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, 1998
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, 1998
<TABLE>
<CAPTION>
Non-
Partici-
pant
Directed Participant Directed
-------- -----------------------------------------------------------
Pfizer
Inc.
Common
Stock
Total Fund* Fund A Fund B Fund C* Fund E Fund F Fund G
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments,
at fair
value:
Pfizer Inc.
common stock:
Pfizer Inc.
Common Stock
Fund,
182,633
shares, cost
$3,113,797;
Fund C,
180,319
shares, cost
$4,486,296 $45,369,125 $22,829,175 $ -- $ -- $22,539,950 $-- $-- $--
Other market-
able securities:
Fund A, cost
$1,636,291;
Fund B, cost
$379,923 2,634,501 -- 1,715,833 918,668 -- -- -- --
Interest-bear-
ing deposits/
(overdrafts),
at cost which
approximates
fair value 25,063 2,437 814 (613) 22,379 25 -- 21
----------------------------------------------------------------------------------
Total
investments 48,028,689 22,831,612 1,716,647 918,055 22,562,329 25 -- 21
Due (to)/from
other funds -- (168) 2,282 -- (2,114) -- -- --
Interest and
other
miscellaneous
receivable 6,071 110 5,651 27 283 -- -- --
Contributions
receivable:
Employees 512,257 -- 25,461 10,057 476,594 125 -- 20
Employers 212,387 212,387 -- -- -- -- -- --
----------------------------------------------------------------------------------
Net assets
available for
plan benefits-
Note 7 $48,759,404 $23,043,941 $1,750,041 $928,139 $23,037,092 $150 $-- $41
==================================================================================
Number of units
outstanding at
end of year 1,461,505 981,422 235,325 1,548,380 150 -- 41
Unit value $15.77 $1.78 $3.94 $14.88 $1.00 $-- $1.00
</TABLE>
*Total investments represent 5% or more of Plan's net assets
available for plan benefits.
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, 1997
<TABLE>
<CAPTION>
Non-
Partici-
pant
Directed Participant Directed
-------- ----------------------------------------------------------
Pfizer
Inc.
Common
Stock
Total Fund* Fund A* Fund B Fund C* Fund E Fund F Fund G
---------------------------------------------------------------------------------
<S> <C> <C> <C> <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/(over-
drafts), at
cost which
approximates
fair value 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 from/(to)
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>
*Total investments represent 5% or more of Plan's net assets available
for plan benefits.
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, 1998
<TABLE>
<CAPTION>
Non-
Partici-
pant
Directed Participant Directed
-------- ---------------------------------------------------------
Pfizer
Inc.
Common
Stock
Total Fund Fund A Fund B Fund C Fund E Fund F Fund G
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net investment
income:
Cash dividends:
Pfizer Inc.
common stock $ 277,614 $ 141,253 $ -- $ -- $ 136,361 $-- $-- $--
Interest 125,796 3,383 98,134 14,066 10,213 -- -- --
------------------------------------------------------------------------------------
403,410 144,636 98,134 14,066 146,574 -- -- --
Investment
management fees-
Note 4 (121) -- -- (121) -- -- -- --
------------------------------------------------------------------------------------
403,289 144,636 98,134 13,945 146,574 -- -- --
Realized gains
on investments,
net-Note 5:
Pfizer Inc.
common stock 656,810 389,407 -- -- 267,403 -- -- --
Other
marketable
securities 111,225 -- 29,681 81,544 -- -- -- --
------------------------------------------------------------------------------------
768,035 389,407 29,681 81,544 267,403 -- -- --
Miscellaneous
(expense)/
income (387) 4 87 (477) (1) -- -- --
Unrealized
appreciation/
(depreciation)
of investments,
net-Note 6 17,798,059 8,921,671 (15,349) 131,107 8,760,630 -- -- --
------------------------------------------------------------------------------------
18,968,996 9,455,718 112,553 226,119 9,174,606 -- -- --
------------------------------------------------------------------------------------
Contributions:
Employees 4,045,538 -- 312,180 123,209 3,609,958 150 -- 41
Employers 1,737,449 1,737,449 -- -- -- -- -- --
Withdrawals-
Note 7 (6,600,226) (2,200,586) (369,063) (110,080) (3,920,497) -- -- --
Transfers
between funds-
net -- -- (419,041) (124,813) 543,854 -- -- --
------------------------------------------------------------------------------------
(817,239) (463,137) (475,924) (111,684) 233,315 150 -- 41
------------------------------------------------------------------------------------
Net increase-
Note 3 18,151,757 8,992,581 (363,371) 114,435 9,407,921 150 -- 41
Net assets
available for
plan benefits-
Note 7:
Beginning of
year 30,607,647 14,051,360 2,113,412 813,704 13,629,171 -- -- --
------------------------------------------------------------------------------------
End of year $48,759,404 $23,043,941 $1,750,041 $928,139 $23,037,092 $150 $-- $41
====================================================================================
</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-
Partici-
pant
Directed Participant Directed
-------- ---------------------------------------------------------
Pfizer
Inc.
Common
Stock
Total Fund Fund A Fund B Fund C Fund E Fund F Fund G
------------------------------------------------------------------------------------
<S> <C> <C> <C> <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
NOTES TO FINANCIAL STATEMENTS
December 31, 1998 and 1997
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. and Pfizer
Corporation, an indirect wholly-owned subsidiary of Pfizer Inc.,
(individually and collectively, the "Companies"). The Plan is subject to
the provisions of the Employee Retirement Income Security Act of 1974.
Schneider Puerto Rico (Schneider), formerly Namic Caribe, Inc.,
was a participant in the Pfizer Savings and Investment Plan from January
1, 1997 until September 1998, when it was sold.
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, 1998, the Plan complied with both discrimination 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 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 six
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.
Fund E - Small capitalization
Fund F - Large value capitalization
Fund G - Large capitalization growth
At December 31, 1998 and 1997, there were 1,380 and 1,278
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, 1998
and 1997, respectively, Fund A had 427 and 486 participating employees,
Fund B, 181 and 190 and Fund C, 1,296 and 1,185. Fund E, Fund F and
Fund G were added to the Plan during the last quarter of 1998. There is
one participating employee each for Fund E and Fund G, while there are
no participating employees in Fund F.
All matching contributions are invested by the Plan's trustee in a
seventh fund designated the "Pfizer Inc. Common Stock Fund," which
consists primarily of common stock of Pfizer Inc. These contributions
are non-participant directed.
The trustee of the Plan, Banco Popular de Puerto Rico, manages
investments in certain funds and therefore, is deemed a related party.
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).
Effective in 1999, all new employees of Pfizer Pharmaceuticals, Inc. and
Pfizer Corporation are eligible to participate in the Plan beginning
with the first payroll run of the following month after hire.
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, if such amount is $5,000 or less.
At December 31, 1998, some Schneider employees still have balances in
the Pfizer plan which will be payable to them during 1999, if such
balances are $5,000 or less.
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' Boards 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.
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 and October 1, 1998, 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, all costs and
expenses of administering the Plan are borne by the Companies.
Note 5 - Realized Gains on Investments
The aggregate net proceeds and cost used in the calculation of the
realized gains on investments are as follows:
<TABLE>
<CAPTION>
Net Proceeds Realized
and Withdrawals Cost Gains
--------------- ---------- ---------
<S> <C> <C> <C>
Pfizer Inc. Common Stock:
1998 $ 819,968 $ 163,158 $656,810
1997 44,665 11,750 32,915
Other Marketable Securities:
1998 877,102 765,877 111,225
1997 2,175,441 2,167,458 7,983
</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
1998 1997 1998
------------ ----------- -------------
<S> <C> <C> <C>
Pfizer Inc.
Common Stock Fund $19,715,378 $10,793,707 $ 8,921,671
Fund A 79,542 94,891 (15,349)
Fund B 538,745 407,638 131,107
Fund C 18,053,654 9,293,024 8,760,630
----------- ----------- -----------
$38,387,319 $20,589,260 $17,798,059
=========== =========== ===========
</TABLE>
<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>
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, 1998 and 1997 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>
1998 1997
-------- --------
<S> <C> <C>
Pfizer Inc. Common Stock Fund $322,211 $152,999
Fund A 19,868 28,721
Fund B 626 4,691
Fund C 344,078 128,732
-------- --------
$686,783 $315,143
======== ========
</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 Events (unaudited)
On April 22, 1999, the Board of Directors of Pfizer Inc. approved a
three-for-one stock split in the form of a 200% stock dividend to all
shareholders who own shares on June 2, 1999. Pfizer Inc. will issue the
additional shares on June 30, 1999.
The market value of Pfizer Inc. common stock declined subsequent to
December 31, 1998. The decline resulted in unrealized depreciation for
the period January 1, 1999 through June 10, 1999 of approximately
$4,646,234 for the Pfizer Inc. Common Stock Fund and $4,587,390 for Fund
C. Unrealized depreciation was based on the number of shares in these
funds as of December 31, 1998 at the closing market price of $99.56 on
June 10, 1999.
PFIZER SAVINGS AND INVESTMENT PLAN
FOR EMPLOYEES RESIDENT IN PUERTO RICO
ITEM 27a -- SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1998
<TABLE>
<CAPTION>
Number of Interest
Shares or Units Rate Cost Fair Value
--------------- --------- ---------- -----------
<S> <C> <C> <C> <C>
FUND A:
Mutual Funds
Dodge and Cox Income Fund 70,585 -- $ 814,709 $ 864,666
Strong Government
Securities Mutual Fund 79,105 -- 821,582 851,167
Interest-bearing Deposit
Banco Popular de Puerto Rico,
Time Deposits<F1> -- 4.53% 814 814
---------- -----------
Total of Fund A $1,637,105 $ 1,716,647
========== ===========
FUND B:
Other Marketable Securities
The Northern Trust Company,
Collective Stock Index Fund 8,166 -- $ 379,923 $ 918,668
Cash Overdraft -- -- -- (613)
---------- -----------
Total of Fund B $ 379,923 $ 918,055
========== ===========
FUND C:
Pfizer Inc. Common Stock 180,319 -- $4,486,296 $22,539,950
Interest-bearing Deposit
Banco Popular de Puerto
Rico, Time Deposits <F1> -- 4.53% 22,379 22,379
---------- -----------
Total of Fund C $4,508,675 $22,562,329
========== ===========
PFIZER INC. COMMON STOCK
FUND:
Pfizer Inc. Common Stock 182,633 -- $3,113,797 $22,829,175
Interest-bearing Deposit
Banco Popular de Puerto
Rico, Time Deposits <F1> -- 4.53% 2,437 2,437
--------- -----------
Total Pfizer Inc. Common
Stock Fund $3,116,234 $22,831,612
=========== ===========
OTHER FUNDS:
Interest-bearing Deposit
Banco Popular de Puerto
Rico, Time Deposits<F1> -- 4.53% $ 46 $ 46
---------- -----------
Total of Other Funds $ 46 $ 46
========== ===========
<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, 1998
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>
Interest-bearing Deposit:
Banco Popular de Puerto
Rico, Time Deposits<F1> 94 -- $5,855,392
<FN>
<F1> Banco Popular de Puerto Rico is a "party-in-interest" of the Plan.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Investments Number of Number of Realized
Disposed Transactions Shares Cost Fair Value Gain/(Loss)
- --------------- ------------ --------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Interest-bearing
Deposit:
Banco Popular de
Puerto Rico, Time
Deposits<F1> 48 -- $5,830,710 $5,830,710 --
<FN>
<F1>Banco Popular de Puerto Rico is a "party-in-interest" of the Plan.
</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, 1998
and 1997, 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, 1998 and 1997, 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, 1998, 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 LLP
KPMG LLP
March 17, 1999
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/ Louis Prado
Louis Prado
General Manager,
Pfizer Pharmaceuticals, Inc.
Chair, Savings and
Investment Plan Committee
Date: June 18, 1999
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 17, 1999, 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, 1998 and 1997, 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, 1998
annual report on Form 11-K of the Pfizer Savings and Investment Plan for
Employees Resident in Puerto Rico.
/s/ KPMG LLP
KPMG LLP
San Juan, Puerto Rico
June 18, 1999
