1. Compute ROE for all three years reported on the income statement. (Hint: Do your companies report non-controlling interest on the income statement and balance sheet?If so, make certain to use income available to the controlling interest (NICI) in the numerator and equity of the controlling interest (CI) in the denominator.To compute ROE for three years, we must determine average stockholders equity for three years, which means we need four balance sheet amounts. Because the balance sheets of each company will report only two years, we must collect prior years financial statements.

2. Compute RNOA and its two components (NOPM and NOAT) for all three years reported on the income statement. We must use balance sheet numbers for four years to obtain three averages of net operating assets. Examine the income statements and balance sheets to determine the operating and non operating items. (Hint: Use an online source to understand any line items not described in the textbook. Use cell references in the spreadsheet to compute NOPAT and NOA and the various ratios.)

3. Compare ROE and RNOA and identify differences over time and between the companies.Evaluate the companies returns and answer questions such as the following: Which company is more profitable? How do the operating and non-operating portions of ROE compare? Compare the ROE and RNOA with the graph on page 3-25. If the ratios for the companies under analysis differ from the graph, is there an explanation? Is the net operating profit margin similar for the two companies? Given that they are roughly in the same industry, major differences should prompt further exploration. Are the companies net operating asset turnover ratios similar or markedly different? Calculate and compare the cash conversion cycle for each year.

4. Determine FLEV and Spread and the non-controlling interest ratio (if applicable). Show that: ROE + [RNOA 1 (FLEV - Spread)] * Non-controlling interest ratio. Compare the components of the equation for each company over time and follow up on any differences

5. Prepare a vertical and horizontal analysis of the income statement and balance sheet. Compare the ratios for the companies under analysis and identify differences over time and between companies.

EXHIBIT 3.8 Net Operating Asset Profitability and Productivity Across Industries 3.0 2 2.5 2.0 Net Operating Asset Turnover 1.5 Automotive Retail Household Products Apparel Airlines Communications Aerospace Equipment Paper Packaging Building Products Application Software Construction Machinery Life Sciences Tools Semiconductors Technology Hardware Biotechnology Specialty Chemicals Packaged Foods Data Processing Industrial Pharmaceuticals Healthcare Machinery Healthcare Services Systems Software Equipment Electric Utilities 13.7% RNOA Railroads Oil and Gas Multi-Utilities Exploration 1.0 0.5 0.0 0% 5% 10% 15% 20% 25% 30% Net Operating Profit Margin A B D Dec 31, 2019 Dec. 31, 2020 $ 1,784 10,437 7,930 8,046 3,264 3,438 167 35,067 16,856 3,406 13,900 28,471 49,577 2,383 4,569 0 154,229 $ 1,121 8,525 6,772 7,068 2,736 2,357 4,224 32,803 17,133 3,014 12,969 33,936 48,202 1,911 4,199 13427 167,594 1 Consolidated Balance Sheets - USD ($) $ in Millions 2 Assets Cash and cash equivalents 4 Short-term investments - 5 Trade accounts receivable, less allowance for doubtful accounts: 2020-$508; 2019-$493 6 Inventories [1] 7 Current tax assets 8 Other current assets 9 Current assets of discontinued operations and other assets held for sale 10 Total current assets 11 Equity-method investments 12 Long-term investments 13 Property, plant and equipment 14 Identifiable intangible assets [2] 15 Goodwill 16 Noncurrent deferred tax assets and other noncurrent tax assets 17 Other noncurrent assets 18 Noncurrent assets of discontinued operations 19 Total assets 20 Liabilities and Equity 21 Short-term borrowings, including current portion of long-term debt: 2020-$2,002: 2019-$1,462 22 Trade accounts payable 23 Dividends payable 24 Income taxes payable 25 Accrued compensation and related items 26 Other current liabilities 27 Current liabilities of discontinued operations 28 Total current liabilities 29 Long-term debt 30 Pension benefit obligations 31 Postretirement benefit obligations 32 Noncurrent deferred tax liabilities 33 Other taxes payable 34 Other noncurrent liabilities 35 Total liabilities 36 Commitments and Contingencies 37 Preferred stock, no par value, at stated value: 27 shares authorized; issued: 2020-0; 2019-431 38 Common stock, 50.05 par value: 12,000 shares authorized; issued: 2020-9,407, 2019-9,369 39 Additional paid-in capital 40 Treasury stock, shares at cost: 2020-3,840, 2019-3,835 41 Retained earnings 42 Accumulated other comprehensive loss 43 Total Pfizer Inc. shareholders' equity 44 Equity attributable to noncontrolling interests 45 Total equity 46 Total liabilities and equity 47 2,703 4,309 2,162 1,049 3,058 12,640 0 25,920 37,133 4,766 645 4,063 11,560 6,669 90,756 16,195 3,887 2,104 980 2,390 9,334 2413 37,304 35,955 5,291 926 5,652 12,126 6,894 104,148 0 470 88,674 (110,988) 96,770 (11,688) 63,238 235 63,473 $ 154,229 17 468 87,428 (110,801) 97,670 (11,640) 63,143 303 63,447 $167.594 12 Months Ended Dec 31, 2019 Dec. 31, 2020 Dec. 31, 2018 $ 41,908 $ 41,172 $ 40,825 Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions Income Statement(Abstract) Revenues [1] Costs and expenses: Cost of sales (2) Selling, informational and administrative expenses (2) Research and development expenses (2) Amortization of intangible assets Restructuring charges and certain acquisition-related costs (Gain) on completion of Consumer Healthcare JV transaction Other (income)/deductions--net Income from continuing operations before provision/(benefit) for taxes on income (31.[4] Provision/(benefit) for taxes on income Income from continuing operations Income from discontinued operations--net of tax Net income before allocation to noncontrolling interests Less: Net income attributable to noncontrolling interests Net income attributable to Pfizer Inc. common shareholders Earnings per common share-basic: Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) Income from discontinued operations--net of tax (in dollars per share) Net income attributable to Pfizer Inc.common shareholders (in dollars per share) ) Earnings per common share-diluted: Income from continuing operations attributable to Pfizer Inc.common shareholders (in dollars per share) Income from discontinued operations--net of tax (in dollars per share) Net income attributable to Pfizer Inc. common shareholders (in dollars per share) Weighted average shares-basic Weighted average shares-diluted 8,692 11,615 9,405 3,436 600 (6) 669 7,497 477 7,021 2,631 9,652 36 $ 9,616 8,251 12,750 8,394 4,462 601 (8,086) 3,314 11,485 618 10,867 5,435 16,302 29 $ 16,273 8,987 12,612 7,760 4,736 1,058 0 2,077 3,594 (266) 3,861 7,328 11,188 36 $ 11,153 $ 1.26 $ 1.95 $ 0.65 0.47 1.73 0.98 2.92 1.25 1.90 1.24 1.91 0.64 0.47 $ 1.71 5,555 5,632 0.96 $ 2.87 5,569 5,675 1.23 $ 1.87 5,872 5,977 [1] ] (2) [ ( [3] (4) On November 16, 2020, we completed the spin-off and the combination of our Upjohn Business with Mylan to form Viatris. On December Exclusive of amortization of intangible assets, except as disclosed in Note 1L. 2019 v. 2018 - The domestic income in 2019 versus domestic loss in 2018 was mainly related to the completion of the Consumer 2020 v. 2019-The domestic loss in 2020 versus domestic income in 2019 was mainly related to the non-recurrence of the gain on the EXHIBIT 3.8 Net Operating Asset Profitability and Productivity Across Industries 3.0 2 2.5 2.0 Net Operating Asset Turnover 1.5 Automotive Retail Household Products Apparel Airlines Communications Aerospace Equipment Paper Packaging Building Products Application Software Construction Machinery Life Sciences Tools Semiconductors Technology Hardware Biotechnology Specialty Chemicals Packaged Foods Data Processing Industrial Pharmaceuticals Healthcare Machinery Healthcare Services Systems Software Equipment Electric Utilities 13.7% RNOA Railroads Oil and Gas Multi-Utilities Exploration 1.0 0.5 0.0 0% 5% 10% 15% 20% 25% 30% Net Operating Profit Margin A B D Dec 31, 2019 Dec. 31, 2020 $ 1,784 10,437 7,930 8,046 3,264 3,438 167 35,067 16,856 3,406 13,900 28,471 49,577 2,383 4,569 0 154,229 $ 1,121 8,525 6,772 7,068 2,736 2,357 4,224 32,803 17,133 3,014 12,969 33,936 48,202 1,911 4,199 13427 167,594 1 Consolidated Balance Sheets - USD ($) $ in Millions 2 Assets Cash and cash equivalents 4 Short-term investments - 5 Trade accounts receivable, less allowance for doubtful accounts: 2020-$508; 2019-$493 6 Inventories [1] 7 Current tax assets 8 Other current assets 9 Current assets of discontinued operations and other assets held for sale 10 Total current assets 11 Equity-method investments 12 Long-term investments 13 Property, plant and equipment 14 Identifiable intangible assets [2] 15 Goodwill 16 Noncurrent deferred tax assets and other noncurrent tax assets 17 Other noncurrent assets 18 Noncurrent assets of discontinued operations 19 Total assets 20 Liabilities and Equity 21 Short-term borrowings, including current portion of long-term debt: 2020-$2,002: 2019-$1,462 22 Trade accounts payable 23 Dividends payable 24 Income taxes payable 25 Accrued compensation and related items 26 Other current liabilities 27 Current liabilities of discontinued operations 28 Total current liabilities 29 Long-term debt 30 Pension benefit obligations 31 Postretirement benefit obligations 32 Noncurrent deferred tax liabilities 33 Other taxes payable 34 Other noncurrent liabilities 35 Total liabilities 36 Commitments and Contingencies 37 Preferred stock, no par value, at stated value: 27 shares authorized; issued: 2020-0; 2019-431 38 Common stock, 50.05 par value: 12,000 shares authorized; issued: 2020-9,407, 2019-9,369 39 Additional paid-in capital 40 Treasury stock, shares at cost: 2020-3,840, 2019-3,835 41 Retained earnings 42 Accumulated other comprehensive loss 43 Total Pfizer Inc. shareholders' equity 44 Equity attributable to noncontrolling interests 45 Total equity 46 Total liabilities and equity 47 2,703 4,309 2,162 1,049 3,058 12,640 0 25,920 37,133 4,766 645 4,063 11,560 6,669 90,756 16,195 3,887 2,104 980 2,390 9,334 2413 37,304 35,955 5,291 926 5,652 12,126 6,894 104,148 0 470 88,674 (110,988) 96,770 (11,688) 63,238 235 63,473 $ 154,229 17 468 87,428 (110,801) 97,670 (11,640) 63,143 303 63,447 $167.594 12 Months Ended Dec 31, 2019 Dec. 31, 2020 Dec. 31, 2018 $ 41,908 $ 41,172 $ 40,825 Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions Income Statement(Abstract) Revenues [1] Costs and expenses: Cost of sales (2) Selling, informational and administrative expenses (2) Research and development expenses (2) Amortization of intangible assets Restructuring charges and certain acquisition-related costs (Gain) on completion of Consumer Healthcare JV transaction Other (income)/deductions--net Income from continuing operations before provision/(benefit) for taxes on income (31.[4] Provision/(benefit) for taxes on income Income from continuing operations Income from discontinued operations--net of tax Net income before allocation to noncontrolling interests Less: Net income attributable to noncontrolling interests Net income attributable to Pfizer Inc. common shareholders Earnings per common share-basic: Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) Income from discontinued operations--net of tax (in dollars per share) Net income attributable to Pfizer Inc.common shareholders (in dollars per share) ) Earnings per common share-diluted: Income from continuing operations attributable to Pfizer Inc.common shareholders (in dollars per share) Income from discontinued operations--net of tax (in dollars per share) Net income attributable to Pfizer Inc. common shareholders (in dollars per share) Weighted average shares-basic Weighted average shares-diluted 8,692 11,615 9,405 3,436 600 (6) 669 7,497 477 7,021 2,631 9,652 36 $ 9,616 8,251 12,750 8,394 4,462 601 (8,086) 3,314 11,485 618 10,867 5,435 16,302 29 $ 16,273 8,987 12,612 7,760 4,736 1,058 0 2,077 3,594 (266) 3,861 7,328 11,188 36 $ 11,153 $ 1.26 $ 1.95 $ 0.65 0.47 1.73 0.98 2.92 1.25 1.90 1.24 1.91 0.64 0.47 $ 1.71 5,555 5,632 0.96 $ 2.87 5,569 5,675 1.23 $ 1.87 5,872 5,977 [1] ] (2) [ ( [3] (4) On November 16, 2020, we completed the spin-off and the combination of our Upjohn Business with Mylan to form Viatris. On December Exclusive of amortization of intangible assets, except as disclosed in Note 1L. 2019 v. 2018 - The domestic income in 2019 versus domestic loss in 2018 was mainly related to the completion of the Consumer 2020 v. 2019-The domestic loss in 2020 versus domestic income in 2019 was mainly related to the non-recurrence of the gain on the