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
FOR EMPLOYEES RESIDENT IN PUERTO RICO
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
FOR EMPLOYEES RESIDENT IN PUERTO RICO
STATEMENT OF NET ASSETS
AVAILABLE FOR PLAN BENEFITS
December 31, 1997
<TABLE>
<CAPTION>
Non-
Participant
Directed Participant Directed
--------------------------------------------------
Pfizer Inc.
Common
Total Stock Fund Fund A Fund B Fund C
-----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS
- ------
Investments, at fair
value:
Pfizer Inc. common
stock:
Pfizer Inc. Common
Stock Fund,
185,403 shares,
cost $3,030,526;
Fund C, 176,544
shares, cost
$3,870,596 $26,987,853 $13,824,233 $ -- $ -- $13,163,620
Other marketable
securities:
Fund A, cost
$2,032,415;
Fund B, cost
$425,961 2,960,905 -- 2,127,306 833,599 --
Interest-bearing
deposits/(overdrafts),
at cost which
approximates fair 232 62 (70,189) (34,467) 104,826
-------------------------------------------------------------------
Total investments 29,948,990 $13,824,295 2,057,117 799,132 13,268,446
Due(to)/from other
funds -- 23,236 (8,483) (914) (13,839)
Interest and
miscellaneous receivable/
(payables) 603 375 (152) (86) 466
Contributions receivable:
Employees 454,600 -- 64,930 15,572 374,098
Employers 203,454 203,454 -- -- --
------------------------------------------------------------------
Net assets available for
plan benefits--Note 7 $30,607,647 $14,051,360 $2,113,412 $813,704 $13,629,171
==================================================================
Number of units
outstanding at end
of year 1,496,212 1,253,015 265,555 1,527,178
Unit value $9.39 $1.69 $3.06 $8.92
</TABLE>
See Notes to Financial Statements which are an integral part of these
financial statements.
PFIZER SAVINGS AND INVESTMENT PLAN
FOR EMPLOYEES RESIDENT IN PUERTO RICO
STATEMENT OF NET ASSETS
AVAILABLE FOR PLAN BENEFITS
December 31, 1996
<TABLE>
<CAPTION>
Non-
Participant
Directed Participant Directed
---------------------------------------------------
Pfizer Inc.
Common
Total Stock Fund Fund A Fund B Fund C
-----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS
- ------
Investments, at fair
value:
Pfizer Inc. common
stock:
Pfizer Inc. Common
Stock Fund,
182,800 shares,
cost $2,894,428;
Fund C, 159,472
shares, cost
$2,874,537 $14,204,288 $7,586,187 $ -- $ -- $6,618,101
Other marketable
securities:
Fund A, cost
$1,841,468;
Fund B, cost
$362,310 2,440,730 -- 1,851,482 589,248 --
Interest-bearing
deposits, at cost
which approximates
fair value 139,863 46 139,454 66 297
-----------------------------------------------------------------
Total investments 16,784,881 7,586,233 1,990,936 589,314 6,618,398
Due (to)/from other funds -- -- (20,969) (28,596) 49,565
Interest and other
miscellaneous receivable 31,054 659 25,924 799 3,672
Contributions receivable:
Employees 370,028 -- 93,327 17,645 259,056
Employers 178,847 178,847 -- -- --
-----------------------------------------------------------------
Net assets available for
plan benefits--Note 7 $17,364,810 $7,765,739 $2,089,218 $579,162 $6,930,691
=================================================================
Number of units outstanding
at end of year 1,489,150 1,370,474 250,509 1,374,653
Unit value $5.21 $1.52 $2.31 $5.04
</TABLE>
See Notes to Financial Statements which are an integral part of these
financial statements.
PFIZER SAVINGS AND INVESTMENT PLAN
FOR EMPLOYEES RESIDENT IN PUERTO RICO
STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR PLAN BENEFITS
Year Ended December 31, 1997
<TABLE>
<CAPTION>
Non-
Participant
Directed Participant Directed
----------------------------------------------------
Pfizer Inc.
Common
Total Stock Fund Fund A Fund B Fund C
--------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net investment income:
Cash dividends:
Pfizer Inc. common stock $ 239,464 $ 125,654 $ -- $ -- $ 113,810
Other marketable
securities 11,624 -- -- 11,624 --
Interest 148,646 3,617 131,913 869 12,247
----------------------------------------------------------------------
399,734 129,271 131,913 12,493 126,057
Investment management
fees--Note 4 (178) -- -- (178) --
----------------------------------------------------------------------
399,556 129,271 131,913 12,315 126,057
Realized gains/(losses) on
investments, net--Note 5:
Pfizer Inc. common stock 32,915 20,707 -- -- 12,208
Other marketable
securities 7,983 -- (1,342) 9,325 --
----------------------------------------------------------------------
40,898 20,707 (1,342) 9,325 12,208
Miscellaneous income/
(expense) (605) (2,344) (2,028) (611) 4,378
Unrealized appreciation
of investments, net--
Note 6 11,916,985 6,101,948 84,877 180,700 5,549,460
-------------------------------------------------------------------------
12,356,834 6,249,582 213,420 201,729 5,692,103
-------------------------------------------------------------------------
Contributions:
Employees 3,512,201 -- 574,089 172,593 2,765,519
Employers 1,612,510 1,612,510 -- -- --
Withdrawals--Note 7 (4,238,708) (1,576,471) (525,303) (86,755) (2,050,179)
Transfers between
funds--net -- -- (238,012) (53,025) 291,037
-----------------------------------------------------------------------
886,003 36,039 (189,226) 32,813 1,006,377
-----------------------------------------------------------------------
Net increase--Note 3 13,242,837 6,285,621 24,194 234,542 6,698,480
Net assets available for
plan benefits--Note 7:
Beginning of year 17,364,810 7,765,739 2,089,218 579,162 6,930,691
--------------------------------------------------------------------------
End of year $30,607,647 $14,051,360 $2,113,412 $813,704 $13,629,171
==========================================================================
</TABLE>
See Notes to Financial Statements which are an integral part of these
financial statements.
PFIZER SAVINGS AND INVESTMENT PLAN
FOR EMPLOYEES RESIDENT IN PUERTO RICO
STATEMENT OF CHANGES IN NET ASSETS
AVAILABLE FOR PLAN BENEFITS
Year Ended December 31, 1996
<TABLE>
<CAPTION>
Non-
Participant
Directed Participant Directed
---------------------------------------------------
Pfizer Inc.
Common
Total Stock Fund Fund A Fund B Fund C
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net investment income:
Cash dividends:
Pfizer Inc. common stock $ 199,071 $ 108,820 $ -- $ -- $ 90,251
Other marketable
securities 11,809 -- -- 11,809 --
Interest 139,013 2,294 132,505 440 3,774
------------------------------------------------------------------
349,893 111,114 132,505 12,249 94,025
Investment management fees--
Note 4 (2,136) -- -- (2,136) --
------------------------------------------------------------------
347,757 111,114 132,505 10,113 94,025
Realized gains/(losses) on
investments, net--Note 5:
Pfizer Inc. common stock 71,731 45,704 -- -- 26,027
Other marketable securities (5,043) -- (8,077) 3,034 --
-------------------------------------------------------------------
66,688 45,704 (8,077) 3,034 26,027
Miscellaneous income/(expense) 1,103 482 (3,500) 737 3,384
Unrealized appreciation/
(depreciation) of
investments, net--Note 6 3,295,048 1,775,531 (60,544) 89,635 1,490,426
-------------------------------------------------------------------
3,710,596 1,932,831 60,384 103,519 1,613,862
-------------------------------------------------------------------
Contributions:
Employees 2,802,387 -- 735,237 166,109 1,901,041
Employers 1,376,512 1,376,512 -- -- --
Withdrawals--Note 7 (3,555,862) (1,265,817) (646,612) (93,034) (1,550,399)
Transfers between
funds--net -- (6,438) (188,505) (40,281) 235,224
--------------------------------------------------------------------
623,037 104,257 (99,880) 32,794 585,866
--------------------------------------------------------------------
Net increase/(decrease)--
Note 3 4,333,633 2,037,088 (39,496) 136,313 2,199,728
Net assets available for
plan benefits--Note 7:
Beginning of year 13,031,177 5,728,651 2,128,714 442,849 4,730,963
--------------------------------------------------------------------
End of year $17,364,810 $7,765,739 $2,089,218 $579,162 $6,930,691
===================================================================
</TABLE>
See Notes to Financial Statements which are an integral part of these
financial statements.
PFIZER SAVINGS AND INVESTMENT PLAN FOR
EMPLOYEES RESIDENT IN PUERTO RICO
NOTES TO FINANCIAL STATEMENTS
December 31, 1997 and 1996
NOTE 1 - SUMMARY PLAN DESCRIPTION
GENERAL -- The Pfizer Savings and Investment Plan for Employees
Resident in Puerto Rico (the "Plan") is a defined contribution savings
plan which was adopted on February 1, 1990. Participation in the Plan is
open to all eligible employees of the Puerto Rico branches of Pfizer
Pharmaceuticals, Inc., a subsidiary of Pfizer Inc., Pfizer Corporation,
and Schneider Puerto Rico, indirect wholly-owned subsidiaries of Pfizer
Inc., (individually and collectively, the "Companies"). The Plan is
subject to the provisions of the Employee Retirement Income Security Act
of 1974.
Effective January 1, 1997, Schneider Puerto Rico (Schneider),
formerly Namic Caribe, Inc., an affiliate of the Companies, and all its
eligible employees entered into the Plan as sponsor and participants,
respectively, under the same conditions stated in the provisions of the
Plan. In addition, all new employees of Pfizer Pharmaceuticals, Inc.,
Pfizer Corporation, and Schneider are eligible to participate in the Plan
beginning with the first payroll run of the following quarter after hire.
Under Puerto Rico law, any qualified plan involving pretax
contributions or involving a cash or deferred arrangement must comply with
one of two nondiscrimination tests. For the fiscal year ended December
31, 1997, the Plan did not comply with the discrimination tests. In order
to finally comply with such discrimination tests, the sponsor paid $3,445
in additional company matching contributions for the year 1997. The
employees withholding contributions were adjusted and the Companies will
perform quarterly tests to ensure future compliance with such tests.
The following is a general description of certain provisions of the
Plan. Refer to the Plan agreement for a complete description of the Plan.
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 Companies contribute on his or her
behalf). Before-tax contributions are subject to certain restrictions
under the Puerto Rico Income Tax Act of 1954, as amended. Contributions of
up to 2% of compensation are matched 100% by the Companies and the next 4%
is matched 50%. Employee contributions in excess of 6% are not matched.
INVESTMENT OPTIONS -- Each participant in the Plan elects to have
his or her contributions invested in any one or any combination of the
three investment funds. These funds are described below:
Fund A -- Fixed income securities.
Fund B -- An index fund of corporate common stocks.
Fund C -- Common stock of Pfizer Inc.
At December 31, 1997 and 1996, there were 1,278 and 1,037 employees,
respectively, 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 486 and 531 participating employees; Fund B, 190
and 171; and Fund C, 1,185 and 860.
All matching contributions are invested by the Plan's trustee in a
fourth fund designated the "Pfizer Inc. Common Stock Fund," which consists
primarily of common stock of Pfizer Inc. These contributions are non-
participant directed.
The Plan's trust agreement provides that any portion of any of the
funds may, pending its permanent investment or distribution, be invested
in short-term investments.
ELIGIBILITY AND VESTING -- Substantially all employees of the
Companies who are resident in Puerto Rico are eligible to participate in
the Plan beginning on the first payroll run of the following quarter,
after date of hire, or the beginning of any month or payroll period
thereafter. A participant is immediately vested in the full value of his
or her accounts (i.e., participant and employer contributions).
PAYMENT OF BENEFITS -- Upon separation from service, retirement,
disability or death, a participant will receive the value of his or her
account as a lump-sum distribution.
WITHDRAWALS -- A participant in the Plan may withdraw all or part of
his or her account balance subject to the provisions of the Plan.
TERMINATION -- The Companies expect to continue the Plan
indefinitely, but necessarily reserve the right to amend, suspend or
discontinue it in whole or in part, at any time, by action of the
Companies' 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 Companies.
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.
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. Other
marketable securities are valued at fair value based on the closing market
price of the security on the last business day of the year except for
investments in the index fund of corporate common stocks, which are
recorded at fair value based on the closing market price of the underlying
investments held by the fund on the last business day of the year.
Interest-bearing deposits 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 received 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 the fair value at the
end of the year. Additionally, it includes the reversal of the unrealized
appreciation/(depreciation) as of the end of the prior year.
DIVIDEND RECOGNITION -- Dividend income is recorded on the
ex-dividend date. Income from other investments is recorded as earned.
PFIZER INC. COMMON STOCK---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 held by the Plan as of December 31,
1996 (Pfizer Inc. Common Stock Fund and Fund C) has been restated to
reflect the two-for-one stock split.
NOTE 3 - INCOME TAXES
No provision has been made for Puerto Rico income tax in reliance
upon a determination letter issued by the Puerto Rico Department of
Treasury, which states that the Plan meets the requirements of Section
165(a) of the Puerto Rico Income Tax Act of 1954 and that the trust
established thereunder is entitled to exemption.
Effective January 1, 1997, the Plan was amended and the Companies
are waiting for another determination letter from the Puerto Rico
Department of Treasury which states that the Plan still meets the above
requirements.
Contributions made to the Plan by the Companies, including
before-tax contributions made on the employee's behalf by the Companies
and the appreciation on all funds in the employee's account, are not
taxable to the employee under Puerto Rico income tax law while these
amounts remain in the Plan.
NOTE 4 - ADMINISTRATIVE COSTS
Except for certain investment management fees (Fund B), all costs
and expenses of administering the Plan are borne by the Companies.
NOTE 5 - REALIZED GAINS/(LOSSES) ON INVESTMENTS
The aggregate net proceeds and cost used in the calculation of the
realized gains/(losses) on investments are as follows:
<TABLE>
<CAPTION>
Net Proceeds Realized Gains/
and Withdrawals Cost (Losses)
--------------- ---------- ---------------
<S> <C> <C> <C>
Pfizer Inc. Common Stock:
1997 $ 44,665 $ 11,750 $32,915
1996 193,865 122,134 71,731
Other Marketable Securities:
1997 2,175,441 2,167,458 7,983
1996 381,238 386,281 (5,043)
</TABLE>
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 during
1997 1996 1997
------------- ------------ -------------
<S> <C> <C> <C>
Pfizer Inc. Common Stock Fund $10,793,707 $4,691,759 $6,101,948
Fund A 94,891 10,014 84,877
Fund B 407,638 226,938 180,700
Fund C 9,293,024 3,743,564 5,549,460
------------ ------------ ------------
$20,589,260 $8,672,275 $11,916,985
============= ============ ============
</TABLE>
<TABLE>
<CAPTION>
Aggregate Unrealized
-----------------------------
December 31, December 31, Change during
1996 1995 1996
------------ ------------- -------------
<S> <C> <C> <C>
Pfizer Inc. Common Stock Fund $4,691,759 $2,916,228 $1,775,531
Fund A 10,014 70,558 (60,544)
Fund B 226,938 137,303 89,635
Fund C 3,743,564 2,253,138 1,490,426
----------- ---------- -----------
$8,672,275 $5,377,227 $3,295,048
=========== ========== ===========
</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
-------- --------
<S> <C> <C>
Pfizer Inc. Common Stock Fund $152,999 $ 90,028
Fund A 28,721 45,089
Fund B 4,691 963
Fund C 128,732 105,225
--------- --------
$315,143 $241,305
========= =========
</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.
PFIZER SAVINGS AND INVESTMENT PLAN
FOR EMPLOYEES RESIDENT IN PUERTO RICO
ITEM 27a -- SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1997
<TABLE>
<CAPTION>
Number of
Shares or Units Maturity Cost Fair Value
--------------- --------- ---------- -----------
<S> <C> <C> <C> <C>
FUND A:
Mutual Funds
Dodge and Cox Income Fund 87,949 -- $1,009,159 $1,062,420
Strong Government
Securities Mutual Fund 99,059 -- 1,023,256 1,064,886
Cash Overdraft -- -- -- (70,189)
--------- ----------
Total of Fund A $2,032,415 $2,057,117
========== ===========
</TABLE>
<TABLE>
<CAPTION>
Number of Interest
Shares or Units Rate Cost Fair Value
--------------- --------- ---------- ----------
<S> <C> <C> <C> <C>
FUND B:
Other Marketable Securities
The Northern Trust Company,
Collective Stock Index Fund 9,586 -- $ 425,961 $ 833,599
Cash Overdraft -- -- -- (34,467)
----------- -----------
Total of Fund B $ 425,961 $ 799,132
=========== ===========
FUND C:
Pfizer Inc. Common Stock 176,544 -- $3,870,596 $13,163,620
Interest-bearing Deposit
Banco Popular de Puerto
Rico, Time Deposits <F1> -- 5.34% 104,826 104,826
---------- -----------
Total of Fund C $3,975,422 $13,268,446
========== ===========
PFIZER INC. COMMON STOCK
FUND:
Pfizer Inc. Common Stock 185,403 $3,030,526 $13,824,233
Interest-bearing Deposit
Banco Popular de Puerto
Rico, Time Deposits <F1> -- 5.34% 62 62
----------- -----------
Total Pfizer Inc. Common
Stock Fund $3,030,588 $13,824,295
=========== ===========
<FN>
<F1> Banco Popular de Puerto Rico is a "party-in-interest" of the Plan.
</FN>
</TABLE>
See accompanying independent auditors' report.
PFIZER SAVINGS AND INVESTMENT PLAN FOR
EMPLOYEES RESIDENT IN PUERTO RICO
ITEM 27d -- SCHEDULE OF
REPORTABLE TRANSACTIONS
Year Ended December 31, 1997
FUNDS A, B, C AND PFIZER INC. COMMON STOCK FUND:
<TABLE>
<CAPTION>
Number of Number of
Investments Purchased Transactions Shares Cost
- ----------------------------- ------------ ---------- ----------
<S> <C> <C> <C>
Dodge and Cox Income Fund 4 91,834 $1,051,961
The Strong Fund Government
Securities Fund 5 102,433 $1,057,126
Pfizer Inc. Common Stock 8 20,315* $1,149,057
Interest-bearing Deposits:
Banco Popular de Puerto
Rico
Time Deposits <F1> 124 -- $6,286,366
<FN>
<F1> Banco Popular is a "party-in-interest" of the Plan.
*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>
Number of Number of Realized
Investments Disposed Transactions Shares Cost Fair Value Gain
- ---------------------------- ------------ --------- --------- ----------- --------
<S> <C> <C> <C> <C> <C>
Pfizer Inc. Common Stock 3 640* $ 11,750 $ 44,665 $32,915
Interest-bearing Deposits:
Banco Popular de Puerto Rico
Time Deposits <F1> 94 -- $6,426,029 $6,426,029 --
<FN>
<F1>Banco Popular de Puerto Rico is a "party-in-interest" of the Plan.
*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>
See accompanying independent auditors' report.
INDEPENDENT AUDITORS' REPORT
To the Administrative Committee
Pfizer Savings and Investment Plan for
Employees Resident in Puerto Rico:
We have audited the accompanying statements of net assets available
for plan benefits of the Pfizer Savings and Investment Plan for Employees
Resident in Puerto Rico (the Plan) as of December 31, 1997 and 1996, and
the related statements of changes in net assets available for plan
benefits for the year 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
March 13, 1998
Stamp No. 1461068 Puerto Rico
Society of Certified Public Accountants was
affixed to the record copy of this report.
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 FOR
EMPLOYEES RESIDENT IN PUERTO RICO
By: /S/ Anthony Maddaluna
Anthony Maddaluna
General Manager,
Pfizer Pharmaceuticals, Inc.
Chair, Savings and
Investment Plan Committee
Date: June 23, 1998
EXHIBIT 23
CONSENT OF INDEPENDENT AUDITORS
To the Administrative Committee
Pfizer Savings and Investment Plan for
Employees Resident in Puerto Rico:
We consent to the use of our report included herein and incorporated
by reference in the Registration Statement on Form S-8 dated November 18,
1991 (File No. 33-44053) of our report dated March 13, 1998, relating to
the statements of net assets available for plan benefits of the Pfizer
Savings and Investment Plan for Employees Resident in Puerto Rico 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, which report
appears in the December 31, 1997 annual report on Form 11-K of the Pfizer
Savings and Investment Plan for Employees Resident in Puerto Rico.
/s/ KPMG Peat Marwick LLP
KPMG Peat Marwick LLP
San Juan, Puerto Rico
June 23, 1998
