Markets

Pfizer Produces Snapshot of Combined Company: $66B in Revenue; Only $2.2B in Cash

By Jim Edwards

Updated on: October 23, 2009 / 12:12 PM EDT / MoneyWatch

Pfizer has produced the first snapshot of what the combined Pfizer-Wyeth company looks like in the form of a pro forma set of financial statements that melds both companies' numbers through the end of June 2009. No surprise: It's massive. Here are some stats to give you an idea of just how gargantuan the new goliath is:

Revenues through June 2009: $33 billion
Pfizer is on course to show roughly $66 billion in revenues at year's end.
It would have had $71 billion in revenues at year-end 2008.
Net income is $6.5 billion for first half 2009
The combined company has only $2.2 billion in cash.
But it has $18 billion in short-term investments.
It has $118 billion in total liabilities.

The revenue yield on every dollar the new company spends on sales and marketing is $3.53, a little less than what both companeis make now -- meaning that in the near-term both Pfizer and Wyeth would have been more efficient had they not done this merger at all.

Qualification: The efficiency drive (cuts, closings and layoffs) haven't begun yet.