SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15(d) of
THE SECURITIES EXCHANGE ACT OF 1934
(Mark One)
X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1997
OR
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from. . .to. . .
Commission file number 1-3619
A. Full title of the Plan and the address of the Plan, if different
from that of the issuer named below:
PFIZER SAVINGS AND INVESTMENT PLAN
B. Name of issuer of the securities held pursuant to the Plan and
the address of its principal executive offices:
PFIZER INC.
235 EAST 42nd STREET
NEW YORK, NEW YORK 10017
PFIZER SAVINGS AND INVESTMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE
FOR PLAN BENEFITS
December 31, 1997
(thousands of dollars, except unit values)
<TABLE>
<CAPTION>
Non-
Participant
Directed Participant Directed
----------- -----------------------------------------------------
Company
Common Loan
Total Stock Fund* Fund A* Fund B* Fund C* Fund D Fund
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investments, at fair
value:
Pfizer Inc. common
stock:
Company Common
Stock Fund,
18,878,871 shares,
cost $147,881;
Fund C, 19,681,635
shares, cost
$252,905 $2,875,168 $1,407,656 $ -- $ -- $ 1,467,512 $ -- $ --
Intermediate Treasury
Bond Fund, The
Northern Trust Company,
cost $172,994 175,191 -- 175,191 -- -- -- --
Collective Stock Index
Fund, The Northern
Trust Company, cost
$80,445 200,583 -- -- 200,583 -- -- --
Other investments, at
cost which approxi-
mates fair value:
Loans to participants 45,889 -- -- -- -- -- 45,889
Cash and short-term
securities 42,086 115 1,899 132 67 39,873 --
-------------------------------------------------------------------------------------
Total investments 3,338,917 1,407,771 177,090 200,715 1,467,579 39,873 45,889
Due to/(from) other funds -- -- 5 (984) 1,797 (818) --
Interest receivable 3,141 2 2,953 -- 2 184 --
Contributions
receivable from
employers, including
amounts collected
from employees 12,282 3,593 844 1,330 6,430 85 --
-------------------------------------------------------------------------------------
Net assets available
for plan benefits--
Notes 7 and 8 $3,354,340 $1,411,366 $180,892 $201,061 $1,475,808 $39,324 $45,889
=====================================================================================
Number of units
outstanding at end
of year 30,417,979 14,022,561 9,128,896 31,943,800 3,228,137
Unit Value--Note 1 $46.15 $12.77 $21.97 $46.01 $11.89
<FN>
<F1>* Total investments represent 5% or more of the Plan's net assets available
for plan benefits.
See Notes to Financial Statements which are an integral part of these
financial statements.
</FN>
</TABLE>
PFIZER SAVINGS AND INVESTMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE
FOR PLAN BENEFITS
December 31, 1996
(thousands of dollars, except unit values)
<TABLE>
<CAPTION>
Non-
Participant
Directed Participant Directed
----------- -----------------------------------------------------
Company
Common Loan
Total Stock Fund* Fund A* Fund B* Fund C* Fund D Fund
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investments, at fair
value:
Pfizer Inc. common
stock:
Company Common
Stock Fund,
19,691,768 shares,
cost $138,298;
Fund C, 19,619,350
shares, cost
$206,233--Note 2 $1,631,412 $817,208 $ -- $ -- $814,204 $ -- $ --
Intermediate Treasury
Bond Fund, The
Northern Trust Company,
cost $170,673 170,580 -- 170,580 -- -- -- --
Collective Stock Index
Fund, The Northern
Trust Company, cost
$72,820 147,468 -- -- 147,468 -- -- --
Other investments, at
cost which approxi-
mates fair value:
Loans to participants 39,385 -- -- -- -- -- 39,385
Cash and short-term
securities 28,602 92 592 26 45 27,847 --
-------------------------------------------------------------------------------------
Total investments 2,017,447 817,300 171,172 147,494 814,249 27,847 39,385
Due to/(from) other funds -- -- 504 (1,054) 533 17 --
Interest receivable 3,406 2 3,281 -- 1 122 --
Contributions
receivable from
employers, including
amounts collected
from employees 9,154 2,698 858 1,075 4,459 64 --
-------------------------------------------------------------------------------------
Net assets available
for plan benefits--
Note 7 $2,030,007 $820,000 $175,815 $147,515 $819,242 $28,050 $39,385
=====================================================================================
Number of units
outstanding at end
of year 32,067,445 14,665,944 8,883,551 32,219,343 2,478,547
Unit Value--Note 1 $25.38 $11.86 $16.49 $25.32 $11.27
<FN>
<F1>* Total investments represent 5% or more of the Plan's net assets available
for plan benefits.
See Notes to Financial Statements which are an integral part of these
financial statements.
</FN>
</TABLE>
PFIZER SAVINGS AND INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE
FOR PLAN BENEFITS
Year Ended December 31, 1997
(thousands of dollars)
<TABLE>
<CAPTION>
Non-
Participant
Directed Participant Directed
----------- --------------------------------------------------------
Company
Common Loan
Total Stock Fund Fund A Fund B Fund C Fund D Fund
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net investment income
Cash dividends:
Pfizer Inc. common
stock $ 26,444 $ 13,060 $ -- $ -- $ 13,384 $ -- $ --
Other marketable
securities 2,906 -- -- 2,906 -- -- --
Interest 17,403 38 11,698 7 22 1,809 3,829
--------------------------------------------------------------------------------------
46,753 13,098 11,698 2,913 13,406 1,809 3,829
Investment management
fees--Note 4 (95) -- (49) (46) -- -- --
--------------------------------------------------------------------------------------
46,658 13,098 11,649 2,867 13,406 1,809 3,829
--------------------------------------------------------------------------------------
Realized gains (losses)
on investments, net--
Note 5
Pfizer Inc. common
stock 98,602 51,016 -- -- 47,586 -- --
Other securities (286) -- (1,297) 1,011 -- -- --
---------------------------------------------------------------------------------------
98,316 51,016 (1,297) 1,011 47,586 -- --
---------------------------------------------------------------------------------------
Unrealized appreciation
of investments, net--
Note 6 1,235,281 580,865 2,290 45,490 606,636 -- --
----------------------------------------------------------------------------------------
1,380,255 644,979 12,642 49,368 667,628 1,809 3,829
----------------------------------------------------------------------------------------
Contributions
Employees 109,053 -- 11,125 19,525 75,158 3,245 --
Employers 41,066 41,066 -- -- -- -- --
Withdrawals--Note 7 (206,041) (94,849) (20,380) (11,278) (69,523) (10,011) --
Loan transaction
transfers, net -- 170 (314) (437) (2,010) (84) 2,675
Transfers at fair
value, net -- -- 2,004 (3,632) (14,687) 16,315 --
---------------------------------------------------------------------------------------
(55,922) (53,613) (7,565) 4,178 (11,062) 9,465 2,675
---------------------------------------------------------------------------------------
Net increase 1,324,333 591,366 5,077 53,546 656,566 11,274 6,504
Net assets available
for plan benefits--
Note 7:
Beginning of year 2,030,007 820,000 175,815 147,515 819,242 28,050 39,385
---------------------------------------------------------------------------------------
End of year $3,354,340 $1,411,366 $180,892 $201,061 $1,475,808 $39,324 $45,889
=======================================================================================
<FN>
<F1>
See Notes to Financial Statements which are an integral part of these
financial statements.
</FN>
</TABLE>
PFIZER SAVINGS AND INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE
FOR PLAN BENEFITS
Year Ended December 31, 1996
(thousands of dollars)
<TABLE>
<CAPTION>
Non-
Participant
Directed Participant Directed
----------- -------------------------------------------------------
Company
Common Loan
Total Stock Fund Fund A Fund B Fund C Fund D Fund
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net investment income
Cash dividends:
Pfizer Inc. common
stock $ 24,240 $ 12,184 $ -- $ -- $ 12,056 $ -- $ --
Other marketable
securities 2,758 -- -- 2,758 -- -- --
Interest 16,518 49 12,352 11 28 1,002 3,076
---------------------------------------------------------------------------------
43,516 12,233 12,352 2,769 12,084 1,002 3,076
Investment management
fees--Note 4 (103) -- (58) (45) -- -- --
---------------------------------------------------------------------------------
43,413 12,233 12,294 2,724 12,084 1,002 3,076
---------------------------------------------------------------------------------
Realized gains (losses)
on investments, net--
Note 5
Pfizer Inc. common
stock 92,482 48,444 -- -- 44,038 -- --
Other securities (932) -- (1,174) 242 -- -- --
----------------------------------------------------------------------------------
91,550 48,444 (1,174) 242 44,038 -- --
----------------------------------------------------------------------------------
Unrealized appreciation
(depreciation) of
investments, net--Note 6 329,504 152,637 (2,872) 24,037 155,702 -- --
-----------------------------------------------------------------------------------
464,467 213,314 8,248 27,003 211,824 1,002 3,076
-----------------------------------------------------------------------------------
Contributions
Employees 77,921 -- 11,612 14,987 50,537 785 --
Employers 34,486 34,486 -- -- -- -- --
Withdrawals--Note 7 (188,128) (85,169) (26,090) (9,912) (63,769) (3,188) --
Loan transaction
transfers, net -- (3,714) 1,841 1,810 (5,221) 682 4,602
Transfers at fair
value, net -- -- (5,293) 2,160 (9,393) 12,526 --
----------------------------------------------------------------------------------
(75,721) (54,397) (17,930) 9,045 (27,846) 10,805 4,602
----------------------------------------------------------------------------------
Net increase (decrease) 388,746 158,917 (9,682) 36,048 183,978 11,807 7,678
Net assets available
for plan benefits--
Note 7:
Beginning of year 1,641,261 661,083 185,497 111,467 635,264 16,243 31,707
-------------------------------------------------------------------------------------
End of year $2,030,007 $820,000 $175,815 $147,515 $819,242 $28,050 $39,385
=====================================================================================
<FN>
<F1> See Notes to Financial Statements which are an integral part of
these financial statements.
</FN>
</TABLE>
PFIZER SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1997 and 1996
NOTE 1 -- SUMMARY PLAN DESCRIPTION
GENERAL -- The Pfizer Savings and Investment Plan (the "Plan") is
a defined contribution plan which was originally adopted by Pfizer Inc.
(the "Company") in 1965 as the Pfizer Savings Plan and has been amended
from time to time since that date. Participation in the Plan is open to
all eligible employees of the Company and any corporation which, with
the consent of the Company, adopts the Plan ("Associate Companies"). The
Plan is subject to the provisions of the Employee Retirement Income
Security Act of 1974.
Contributions, in excess of withdrawals and transfers, directed to
Fund A of the Plan are invested in an intermediate U.S. Treasury bond
fund. In addition, as the investment contracts with insurance companies
in Fund A matured, the contracts' proceeds were invested in an
intermediate U.S. Treasury bond fund. As of June 3, 1996, all
investment contracts with insurance companies had matured and the
proceeds were invested in the intermediate U.S. Treasury bond fund.
The Plan accepts rollover contributions by participants in certain
instances (as defined in the Plan) and values a deceased participant's
account as of the valuation date subsequent to the receipt of the
distribution election. Effective January 1, 1997, participants are
permitted to roll over into the Plan eligible distributions from other
qualified employer sponsored savings plans and conduit IRAs.
The following is a general description of certain provisions of
the Plan. Refer to the Plan agreement for a complete description:
CONTRIBUTIONS -- Each participant may make contributions on an
after-tax basis and/or on a before-tax basis (that is, choose to reduce
his or her compensation and have the Company contribute on his or her
behalf). Contributions are subject to certain restrictions under the
Internal Revenue Code of 1986, as amended. Contributions of up to 2% of
compensation are matched 100% by the Company and the next 4% is matched
50%. Employee contributions in excess of 6% are not matched.
Effective February 1, 1997, the definition of earnings eligible
for contributions was expanded to include overtime pay, premium pay and
shift differentials.
INVESTMENT OPTIONS -- Each participant in the Plan elects to have
his or her contribution invested in any one or any combination of four
investment funds. These funds are comprised of the following:
Fund A -- Intermediate U.S. Treasury bonds and, prior to June 3,
1996, investment contracts with insurance companies.
Fund B -- An index fund of corporate common stocks.
Fund C -- Common stock of the Company.
Fund D -- U.S. Treasury and government agency money market
investments with maturities of less than one year.
At December 31, 1997 and 1996, respectively, there were 15,915 and
13,476 employees participating in the Plan, some of whom had investments
in more than one employee investment fund. On the basis of allocations
by the employees of their contributions at December 31, 1997 and 1996,
respectively, Fund A had 3,965 and 4,441 participating employees;
Fund B, 5,824 and 5,044, Fund C, 14,184 and 11,535 and Fund D, 610 and
428.
Effective January 1, 1998, three new investment funds were added
to the Plan as follows:
Fund E -- Common stocks of companies with market capitalization
averaging approximately $500 million.
Fund F -- Common stocks of large, well-established companies
whose price-to-book ratios are, as a whole, typically
below the average for the S&P 500 index and whose
dividends are typically higher than the average for
the S&P 500 index.
Fund G -- Common stocks of large, well-established companies
whose price-to-book ratios are, as a whole, typically
above the average for the S&P 500 index and whose
dividends are typically lower than average for the S&P
500 index.
All Company matching contributions are invested by the trustee in
a fund designated the "Company Common Stock Fund," which consists
primarily of common stock of the Company. These contributions are
non-participant directed.
The Plan's trust agreement provides that any portion of any of the
investment funds may, pending its permanent investment or distribution,
be invested in short-term investments.
The net assets used to calculate the unit values disclosed on the
Statement of Net Assets Available for Plan Benefits as of December 31,
1997 and 1996, have been reduced by benefits payable as of that date.
(See Note 7.)
ELIGIBILITY AND VESTING -- Effective January 1, 1997,
substantially all the domestic employees of the Company, except those
covered by a collective bargaining agreement, are eligible to enroll in
the Plan on their date of hire. Prior to January 1, 1997, such
employees were eligible to enroll in the Plan on the January 1 following
their date of employment, or at the beginning of any month thereafter. A
participant is immediately vested in the full value of his or her
account (i.e., participants' and employer's contributions).
PAYMENT OF BENEFITS -- Upon separation from service, retirement or
disability, a participant may elect to receive a lump sum distribution
currently or at any time up to the later of 13 months from separation or
age 65, subject to the provisions of the Plan. In the event of a
participant's death, a spouse beneficiary may elect payment currently or
defer payments until the later of when the participant would have
reached age 65 or 13 months from date of death. A nonspouse beneficiary
may defer payment up until 13 months from the date of death.
WITHDRAWALS -- A participant in the Plan may withdraw all or part
of his or her account balance subject to the provisions of the Plan.
LOANS --Plan participants are permitted to borrow against their
vested balance. The minimum amount a participant may borrow is $1,000
and the maximum amount is the lesser of 50% of the vested account
balance reduced by any current outstanding loan balance or $50,000
reduced by the highest outstanding loan balance in the preceding
12 months.
Under the terms of the Plan, loans must be repaid within five
years, unless the funds are used to purchase a primary residence.
Primary residence loans must be repaid over 10 or 15 years at the
participant's option. The interest rate on all loans is based on the
prime rate plus 1%. Interest paid by the participant is credited to the
participant's account.
TERMINATION -- The Company expects to continue the Plan
indefinitely, but necessarily reserves the right to amend, suspend or
discontinue it in whole or in part at any time by action of the
Company's Board of Directors. In the event of termination of the Plan,
each participant shall receive the full value of his or her account
balance as though he or she had retired as of the date of such
termination. No part of the assets in the investment funds established
pursuant to the Plan will at any time revert to the Company.
NOTE 2 -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING -- The financial statements of the Plan are
prepared on the accrual basis of accounting. For treatment of benefits
payable, refer to Note 7. Certain reclassifications have been made to
the 1996 financial statements to conform to the 1997 presentation.
USE OF ESTIMATES -- The preparation of financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial
statements. Actual results could differ from those estimates.
INVESTMENT VALUATION -- Pfizer Inc. common stock is valued at the
closing market price on the last business day of the year. The
investments in the index fund of corporate common stocks and
intermediate U.S. Treasury bond fund are recorded at fair value based on
the closing market prices of the underlying investments of the
respective fund as of the last business day of the year. Loans to
participants and cash and short-term securities are recorded at cost
which approximates fair value.
SECURITY TRANSACTIONS -- Purchases and sales of securities are
reflected on a trade-date basis. Realized gains and losses on sales of
investments represent the difference between the net proceeds and the
cost of the investments (average cost if less than the entire investment
is sold).
UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS --
Unrealized appreciation (depreciation) of investments for the year
represents the difference between the cost of the investments and their
fair value at the end of the year. Additionally, it reflects the
reversal of the unrealized appreciation (depreciation) as of the end of
the prior year.
NET INVESTMENT INCOME -- Dividend income is recorded on the
ex-dividend date. Interest income is recorded as earned.
PFIZER INC. COMMON STOCK -- In June 1997, the Company effected a
two-for-one stock split in the form of a 100 percent stock dividend.
The number of shares of Pfizer Inc. common stock held by the Plan as of
December 31, 1996 (Company Common Stock Fund and Fund C) has been
restated to reflect the two-for-one stock split.
NOTE 3 -- INCOME TAXES
The Internal Revenue Service has determined and informed the
Company that the Plan and related trust as of May 26, 1994 were designed
in accordance with the applicable sections of the Internal Revenue Code.
The Plan has been amended since receiving the determination letter. The
Plan administrator and the Plan's legal and tax counsel believe that the
Plan is designed and is currently being operated in compliance with all
the applicable requirements. Therefore, no provision has been made for
Federal income taxes.
Contributions made to the Plan by the Company, including
before-tax contributions made on the employees' behalf by the Company
and the appreciation on all funds in the employees' account, are not
taxable to the employees under Federal income tax law while these
amounts remain in the Plan.
NOTE 4 -- ADMINISTRATIVE COSTS
Except for certain member transfer costs and the investment
management fees (Fund A and Fund B), all costs and expenses of
administering the Plan are assumed by the Company.
NOTE 5 -- REALIZED GAINS (LOSSES) ON INVESTMENTS
The aggregate net proceeds and carrying value used in the
calculation of the realized gains (losses) on investments are as
follows:
<TABLE>
<CAPTION>
Net Proceeds
and Realized Gains
Withdrawals Cost (Losses)
------------ -------- --------------
(thousands of dollars)
<S> <C> <C> <C>
Pfizer Inc. Common Stock
1997 $119,098 $20,496 $98,602
1996 119,840 27,358 92,482
Other Securities
1997 92,397 92,683 (286)
1996 95,543 96,475 (932)
</TABLE>
Realized gains from the disposal of Pfizer Inc. common stock
include $48,932,000 in 1997 and $62,371,000 in 1996 related to shares
distributed in kind to participants who withdrew from the Plan on
retirement or termination.
The 1997 Net Proceeds and Withdrawals amounts include $20,540,000
relating to the transfer of Plan assets of the former employees of the
Company's divested Coty, Inc. business to the Benckiser Incentive
Savings Plan. In addition, the 1996 Net Proceeds and Withdrawals
amounts include $25,904,000 relating to the transfer of Plan assets of
the former employees of the Pfizer Food Science Group to the Cultor Food
Science Retirement and Savings Plan.
NOTE 6 -- UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS
The change in the amount of unrealized appreciation (depreciation)
was as follows:
<TABLE>
<CAPTION>
Aggregate Unrealized
------------------------
December 31, December 31, Change
1997 1996 During 1997
--------- --------- ----------
(thousands of dollars)
<S> <C> <C> <C>
Company Common Stock Fund $1,259,775 $ 678,910 $ 580,865
Fund A 2,197 (93) 2,290
Fund B 120,138 74,648 45,490
Fund C 1,214,607 607,971 606,636
--------- ---------- ----------
$2,596,717 $1,361,436 $1,235,281
========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
Aggregate Unrealized
------------------------
December 31, December 31, Change
1996 1995 During 1996
--------- --------- ----------
(thousands of dollars)
<S> <C> <C> <C>
Company Common Stock Fund $ 678,910 $ 526,273 $ 152,637
Fund A (93) 2,779 (2,872)
Fund B 74,648 50,611 24,037
Fund C 607,971 452,269 155,702
--------- ---------- ---------
$1,361,436 $1,031,932 $ 329,504
========== ========== ==========
</TABLE>
NOTE 7 -- WITHDRAWALS AND RECONCILIATION WITH FORM 5500
For financial statement purposes, participant withdrawals and
distributions are recorded when paid rather than when processed and
approved for payment. Therefore, the net assets available for Plan
benefits as of December 31, 1997 and 1996 do not reflect a reduction for
the following benefits payable to participants who had requested
withdrawals as of December 31, but which were not distributed until the
subsequent year:
<TABLE>
<CAPTION>
1997 1996
------- --------
(thousands of dollars)
<S> <C> <C>
Company Common Stock Fund $ 7,451 $6,364
Fund A 1,820 1,933
Fund B 485 1,063
Fund C 6,180 3,580
Fund D 957 120
------- --------
$16,893 $13,060
======= =======
</TABLE>
For the purposes of Form 5500, such withdrawals and distributions
are recorded when processed and approved for payment. Therefore,
benefits payable to participants who have requested withdrawals have
been reported as benefit expense on Form 5500 for those years.
NOTE 8 - SUBSEQUENT EVENT
In January 1998, the Company sold its Valleylab business to U.S.
Surgical Corporation. In connection with the sale, $71,273,179 of net
assets in the Plan belonging to Valleylab employees was transferred to
U.S. Surgical Corporation's savings plan on May 1, 1998.
SCHEDULE 1
PFIZER SAVINGS AND INVESTMENT PLAN
ITEM 27a -- SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1997
(thousands of dollars)
<TABLE>
<CAPTION>
Number of
Interest Maturity Shares or
Rate Rate Units Cost Fair Value
-------- -------- --------- -------- ----------
<S> <C> <C> <C> <C> <C>
COMPANY COMMON STUCK FUND:
- --------------------------
Pfizer Inc. Common Stock -- -- 18,878,871 $147,881 $1,407,656
The Northern Trust Company,
Short-Term Investment Fund Various Various 115,338 115 115
-------- ----------
Total of Company Stock
Fund $147,996 $1,407,771
======== ==========
FUND A:
- -------
The Northern Trust Company,
Intermediate Treasury
Bond Fund Various Various 169,300,000 $172,994 $ 175,191
The Northern Trust Company,
Short-Term Investment Fund Various Various 1,898,674 1,899 1,899
-------- ---------
Total of Fund A $174,893 $ 177,090
======== ==========
FUND B:
- -------
The Northern Trust Company,
Collective Stock Index Fund -- -- 2,499,339 $ 80,445 $ 200,583
The Northern Trust Company,
Short-Term Investment Fund Various Various 132,321 132 132
-------- ----------
Total of Fund B $ 80,577 $ 200,715
======== ==========
FUND C:
- -------
Pfizer Inc. Common Stock -- -- 19,681,635 $252,905 $1,467,512
The Northern Trust Company,
Short-Term Investment Fund Various Various 66,829 67 67
-------- ----------
Total of Fund C $252,972 $1,467,579
======== ==========
FUND D:
- -------
The Northern Trust Company,
Government Short-Term
Investment Fund Various Various 39,872,690 $ 39,873 $ 39,873
======== ==========
LOAN FUND:
- ----------
Loans to participants Various Various -- $ 45,889 $ 45,889
======== ==========
</TABLE>
SCHEDULE 2
PFIZER SAVINGS AND INVESTMENT PLAN
ITEM 27d -- SCHEDULE OF REPORTABLE TRANSACTIONS
Year Ended December 31, 1997
(thousands of dollars)
<TABLE>
<CAPTION>
FUND C AND COMPANY
COMMON STOCK FUND:
Securities Purchased Number of Number of
- -------------------- Transactions Shares<F1> Cost
------------ ---------- -------
<S> <C> <C> <C>
Pfizer Inc. common stock 39 1,435,829 $76,751
<FN>
<F1>In June 1997, Pfizer Inc. effected a two-for-one stock split in the
form of a 100% stock dividend. The number of shares of Pfizer Inc.
common stock purchased and disposed of by the Plan prior to the date of
the stock split has been restated to reflect the split.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Securities Disposed* Fair Value
- ------------------- Number of Number of of Disposed Realized
Transactions Shares<F1> Cost Shares Gains
------------ ---------- -------- ----------- --------
<S> <C> <C> <C> <C> <C>
Pfizer Inc. common stock 428 2,186,439 $20,496 $119,098 $98,602
<FN>
<F1>In June 1997, Pfizer Inc. effected a two-for-one stock split in the
form of a 100% stock dividend. The number of shares of Pfizer Inc.
common stock purchased and disposed of by the Plan prior to the date of
the stock split has been restated to reflect the split.
*Dispositions represent sales of stock and shares distributed in kind to
members who withdrew from the Plan on retirement or termination.
</FN>
</TABLE>
INDEPENDENT AUDITORS' REPORT
To the Savings and Investment Plan Committee
Pfizer Savings and Investment Plan:
We have audited the accompanying statements of net assets
available for plan benefits of the Pfizer Savings and Investment Plan
(the Plan) as of December 31, 1997 and 1996 and the related statements
of changes in net assets available for plan benefits for the years then
ended. These financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the net assets available for plan
benefits of the Plan as of December 31, 1997 and 1996 and the changes in
net assets available for plan benefits for the years then ended, in
conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on
the basic financial statements taken as a whole. The supplemental
schedules of (1) assets held for investment purposes and (2) reportable
transactions, as of and for the year ended December 31, 1997 are
presented for the purpose of additional analysis and are not a required
part of the basic financial statements but are supplementary information
required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security
Act of 1974. The Fund Information in the statements of net assets
available for plan benefits and the statements of changes in net assets
available for plan benefits is presented for purposes of additional
analysis rather than to present the net assets available for plan
benefits and changes in net assets available for plan benefits of each
fund. The supplemental schedules and Fund Information have been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements taken as
a whole.
/s/ KPMG Peat Marwick LLP
KPMG PEAT MARWICK LLP
New York, New York
April 17, 1998
SIGNATURES
THE PLAN. Pursuant to the requirements of the Securities Exchange Act
of 1934, the members of the Savings and Investment Plan Committee have
duly caused this annual report to be signed on its behalf by the
undersigned thereunto duly authorized.
PFIZER SAVINGS AND INVESTMENT PLAN
By: /s/ David L. Shedlarz
David L. Shedlarz
Senior Vice President and
Chief Financial Officer
Chair, Savings and Investment
Plan Committee
Date: June 26, 1998
EXHIBIT 23
CONSENT OF INDEPENDENT AUDITORS
To the Savings and Investment Plan Committee
Pfizer Savings and Investment Plan:
We consent to the use of our report dated April 17, 1998 included
herein and incorporated herein by reference in the Registration
Statement on Form S-8 dated January 24, 1991 (File No. 33-38708) which
report relates to the statements of net assets available for plan
benefits of the Pfizer Savings and Investment Plan as of December 31,
1997 and 1996, and the related statements of changes in net assets
available for plan benefits for the years then ended, and appears in the
December 31, 1997 annual report on Form 11-K of the Pfizer Savings and
Investment Plan.
/s/ KPMG Peat Marwick LLP
KPMG PEAT MARWICK LLP
New York, New York
June 26, 1998
2
23
PFIZER SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 1997 and 1996
9
17
