending   Ending
                                                     04/01/01 12/31/00 10/01/00 07/02/00 04/02/00
Revenue                                              7,791.00 7,108.00 7,204.00 7,508.00 7,319.00
Other Revenue                                               –        –        –        –        –
Total Revenue                                        7,791.00 7,108.00 7,204.00 7,508.00 7,319.00
Cost of Revenue                                      2,279.00 2,185.00 2,179.00 2,256.00 2,241.00
Gross Profit                                         5,512.00 4,923.00 5,025.00 5,252.00 5,078.00
Selling/ General/ Administrative Expenses            2,721.00 2,846.00 2,675.00 2,745.00 2,609.00
Research & Development                                    701      930      692      667      637
Depreciation/ Amortization                                  –        –        –        –        –
Interest Expense (Income), Net Operating                    –        –        –        –        –
Unusual Expense (Income)                                    –       21        0        0        0
Total Operating Expense                              5,701.00 5,982.00 5,546.00 5,668.00 5,487.00
Operating Income                                     2,090.00 1,126.00 1,658.00 1,840.00 1,832.00
Interest Expense, Net Non-Operating                       -19      -31      -31      -38      -46
Interest/ Investment Income, Non-Operating                105      115      106       81       77
Interest Income (Expense), Net Non-Operating               86       84       75       43       31
Gain (Loss) on Sale of Assets                               –        –        –        –        –
Other, Net                                                -36      -92       13      -17       29
Income Before Tax                                    2,140.00 1,118.00 1,746.00 1,866.00 1,892.00
Income Tax                                                640      227      482      535      578
Income After Tax                                     1,500.00      891 1,264.00 1,331.00 1,314.00
Minority Interest                                           –        –        –        –        –
Equity In Affiliates                                        –        –        –        –        –
Net Income Before Extra. Items                       1,500.00      891 1,264.00 1,331.00 1,314.00
Accounting Change                                           –        –        –        –        –
Discontinued Operations                                     –        –        –        –        –
Extraordinary Item                                          –        –        –        –        –
Net Income                                           1,500.00      891 1,264.00 1,331.00 1,314.00
Preferred Dividends                                         –        –        –        –        –

Income Available to Common Excl. Extra. Items        1,500.00        891    1,264.00   1,331.00   1,314.00

Income Available to Common Incl. Extra. Items        1,500.00        891    1,264.00   1,331.00   1,314.00
Basic/ Primary Weighted Average Shares               2,787.40   2,780.40    2,781.20   2,781.40   2,779.40
Basic/ Primary EPS Excl. Extra. Items                   0.538       0.32       0.454      0.479      0.473
Basic/ Primary EPS Incl. Extra. Items                   0.538       0.32       0.454      0.479      0.473
Dilution Adjustment                                         –          13          –          –          –
Diluted Weighted Average Shares                      2,829.40   2,859.80    2,830.20   2,827.20   2,822.00
Diluted EPS Excl. Extra. Items                           0.53      0.316       0.447      0.471      0.466
Diluted EPS Incl. Extra. Items                           0.53      0.316       0.447      0.471      0.466
Dividends per Share - Common Stock                       0.16       0.16        0.16       0.16       0.14
Interest Expense, Supplemental                             19          31         31         38         46
Total Special Items                                         –          21          0          0          0
Normalized Income Before Tax                         2,140.00   1,139.00    1,746.00   1,866.00   1,892.00
Effect of Special Charge on Income Taxes                    –         4.3          0          0          0
Income Taxes Excl. Impact of Special Items                640      231.3         482        535        578
Normalized Income After Tax                          1,500.00      907.7    1,264.00   1,331.00   1,314.00
Normalized Income Available to Common                1,500.00      907.7    1,264.00   1,331.00   1,314.00
Basic Normalized EPS                                   0.538       0.326       0.454       0.479       0.473
Diluted Normalized EPS                                  0.53       0.322       0.447       0.471       0.466

In Millions of U.S. Dollars (except for per share   3 Months    3 Months    3 Months    3 Months    3 Months
items)                                                Ending      Ending      Ending      Ending      Ending
                                                     04/01/01    12/31/00    10/01/00    07/02/00    04/02/00
Cash & Equivalents                                   3,647.00    3,411.00    3,550.00    2,937.00    2,663.00
Short Term Investments                               2,253.00    2,333.00    2,037.00    1,562.00    1,537.00
Cash and Short Term Investments                      5,900.00    5,744.00    5,587.00    4,499.00    4,200.00
Trade Accounts Receivable, Net                       4,606.00    4,464.00    4,212.00    4,441.00    4,365.00
Other Receivables                                           –           –           –           –           –
Total Receivables, Net                               4,606.00    4,464.00    4,212.00    4,441.00    4,365.00
Total Inventory                                      2,810.00    2,842.00    3,022.00    3,060.00    3,052.00
Prepaid Expenses                                     1,995.00    1,249.00    1,389.00    1,312.00    1,258.00
Other Current Assets                                 1,110.00    1,151.00    1,015.00    1,054.00    1,101.00
Total Current Assets                                16,421.00   15,450.00   15,225.00   14,366.00   13,976.00
Property/ Plant/ Equipment - Gross                  11,134.00   11,248.00   11,207.00   11,263.00   11,073.00
Accumulated Depreciation                            -4,376.00   -4,277.00   -4,588.00   -4,571.00   -4,424.00
Property/ Plant/ Equipment, Net                      6,758.00    6,971.00    6,619.00    6,692.00    6,649.00
Goodwill, Net                                               –           –           –           –           –
Intangibles, Net                                     7,164.00    7,256.00    7,289.00    7,395.00    7,528.00
Long Term Investments                                     243         269         246         398         421
Other Long Term Assets                               1,289.00    1,375.00    1,405.00    1,454.00    1,389.00
Total Assets                                        31,875.00   31,321.00   30,784.00   30,305.00   29,963.00
Accounts Payable                                     1,928.00    2,083.00    1,728.00    1,785.00    1,724.00
Accrued Expenses                                     3,255.00    3,264.00    3,587.00    3,516.00    3,552.00
Notes Payable/ Short Term Debt                            901    1,479.00         895         870    1,217.00
Current Port. LT Debt/ Capital Leases                       –           –           –           –           –
Other Current Liabilities                                 736         314         455         434         635
Total Current Liabilities                            6,820.00    7,140.00    6,665.00    6,605.00    7,128.00
Long Term Debt                                       1,571.00    2,037.00    2,417.00    2,434.00    2,443.00
Capital Lease Obligations                                   –           –           –           –           –
Total Long Term Debt                                 1,571.00    2,037.00    2,417.00    2,434.00    2,443.00
Total Debt                                           2,472.00    3,516.00    3,312.00    3,304.00    3,660.00
Deferred Income Tax                                       246         255         238         276         276
Minority Interest                                           –           –           –           –           –
Other Liabilities                                    3,146.00    3,081.00    2,978.00    3,011.00    2,966.00
Total Liabilities                                   11,783.00   12,513.00   12,298.00   12,326.00   12,813.00
Redeemable Preferred Stock                                  –           –           –           –           –
Preferred Stock - Non Redeemable, Net                       –           –           –           –           –
Common Stock                                         1,535.00    1,535.00    1,535.00    1,535.00    1,535.00
Additional Paid-In Capital                                  –           –           –           –           –
Retained Earnings (Accum. Deficit)                  20,067.00   18,812.00   18,546.00   17,839.00   17,076.00
Treasury Stock - Common                                  -916   -1,034.00   -1,080.00   -1,010.00   -1,082.00
Other Equity                                             -594        -505        -515        -385        -379
Total Equity                                        20,092.00   18,808.00   18,486.00   17,979.00   17,150.00
Total Liability & Shareholders’ Equity              31,875.00   31,321.00   30,784.00   30,305.00   29,963.00
Shares Outs. - Common Stock                          2,793.88    2,781.88    2,780.72    2,782.14    2,780.66
Total Common Shares Outstanding                      2,793.88    2,781.88    2,780.72    2,782.14    2,780.66
                                                                       12
In Millions of U.S. Dollars (except for per share   3 Months      Months    9 Months 6 Months 3 Months
items)                                                Ending      Ending      Ending    Ending    Ending
                                                     04/01/01    12/31/00    10/01/00 07/02/00 04/02/00
Net Income                                           1,500.00    4,800.00    3,909.00 2,645.00 1,314.00
Depreciation/ Depletion                                   391    1,515.00    1,183.00       795       431
Deferred Taxes                                              –        -167           –         –         –
Non-Cash Items                                             -6          87          25       -25       -10
Changes in Working Capital                               -257         328         197      -161        41
Total Cash from Operating Activities                 1,628.00    6,563.00    5,314.00 3,254.00 1,776.00
Capital Expenditures                                     -257   -1,646.00   -1,043.00      -672      -310
Other Investing Cash Flow Items                            58        -722        -411       -38       -25
Total Cash from Investing Activities                     -199   -2,368.00   -1,454.00      -710      -335
Financing Cash Flow Items                                   –           –           –         –         –
Total Cash Dividends Paid                                -447   -1,724.00   -1,279.00      -826      -381
Issuance (Retirement) of Stock, Net                      -179        -681        -431      -186      -148
Issuance (Retirement) of Debt, Net                       -535        -695        -890      -933      -592
Total Cash from Financing Activities                -1,161.00   -3,100.00   -2,600.00 -1,945.00 -1,121.00
Foreign Exchange Effects                                  -32         -47         -73       -25       -20
Net Change in Cash                                        236    1,048.00    1,187.00       574       300
Cash Interest Paid                                          –         191           –         –         –
Cash Taxes Paid                                             –    1,627.00           –         –         –

In Millions of U.S. Dollars (except for per share   3 Months 3 Months 3 Months 3 Months 3 Months
items)                                                Ending   Ending   Ending   Ending   Ending
                                                     04/01/01 12/31/00 10/01/00 07/02/00 04/02/00
Depreciation/ Depletion
Amortization
Depreciation and Amortization
Merck (MRK)
In Millions of U.S. Dollars (except for per share   3 Months    3 Months 3 Months 3 Months
items)                                                Ending      Ending    Ending   Ending
                                                     03/31/01    12/31/00  09/30/00 06/30/00
Revenue                                             11,345.10   11,467.20 10,567.50 9,477.10
Other Revenue                                               –           –         –        –
Total Revenue                                       11,345.10   11,467.20 10,567.50 9,477.10
Cost of Revenue                                      7,046.50    6,570.60  5,952.50 5,087.00
Gross Profit                                         4,298.60    4,896.60  4,615.00 4,390.10
Selling/ General/ Administrative Expenses            1,506.20    1,774.10  1,512.80 1,463.60
Research & Development                                  547.4       662.4     609.8      548
Depreciation/ Amortization                                  –           –         –        –
Interest Expense (Income), Net Operating                    –           –         –        –
Unusual Expense (Income)                                    –           0         0        –
Other Operating Expenses                               -122.5       -51.1    -149.2    -98.8
Total Operating Expense                              8,977.60    8,956.00  7,925.90 6,999.80
Operating Income                                     2,367.50    2,511.20  2,641.60 2,477.30
Interest Income (Expense), Net Non-Operating                –           –         –        –
Gain (Loss) on Sale of Assets                               –           –         –        –
Income Before Tax                                    2,367.50    2,511.20  2,641.60 2,477.30
Income Tax                                              710.2       746.7     805.7    755.6
Income After Tax                                     1,657.30    1,764.50  1,835.90 1,721.70
Minority Interest                                           –           –         –        –
Equity In Affiliates                                        –           –         –        –
Net Income Before Extra. Items                       1,657.30    1,764.50  1,835.90 1,721.70
Accounting Change                                           –           –         –        –
Discontinued Operations                                     –           –         –        –
Extraordinary Item                                          –           –         –        –
Net Income                                           1,657.30    1,764.50  1,835.90 1,721.70
Preferred Dividends                                         –           –         –        –

Income Available to Common Excl. Extra. Items        1,657.30    1,764.50   1,835.90   1,721.70

Income Available to Common Incl. Extra. Items        1,657.30    1,764.50   1,835.90   1,721.70
Basic/ Primary Weighted Average Shares               2,303.70    2,310.50   2,299.40   2,300.20
Basic/ Primary EPS Excl. Extra. Items                   0.719       0.764      0.798      0.748
Basic/ Primary EPS Incl. Extra. Items                   0.719       0.764      0.798      0.748
Dilution Adjustment                                         –           0          0          0
Diluted Weighted Average Shares                      2,345.90    2,361.10   2,342.90   2,345.70
Diluted EPS Excl. Extra. Items                          0.706       0.747      0.784      0.734
Diluted EPS Incl. Extra. Items                          0.706       0.747      0.784      0.734
Dividends per Share - Common Stock                       0.34        0.29       0.34       0.29
Interest Expense, Supplemental                          110.7           –          –          –
Total Special Items                                         –           0          0          –
Normalized Income Before Tax                         2,367.50    2,511.20   2,641.60   2,477.30
Effect of Special Charge on Income Taxes                    –           0          0          –
Income Taxes Excl. Impact of Special Items              710.2       746.7      805.7      755.6
Normalized Income After Tax                          1,657.30    1,764.50   1,835.90   1,721.70
Normalized Income Available to Common                1,657.30    1,764.50   1,835.90   1,721.70
Basic Normalized EPS                                    0.719       0.764      0.798      0.748
Diluted Normalized EPS                                  0.706       0.747      0.784      0.734
In Millions of U.S. Dollars (except for per share    3 Months 3 Months 3 Months 3 Months
items)                                                 Ending     Ending     Ending     Ending
                                                      03/31/01   12/31/00   09/30/00   06/30/00
Cash & Equivalents                                    2,158.50   2,536.80   1,535.10   2,806.00
Short Term Investments                                1,841.60   1,717.80   1,300.00   1,105.70
Cash and Short Term Investments                       4,000.10   4,254.60   2,835.10   3,911.70
Trade Accounts Receivable, Net                        5,009.80   5,017.90   4,571.30   3,863.20
Other Receivables                                            –          –          –          –
Total Receivables, Net                                5,009.80   5,017.90   4,571.30   3,863.20
Total Inventory                                       2,845.60   3,021.50   3,099.90   2,927.90
Prepaid Expenses                                         996.2   1,059.40   1,094.10   1,137.90
Total Current Assets                                 12,851.70 13,353.40 11,600.40 11,840.70
Property/ Plant/ Equipment - Gross                   17,231.40 16,707.20 16,090.00 15,410.40
Accumulated Depreciation                             -5,395.40 -5,225.10 -5,167.60 -5,004.00
Property/ Plant/ Equipment, Net                      11,836.00 11,482.10 10,922.40 10,406.40
Goodwill, Net                                         7,283.70   7,374.20   7,458.40   7,549.10
Intangibles, Net                                             –          –          –          –
Long Term Investments                                 5,317.40   4,947.80   5,284.20   5,059.20
Other Long Term Assets                                2,937.50   2,752.90   2,742.20   2,587.90
Total Assets                                         40,226.30 39,910.40 38,007.60 37,443.30
Accounts Payable                                      4,162.60   4,361.30   4,049.00   3,923.70
Notes Payable/ Short Term Debt                        3,778.20   3,319.30   3,174.50   3,784.30
Current Port. LT Debt/ Capital Leases                        –          –          –          –
Other Current Liabilities                             2,456.00   2,029.00   1,696.00   1,340.20
Total Current Liabilities                            10,396.80   9,709.60   8,919.50   9,048.20
Long Term Debt                                        3,623.10   3,600.70   3,437.60   3,439.10
Capital Lease Obligations                                    –          –          –          –
Total Long Term Debt                                  3,623.10   3,600.70   3,437.60   3,439.10
Total Debt                                            7,401.30   6,920.00   6,612.10   7,223.40
Deferred Income Tax                                   6,427.70   6,746.70   7,115.30   7,226.60
Minority Interest                                     4,922.00   5,021.00   5,015.20   5,010.40
Total Liabilities                                    25,369.60 25,078.00 24,487.60 24,724.30
Redeemable Preferred Stock                                   –          –          –          –
Preferred Stock - Non Redeemable, Net                        –          –          –          –
Common Stock                                              29.7       29.7       29.7       29.7
Additional Paid-In Capital                            6,266.80   6,265.80   6,035.00   5,973.70
Retained Earnings (Accum. Deficit)                   28,238.10 27,363.90 26,384.20 25,330.20
Treasury Stock - Common                             -19,784.90 -18,857.80 -18,943.60 -18,608.40
Other Equity                                               107       30.8       14.7       -6.2
Total Equity                                         14,856.70 14,832.40 13,520.00 12,719.00
Total Liability & Shareholders’ Equity               40,226.30 39,910.40 38,007.60 37,443.30
Shares Outs. - Common Stock                           2,297.48   2,307.60   2,297.73   2,299.73
Total Common Shares Outstanding                       2,297.48   2,307.60   2,297.73   2,299.73

In Millions of U.S. Dollars (except for per share   3 Months 12 Months 9 Months 6 Months
items)                                                Ending    Ending   Ending   Ending
                                                     03/31/01  12/31/00 09/30/00 06/30/00
Net Income                                           2,367.50  9,824.10 7,313.00 4,671.30
Depreciation/ Depletion                                 360.2  1,277.30    961.6    638.8
Deferred Taxes                                              –         –        –        –
Non-Cash Items                                         -198.6      -222.8      -130.2      -139.2
Changes in Working Capital                             -356.4   -3,191.30   -2,657.80   -1,413.30
Total Cash from Operating Activities                 2,172.70    7,687.30    5,486.60    3,757.60
Capital Expenditures                                   -632.8   -2,727.80   -1,910.30   -1,198.00
Other Investing Cash Flow Items                        -524.8      -913.5      -874.1      -415.2
Total Cash from Investing Activities                -1,157.60   -3,641.30   -2,784.40   -1,613.20
Financing Cash Flow Items                                 -28      -149.2       208.9       186.9
Total Cash Dividends Paid                              -784.7   -2,798.00   -2,016.00   -1,348.80
Issuance (Retirement) of Stock, Net                 -1,018.70   -1,404.70   -1,763.90   -1,302.00
Issuance (Retirement) of Debt, Net                      499.3       904.5       457.4    1,142.00
Total Cash from Financing Activities                -1,332.10   -3,447.40   -3,113.60   -1,321.90
Foreign Exchange Effects                                -61.3       -83.7       -75.4       -38.4
Net Change in Cash                                     -378.3       514.9      -486.8       784.1
Cash Interest Paid                                      128.9       450.5       361.9       221.3
Cash Taxes Paid                                         502.3    2,200.00    1,852.30    1,339.10

In Millions of U.S. Dollars (except for per share   3 Months    3 Months 3 Months 3 Months
items)                                                Ending      Ending   Ending   Ending
                                                     03/31/01    12/31/00 09/30/00 06/30/00
Depreciation/ Depletion
Amortization
Depreciation and Amortization
3 Months
  Ending
 03/31/00
 8,851.40
        –
 8,851.40
 4,833.40
 4,018.00
 1,417.20
    523.6
        –
        –
        –
   -116.8
 6,657.40
 2,194.00
        –
        –
 2,194.00
    694.4
 1,499.60
        –
        –
 1,499.60
        –
        –
        –
 1,499.60
        –

 1,499.60

 1,499.60
 2,317.50
    0.647
    0.647
        0
 2,363.10
    0.635
    0.635
     0.29
    117.3
        –
 2,194.00
        –
    694.4
 1,499.60
 1,499.60
    0.647
    0.635
 3 Months
   Ending
  03/31/00
  2,222.70
  1,070.00
  3,292.70
  3,691.70
         –
  3,691.70
  2,977.50
  1,122.50
 11,084.40
 14,742.40
 -4,795.80
  9,946.60
  7,451.50
         –
  4,784.80
  2,511.10
 35,778.40
  3,941.90
  2,355.60
         –
  1,691.20
  7,988.70
  3,443.40
         –
  3,443.40
  5,799.00
  7,247.10
  4,997.50
 23,676.70
         –
         –
      29.7
  5,953.70
 24,275.70
-18,170.30
      12.9
 12,101.70
 35,778.40
  2,301.19
  2,301.19

3 Months
  Ending
 03/31/00
 2,194.00
    319.9
        –
    -87.7
   -342.3
 2,083.90
   -504.3
    112.4
   -391.9
     94.9
     -677
   -642.9
   -238.1
-1,463.10
    -28.1
    200.8
    120.3
    314.1

3 Months
  Ending
 03/31/00
Pfizer (PFE)
In Millions of U.S. Dollars (except for per share   3 Months    3 Months 3 Months 3 Months 3 Months
items)                                                Ending      Ending   Ending   Ending   Ending
                                                     04/01/01    12/31/00 10/01/00 07/02/00 04/02/00
Revenue                                              7,645.00    8,167.00 7,205.00 7,041.00 7,161.00
Other Revenue                                               –           –        –        –        –
Total Revenue                                        7,645.00    8,167.00 7,205.00 7,041.00 7,161.00
Cost of Revenue                                      1,224.00    1,322.00 1,194.00 1,155.00 1,236.00
Gross Profit                                         6,421.00    6,845.00 6,011.00 5,886.00 5,925.00
Selling/ General/ Administrative Expenses            2,580.00    3,136.00 2,698.00 2,875.00 2,733.00
Research & Development                               1,028.00    1,263.00 1,025.00 1,086.00 1,061.00
Depreciation/ Amortization                                  –           –        –        –        –
Interest Expense (Income), Net Operating                    –           –        –        –        –
Unusual Expense (Income)                                  270         483      505      431 1,838.00
Other Operating Expenses                                  -57          44       -2     -173     -117
Total Operating Expense                              5,045.00    6,248.00 5,420.00 5,374.00 6,751.00
Operating Income                                     2,600.00    1,919.00 1,785.00 1,667.00      410
Interest Income (Expense), Net Non-Operating                –           –        –        –        –
Gain (Loss) on Sale of Assets                               –           –        –        –        –
Income Before Tax                                    2,600.00    1,919.00 1,785.00 1,667.00      410
Income Tax                                                668         502      421      513      613
Income After Tax                                     1,932.00    1,417.00 1,364.00 1,154.00     -203
Minority Interest                                          -2          -6       -3       -4       -1
Equity In Affiliates                                        –           –        –        –        –
Net Income Before Extra. Items                       1,930.00    1,411.00 1,361.00 1,150.00     -204
Accounting Change                                           –           –        –        –        –
Discontinued Operations                                     –           8        0        0        0
Extraordinary Item                                          –           –        –        –        –
Net Income                                           1,930.00    1,419.00 1,361.00 1,150.00     -204
Preferred Dividends                                         –           –        –        –        –

Income Available to Common Excl. Extra. Items        1,930.00    1,411.00   1,361.00   1,150.00      -204

Income Available to Common Incl. Extra. Items        1,930.00    1,419.00   1,361.00   1,150.00       -204
Basic/ Primary Weighted Average Shares               6,247.00    6,238.00   6,228.00   6,217.00   6,152.00
Basic/ Primary EPS Excl. Extra. Items                   0.309       0.226      0.219      0.185     -0.033
Basic/ Primary EPS Incl. Extra. Items                   0.309       0.227      0.219      0.185     -0.033
Dilution Adjustment                                         0           0          0          –          0
Diluted Weighted Average Shares                      6,381.00    6,575.00   6,371.00   6,369.00   6,152.00
Diluted EPS Excl. Extra. Items                          0.302       0.215      0.214      0.181     -0.033
Diluted EPS Incl. Extra. Items                          0.302       0.216      0.214      0.181     -0.033
Dividends per Share - Common Stock                       0.11        0.09       0.09       0.09       0.09
Total Special Items                                       270         483        505        431   1,838.00
Normalized Income Before Tax                         2,870.00    2,402.00   2,290.00   2,098.00   2,248.00
Effect of Special Charge on Income Taxes                 69.4       126.4      119.1      132.6      643.3
Income Taxes Excl. Impact of Special Items              737.4       628.4      540.1      645.6   1,256.30
Normalized Income After Tax                          2,132.60    1,773.60   1,749.90   1,452.40      991.7
Normalized Income Available to Common                2,130.60    1,767.60   1,746.90   1,448.40      990.7
Basic Normalized EPS                                    0.341       0.283       0.28      0.233      0.161
Diluted Normalized EPS                                  0.334       0.269      0.274      0.227      0.161
In Millions of U.S. Dollars (except for per share   3 Months    3 Months    3 Months    3 Months    3 Months
items)                                                Ending      Ending      Ending      Ending      Ending
                                                     04/01/01    12/31/00    10/01/00    07/02/00    04/02/00
Cash & Equivalents                                   1,176.00    1,099.00    1,341.00    1,590.00    2,501.00
Short Term Investments                               6,633.00    5,764.00    5,883.00    4,402.00    3,705.00
Cash and Short Term Investments                      7,809.00    6,863.00    7,224.00    5,992.00    6,206.00
Trade Accounts Receivable, Net                       5,773.00    5,489.00    5,411.00    5,341.00    5,603.00
Other Receivables                                           –           –           –           –           –
Total Receivables, Net                               5,773.00    5,489.00    5,411.00    5,341.00    5,603.00
Total Inventory                                      2,889.00    2,702.00    2,723.00    2,597.00    2,538.00
Prepaid Expenses                                     2,089.00    1,993.00    1,645.00    1,756.00    1,807.00
Other Current Assets                                      138         140         165         130         155
Total Current Assets                                18,698.00   17,187.00   17,168.00   15,816.00   16,309.00
Property/ Plant/ Equipment, Net                      9,601.00    9,425.00    9,178.00    9,025.00    8,820.00
Goodwill, Net                                        1,797.00    1,791.00    1,761.00    1,806.00         753
Intangibles, Net                                            –           –           –           –    1,582.00
Long Term Investments                                2,373.00    2,529.00    2,646.00    2,183.00    3,113.00
Other Long Term Assets                               2,677.00    2,578.00    2,735.00    3,214.00    1,656.00
Total Assets                                        35,146.00   33,510.00   33,488.00   32,044.00   32,233.00
Accounts Payable                                     1,418.00    1,719.00    1,417.00    1,440.00    2,677.00
Accrued Expenses                                          928         982         917         850         791
Notes Payable/ Short Term Debt                       3,963.00    4,289.00    5,934.00    5,544.00    3,980.00
Current Port. LT Debt/ Capital Leases                       –           –           –           –           –
Other Current Liabilities                            4,565.00    4,991.00    4,076.00    4,384.00    3,618.00
Total Current Liabilities                           10,874.00   11,981.00   12,344.00   12,218.00   11,066.00
Long Term Debt                                       1,888.00    1,123.00    1,257.00    1,266.00    3,336.00
Capital Lease Obligations                                   –           –           –           –           –
Total Long Term Debt                                 1,888.00    1,123.00    1,257.00    1,266.00    3,336.00
Total Debt                                           5,851.00    5,412.00    7,191.00    6,810.00    7,316.00
Deferred Income Tax                                       602         380         578         533         398
Minority Interest                                           –           –           –           –           –
Other Liabilities                                    4,034.00    3,950.00    3,137.00    3,054.00    3,098.00
Total Liabilities                                   17,398.00   17,434.00   17,316.00   17,071.00   17,898.00
Redeemable Preferred Stock                                  –           –           –           –           –
Preferred Stock - Non Redeemable, Net                       –           –           –           –           –
Common Stock                                              338         337         336         335    1,175.00
Additional Paid-In Capital                           8,355.00    8,895.00    8,464.00    8,281.00    7,119.00
Retained Earnings (Accum. Deficit)                  21,444.00   19,599.00   19,453.00   18,085.00   18,069.00
Treasury Stock - Common                             -8,193.00   -7,858.00   -7,477.00   -6,852.00   -7,945.00
ESOP Debt Guarantee                                 -2,705.00   -3,382.00   -3,298.00   -3,532.00   -2,975.00
Other Equity                                        -1,491.00   -1,515.00   -1,306.00   -1,344.00   -1,108.00
Total Equity                                        17,748.00   16,076.00   16,172.00   14,973.00   14,335.00
Total Liability & Shareholders’ Equity              35,146.00   33,510.00   33,488.00   32,044.00   32,233.00
Shares Outs. - Common Stock                          6,312.85    6,314.00    6,309.04    6,313.73    6,073.20
Total Common Shares Outstanding                      6,312.85    6,314.00    6,309.04    6,313.73    6,073.20

In Millions of U.S. Dollars (except for per share   3 Months 12 Months 9 Months 6 Months 3 Months
items)                                                Ending    Ending   Ending   Ending   Ending
                                                     04/01/01  12/31/00 10/01/00 07/02/00 04/02/00
Net Income                                           1,930.00  3,718.00 2,306.00      945     -204
Depreciation/ Depletion                                   254       968      707      473      244
Deferred Taxes                                              –        -265         188         –         –
Non-Cash Items                                             51         -29         206        99      -392
Changes in Working Capital                               -421    1,803.00         138       -95       404
Total Cash from Operating Activities                 1,814.00    6,195.00    3,545.00 1,422.00         52
Capital Expenditures                                     -430   -2,191.00   -1,525.00 -1,043.00      -454
Other Investing Cash Flow Items                          -744   -1,388.00   -1,693.00      -148      -583
Total Cash from Investing Activities                -1,259.00   -3,753.00   -3,360.00 -1,569.00 -1,081.00
Financing Cash Flow Items                                   –           –           –         –         –
Total Cash Dividends Paid                                -680   -2,197.00   -1,642.00 -1,088.00      -541
Issuance (Retirement) of Stock, Net                      -303         183         297       712       319
Issuance (Retirement) of Debt, Net                        509   -1,691.00         141      -250       254
Total Cash from Financing Activities                     -474   -3,705.00   -1,204.00      -626        32
Foreign Exchange Effects                                   -4           4           2         5        -1
Net Change in Cash                                         77   -1,259.00   -1,017.00      -768      -998
Cash Interest Paid                                          –         460           –         –         –
Cash Taxes Paid                                             –    1,041.00           –         –         –

In Millions of U.S. Dollars (except for per share   3 Months    3 Months 3 Months 3 Months 3 Months
items)                                                Ending      Ending   Ending   Ending   Ending
                                                     04/01/01    12/31/00 10/01/00 07/02/00 04/02/00
Depreciation/ Depletion
Amortization
Depreciation and Amortization
Pharmacia (PHA)
In Millions of U.S. Dollars (except for per   3 Months    3 Months 3 Months 3 Months 3 Months
share items)                                    Ending      Ending   Ending   Ending   Ending
                                               03/31/01    12/31/00 09/30/00 06/30/00 03/31/00
Revenue                                        4,516.00    4,536.00 4,286.00 5,029.00 4,172.00
Other Revenue                                         –           –        –        –        –
Total Revenue                                  4,516.00    4,536.00 4,286.00 5,029.00 4,172.00
Cost of Revenue                                1,441.00    1,446.00 1,295.00 1,510.00 1,404.00
Gross Profit                                   3,075.00    3,090.00 2,991.00 3,519.00 2,768.00
Selling/ General/ Administrative Expenses      1,723.00    1,781.00 1,602.00 1,754.00 1,602.00
Research & Development                              747         663      669      721      695
Depreciation/ Amortization                           61          68       57      145       57
Interest Expense, Net Operating                      82          78      102      104       97
Interest/ Investment Income, Operating              -39         -51      -34      -25      -29
Interest Expense (Income), Net Operating             43          27       68       79       68
Unusual Expense (Income)                            145         280      226      111      461
Other Operating Expenses                             17         -11       18       28      -59
Total Operating Expense                        4,177.00    4,254.00 3,935.00 4,348.00 4,228.00
Operating Income                                    339         282      351      681      -56
Interest Income (Expense), Net Non-
Operating                                            –           –          –          –           –
Gain (Loss) on Sale of Assets                        –           –          –          –           –
Income Before Tax                                  339         282        351        681         -56
Income Tax                                          77          55         78        243         -25
Income After Tax                                   262         227        273        438         -31
Minority Interest                                   -8           6          –          –           0
Equity In Affiliates                                 –           –          –          –           –
Net Income Before Extra. Items                     254         233        273        438         -31
Accounting Change                                    1        -198          –          0        -198
Discontinued Operations                             -5         -10        -26        -59          58
Extraordinary Item                                   –         -32          –          –           –
Net Income                                         250          -7        247        379        -171
Preferred Dividends                                 -3          -3         -4         -3          -3
Income Available to Common Excl. Extra.
Items                                              251         230        269        435         -34
Income Available to Common Incl. Extra.
Items                                               247         -10        243        376       -174
Basic/ Primary Weighted Average Shares         1,298.00    1,290.00   1,280.00   1,269.00   1,257.00
Basic/ Primary EPS Excl. Extra. Items             0.193       0.178       0.21      0.343     -0.027
Basic/ Primary EPS Incl. Extra. Items              0.19      -0.008       0.19      0.296     -0.138
Dilution Adjustment                                   1           3          2          1           0
Diluted Weighted Average Shares                1,328.00    1,317.00   1,317.00   1,308.00   1,257.00
Diluted EPS Excl. Extra. Items                     0.19       0.177      0.206      0.333     -0.027
Diluted EPS Incl. Extra. Items                    0.187      -0.005      0.186      0.288     -0.138
Dividends per Share - Common Stock                 0.12       0.085       0.12       0.12         0.3
Interest Expense, Supplemental                       82          78        102        104          97
Total Special Items                                 206         348        283        256        518
Normalized Income Before Tax                        545         630        634        937        462
Effect of Special Charge on Income Taxes           46.8        67.9       62.9       91.3           0

Income Taxes Excl. Impact of Special Items       123.8       122.9      140.9      334.3         -25
Normalized Income After Tax                      421.2       507.1       493.1       602.7         487

Normalized Income Available to Common            410.2       510.1       489.1       599.7         484
Basic Normalized EPS                             0.316       0.395       0.382       0.473       0.385
Diluted Normalized EPS                            0.31        0.39       0.373       0.459       0.385

In Millions of U.S. Dollars (except for per   3 Months    3 Months    3 Months    3 Months    3 Months
share items)                                    Ending      Ending      Ending      Ending      Ending
                                               03/31/01    12/31/00    09/30/00    06/30/00    03/31/00
Cash & Equivalents                             1,839.00    2,166.00    1,508.00    1,199.00    1,175.00
Short Term Investments                                –          35         107         100          98
Cash and Short Term Investments                1,839.00    2,201.00    1,615.00    1,299.00    1,273.00
Trade Accounts Receivable, Net                 5,296.00    5,025.00    5,286.00    5,694.00    4,886.00
Other Receivables                                     –           –           –           –           –
Total Receivables, Net                         5,296.00    5,025.00    5,286.00    5,694.00    4,886.00
Total Inventory                                2,738.00    2,772.00    2,777.00    2,658.00    2,782.00
Prepaid Expenses                                      –           –           –           –           –
Other Current Assets                           1,856.00    1,569.00    1,853.00    1,844.00    1,896.00
Total Current Assets                          11,729.00   11,567.00   11,531.00   11,495.00   10,837.00
Property/ Plant/ Equipment, Net                7,106.00    7,171.00    6,916.00    6,976.00    6,840.00
Goodwill, Net                                         –    4,106.00           –           –           –
Intangibles, Net                               5,087.00    1,153.00    5,360.00    5,548.00    5,665.00
Long Term Investments                               353         444         698         640         543
Other Long Term Assets                         1,907.00    2,215.00    1,991.00    2,523.00    3,112.00
Total Assets                                  26,182.00   26,656.00   26,496.00   27,182.00   26,997.00
Accounts Payable                                    995    1,361.00         944         931         992
Accrued Expenses                               3,437.00    3,967.00    4,019.00    3,759.00    3,598.00
Notes Payable/ Short Term Debt                 1,690.00         833         989    2,805.00    3,154.00
Current Port. LT Debt/ Capital Leases                 –           –           –           –           –
Total Current Liabilities                      6,122.00    6,161.00    5,952.00    7,495.00    7,744.00
Long Term Debt                                 4,497.00    4,586.00    5,503.00    5,005.00    5,175.00
Capital Lease Obligations                             –           –           –           –           –
Total Long Term Debt                           4,497.00    4,586.00    5,503.00    5,005.00    5,175.00
Total Debt                                     6,187.00    5,419.00    6,492.00    7,810.00    8,329.00
Deferred Income Tax                                   –           –           –           –           –
Minority Interest                              1,065.00    1,084.00           –           –           –
Other Liabilities                              2,663.00    2,904.00    2,845.00    2,904.00    2,861.00
Total Liabilities                             14,347.00   14,735.00   14,300.00   15,404.00   15,780.00
Redeemable Preferred Stock                            –           –           –           –           –
Preferred Stock - Non Redeemable, Net               261         263         263         269         267
Common Stock                                   2,937.00    2,937.00    2,937.00    2,937.00    2,934.00
Additional Paid-In Capital                     2,727.00    2,694.00    2,609.00    2,398.00    2,100.00
Retained Earnings (Accum. Deficit)            10,860.00   10,781.00   10,809.00   10,844.00   10,633.00
Treasury Stock - Common                       -1,972.00   -2,003.00   -2,099.00   -2,258.00   -2,375.00
ESOP Debt Guarantee                                -303        -307        -338        -343        -333
Other Equity                                  -2,675.00   -2,444.00   -1,985.00   -2,069.00   -2,009.00
Total Equity                                  11,835.00   11,921.00   12,196.00   11,778.00   11,217.00
Total Liability & Shareholders’ Equity        26,182.00   26,656.00   26,496.00   27,182.00   26,997.00
Shares Outs. - Common Stock                    1,300.97    1,296.30    1,289.65    1,297.73    1,269.33
Total Common Shares Outstanding                1,300.97    1,296.30    1,289.65    1,297.73    1,269.33
In Millions of U.S. Dollars (except for per   3 Months 12 Months 9 Months 6 Months 3 Months
share items)                                    Ending    Ending    Ending  Ending   Ending
                                               03/31/01  12/31/00 09/30/00 06/30/00 03/31/00
Net Income                                            –         –         –       –        –
Depreciation/ Depletion                               –         –         –       –        –
Deferred Taxes                                        –         –         –       –        –
Non-Cash Items                                        –         –         –       –        –
Changes in Working Capital                         -628  1,673.00       618    -451     -743
Total Cash from Operating Activities               -628  1,673.00       618    -451     -743
Capital Expenditures                               -278 -1,356.00      -960    -643     -320
Other Investing Cash Flow Items                     -83  1,840.00 1,671.00 1,018.00      646
Total Cash from Investing Activities               -361       484       711     375      326
Financing Cash Flow Items                             –       -46         –       0        0
Total Cash Dividends Paid                          -160      -622      -513    -334     -163
Issuance (Retirement) of Stock, Net                  96  1,991.00       967     480       89
Issuance (Retirement) of Debt, Net                  768 -2,807.00 -1,745.00    -431       91
Total Cash from Financing Activities                704 -1,484.00 -1,291.00    -285       17
Foreign Exchange Effects                            -42      -107      -130     -40      -25
Net Change in Cash                                 -327       566       -92    -401     -425
Cash Interest Paid                                    –       379         –       –        –
Cash Taxes Paid                                       –       724         –       –        –
Schering-Plough Corp. (NYSE)
In Millions of U.S. Dollars (except for per    3 Months 3 Months 3 Months 3 Months 3 Months
share items)                                     Ending   Ending   Ending   Ending   Ending
                                                03/31/01 12/31/00 09/30/00 06/30/00 03/31/00
Revenue                                         2,319.00 2,390.00 2,394.00 2,642.00 2,389.00
Other Revenue                                          –        –        –        –        –
Total Revenue                                   2,319.00 2,390.00 2,394.00 2,642.00 2,389.00
Cost of Revenue                                      470      488      468      489      457
Gross Profit                                    1,849.00 1,902.00 1,926.00 2,153.00 1,932.00
Selling/ General/ Administrative Expenses            852      812      839      993      841
Research & Development                               289      358      340      345      290
Depreciation/ Amortization                             –        –        –        –        –
Interest Expense (Income), Net Operating               –        –        –        –        –
Unusual Expense (Income)                               –        –        –        –        –
Other Operating Expenses                             -25      -19      -30      -19      -25
Total Operating Expense                         1,586.00 1,639.00 1,617.00 1,808.00 1,563.00
Operating Income                                     733      751      777      834      826
Interest Income (Expense), Net Non-Operating           –        –        –        –        –
Gain (Loss) on Sale of Assets                          –        –        –        –        –
Income Before Tax                                    733      751      777      834      826
Income Tax                                           169      181      186      200      198
Income After Tax                                     564      570      591      634      628
Minority Interest                                      –        –        –        –        –
Equity In Affiliates                                   –        –        –        –        –
Net Income Before Extra. Items                       564      570      591      634      628
Accounting Change                                      –        –        –        –        –
Discontinued Operations                                –        –        –        –        –
Extraordinary Item                                     –        –        –        –        –
Net Income                                           564      570      591      634      628
Preferred Dividends                                    –        –        –        –        –
Income Available to Common Excl. Extra.
Items                                               564        570        591        634        628
Income Available to Common Incl. Extra.
Items                                                564        570        591        634        628
Basic/ Primary Weighted Average Shares          1,463.00   1,465.00   1,463.00   1,464.00   1,468.00
Basic/ Primary EPS Excl. Extra. Items              0.386      0.389      0.404      0.433      0.428
Basic/ Primary EPS Incl. Extra. Items              0.386      0.389      0.404      0.433      0.428
Dilution Adjustment                                    –          –          –          –          –
Diluted Weighted Average Shares                 1,472.00   1,475.00   1,474.00   1,476.00   1,479.00
Diluted EPS Excl. Extra. Items                     0.383      0.386      0.401       0.43      0.425
Diluted EPS Incl. Extra. Items                     0.383      0.386      0.401       0.43      0.425
Dividends per Share - Common Stock                  0.14       0.14       0.14       0.14      0.125
Total Special Items                                    –          –          –          –          –
Normalized Income Before Tax                         733        751        777        834        826
Effect of Special Charge on Income Taxes               –          –          –          –          –
Income Taxes Excl. Impact of Special Items           169        181        186        200        198
Normalized Income After Tax                          564        570        591        634        628

Normalized Income Available to Common               564        570        591        634        628
Basic Normalized EPS                              0.386      0.389      0.404      0.433      0.428
Diluted Normalized EPS                            0.383      0.386      0.401       0.43      0.425
In Millions of U.S. Dollars (except for per   3 Months    3 Months    3 Months    3 Months 3 Months
share items)                                    Ending      Ending      Ending      Ending    Ending
                                               03/31/01    12/31/00    09/30/00    06/30/00 03/31/00
Cash & Equivalents                             2,474.00    2,397.00    2,181.00    2,039.00 1,772.00
Cash and Short Term Investments                2,474.00    2,397.00    2,181.00    2,039.00 1,772.00
Trade Accounts Receivable, Net                 1,454.00    1,413.00    1,202.00    1,416.00 1,178.00
Other Receivables                                     –           –           –           –         –
Total Receivables, Net                         1,454.00    1,413.00    1,202.00    1,416.00 1,178.00
Total Inventory                                     981         951         934         951       972
Prepaid Expenses                               1,021.00         959    1,072.00    1,066.00 1,015.00
Total Current Assets                           5,930.00    5,720.00    5,389.00    5,472.00 4,937.00
Property/ Plant/ Equipment - Gross             5,031.00    4,927.00    4,672.00    4,544.00 4,444.00
Accumulated Depreciation                      -1,616.00   -1,565.00   -1,546.00   -1,515.00 -1,480.00
Property/ Plant/ Equipment, Net                3,415.00    3,362.00    3,126.00    3,029.00 2,964.00
Goodwill, Net                                         –           –           –           –         –
Intangibles, Net                                    643         627         657         623       605
Long Term Investments                                 –           –           –           –         –
Other Long Term Assets                         1,094.00    1,096.00    1,055.00         999       984
Total Assets                                  11,082.00   10,805.00   10,227.00   10,123.00 9,490.00
Accounts Payable                               1,047.00    1,031.00    1,039.00         996 1,032.00
Accrued Expenses                               1,617.00    1,620.00    1,700.00    1,683.00 1,538.00
Notes Payable/ Short Term Debt                        –           –           –           –         –
Current Port. LT Debt/ Capital Leases               975         994         715         857       650
Total Current Liabilities                      3,639.00    3,645.00    3,454.00    3,536.00 3,220.00
Long Term Debt                                        –           –           –           –         –
Capital Lease Obligations                             –           –           –           –         –
Total Long Term Debt                                  –           –           –           –         –
Total Debt                                          975         994         715         857       650
Deferred Income Tax                                   –         214           –           –         –
Minority Interest                                     –           –           –           –         –
Other Liabilities                              1,028.00         827         968         964 1,027.00
Total Liabilities                              4,667.00    4,686.00    4,422.00    4,500.00 4,247.00
Redeemable Preferred Stock                            –           –           –           –         –
Preferred Stock - Non Redeemable, Net                 –           –           –           –         –
Common Stock                                   1,015.00    1,015.00    1,015.00    1,015.00 1,015.00
Additional Paid-In Capital                     1,000.00         974         796         762       691
Retained Earnings (Accum. Deficit)            10,176.00    9,817.00    9,452.00    9,068.00 8,639.00
Treasury Stock - Common                       -5,404.00   -5,369.00   -5,131.00   -4,932.00 -4,843.00
Other Equity                                       -372        -318        -327        -290      -259
Total Equity                                   6,415.00    6,119.00    5,805.00    5,623.00 5,243.00
Total Liability & Shareholders’ Equity        11,082.00   10,805.00   10,227.00   10,123.00 9,490.00
Shares Outs. - Common Stock                    1,463.00    1,463.00    1,462.00    1,465.00 1,464.00
Total Common Shares Outstanding                1,463.00    1,463.00    1,462.00    1,465.00 1,464.00
                                                                 12
In Millions of U.S. Dollars (except for per   3 Months      Months 9 Months 6 Months 3 Months
share items)                                    Ending      Ending   Ending   Ending   Ending
                                               03/31/01    12/31/00 09/30/00 06/30/00 03/31/00
Net Income                                          564    2,423.00 1,852.00 1,262.00      628
Depreciation/ Depletion                              84         299      224      148       76
Deferred Taxes                                        –           –        –        –        –
Non-Cash Items                                       –         –         –          –      –
Changes in Working Capital                        -166      -211       -77       -314    -65
Total Cash from Operating Activities               482 2,511.00 1,999.00     1,096.00    639
Capital Expenditures                              -129      -763      -436       -252   -100
Other Investing Cash Flow Items                    -29       -85      -101        -83    -39
Total Cash from Investing Activities              -158      -848      -537       -335   -139
Financing Cash Flow Items                           10       133        89        101      9
Total Cash Dividends Paid                         -205      -802      -596       -390   -184
Issuance (Retirement) of Stock, Net                -34      -855      -644       -445   -355
Issuance (Retirement) of Debt, Net                 -17       386        -1        139    -73
Total Cash from Financing Activities              -246 -1,138.00 -1,152.00       -595   -603
Foreign Exchange Effects                            -1        -4        -5         -3     -1
Net Change in Cash                                  77       521       305        163   -104
Cash Interest Paid                                   –        50         –          –      –
Cash Taxes Paid                                      –       606         –          –      –

In Millions of U.S. Dollars (except for per   3 Months 3 Months 3 Months 3 Months 3 Months
share items)                                    Ending   Ending   Ending   Ending   Ending
                                               03/31/01 12/31/00 09/30/00 06/30/00 03/31/00
Depreciation/ Depletion
Amortization
Depreciation and Amortization

								
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