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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 (FEE REQUIRED)
For the fiscal year ended December 31, 1994
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 (NO FEE REQUIRED)
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, 1994
NON-
PARTICIPANT
DIRECTED
-------------
COMPANY PARTICIPANT DIRECTED
COMMON STOCK -----------------------------------------
TOTAL FUND FUND A FUND B FUND C
------------- ------------- ------------- ----------- -------------
ASSETS
------------------------------------------------
Investments, at fair value:
Pfizer Inc. common stock:
Pfizer Inc. Common Stock Fund, 38,207
shares, cost $2,059,026; Fund C, 33,927
shares, cost $2,056,665.................... $ 5,572,351 $ 2,951,523 $ -- $ -- $ 2,620,828
Other marketable securities, cost
$1,659,293................................... 1,634,171 -- 1,369,619 264,552 --
Interest-bearing deposits..................... 159,799 47,863 107,407 4,529 --
------------- ------------- ------------- ----------- -------------
Total investments......................... 7,366,321 2,999,386 1,477,026 269,081 2,620,828
Interest receivable............................. 28,067 212 27,721 16 118
Contributions receivable:
Employees..................................... 240,606 -- 91,543 12,747 136,316
Employers..................................... 131,149 131,149 -- -- --
------------- ------------- ------------- ----------- -------------
Net assets available for plan benefits (note
7)......................................... $ 7,766,143 $ 3,130,747 $ 1,596,290 $ 281,844 $ 2,757,262
------------- ------------- ------------- ----------- -------------
------------- ------------- ------------- ----------- -------------
Number of units outstanding at end of year...... 1,297,807 1,233,674 199,889 1,174,996
Unit value...................................... $2.41 $1.29 $1.41 $2.35
See Notes to Financial Statements which are an integral part of these
statements.
1
PFIZER SAVINGS AND INVESTMENT PLAN
FOR EMPLOYEES RESIDENT IN PUERTO RICO
STATEMENT OF NET ASSETS
AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1993
NON-
PARTICIPANT
DIRECTED
-------------
COMPANY PARTICIPANT DIRECTED
COMMON STOCK -------------------------------------------
TOTAL FUND FUND A FUND B FUND C
------------- ------------- ------------- ------------- -------------
ASSETS
----------------------------------------------
Investments, at fair value:
Pfizer Inc. common stock:
Pfizer Inc. Common Stock Fund, 32,077
shares, cost $1,671,787; Fund C, 27,856
shares; cost $1,675,218.................. $ 4,135,377 $ 2,213,342 $ -- $ -- $ 1,922,035
Other marketable securities, cost
$1,165,353................................. 1,232,359 -- 999,584 232,775 --
Interest-bearing deposits................... 88,639 46 88,331 240 22
------------- ------------- ------------- ------------- -------------
Total investments....................... 5,456,375 2,213,388 1,087,915 233,015 1,922,057
Interest receivable........................... 15,808 104 15,609 -- 95
Contributions receivable:
Employees................................... 217,493 -- 66,693 12,306 138,494
Employers................................... 119,914 119,914 -- -- --
------------- ------------- ------------- ------------- -------------
Net assets available for plan benefits (note
7)......................................... $ 5,809,590 $ 2,333,406 $ 1,170,217 $ 245,321 $ 2,060,646
------------- ------------- ------------- ------------- -------------
------------- ------------- ------------- ------------- -------------
Number of units outstanding at end of year.... 1,106,225 901,809 171,281 1,011,238
Unit value.................................... $2.11 $1.30 $1.43 $2.04
See Notes to Financial Statements which are an integral part of these
statements.
2
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, 1994
NON-
PARTICIPANT
DIRECTED
-------------
COMPANY PARTICIPANT DIRECTED
COMMON STOCK -----------------------------------------
TOTAL FUND FUND A FUND B FUND C
-------------- ------------- ------------- ----------- -------------
Net investment income:
Cash Dividends:
Pfizer Inc. common stock................... $ 126,512 $ 66,877 $ -- $ -- $ 59,635
Other marketable securities................ 6,102 -- -- 6,102 --
Interest..................................... 84,462 1,803 80,710 295 1,654
-------------- ------------- ------------- ----------- -------------
217,076 68,680 80,710 6,397 61,289
Investment management fees (note 4)............ (1,026) -- -- (1,026) --
-------------- ------------- ------------- ----------- -------------
216,050 68,680 80,710 5,371 61,289
Realized gains on investments.................. 1,356 -- -- 1,356 --
Unrealized appreciation (depreciation) of
investments (note 5).......................... 576,161 350,942 (81,819) (10,308) 317,346
-------------- ------------- ------------- ----------- -------------
793,567 419,622 (1,109) (3,581) 378,635
-------------- ------------- ------------- ----------- -------------
Contributions (note 6):
Employees.................................... 2,068,551 -- 789,189 130,285 1,149,077
Employers.................................... 1,093,036 1,093,036 -- -- --
Withdrawals.................................... (1,998,601) (716,082) (399,980) (89,122) (793,417)
Transfers between funds -- net................. -- 765 37,973 (1,059) (37,679)
-------------- ------------- ------------- ----------- -------------
1,162,986 377,719 427,182 40,104 317,981
-------------- ------------- ------------- ----------- -------------
Net increase................................... 1,956,553 797,341 426,073 36,523 696,616
Net assets available for plan benefits:
Beginning of year............................ 5,809,590 2,333,406 1,170,217 245,321 2,060,646
-------------- ------------- ------------- ----------- -------------
End of year.................................. $ 7,766,143 $ 3,130,747 $ 1,596,290 $ 281,844 $ 2,757,262
-------------- ------------- ------------- ----------- -------------
-------------- ------------- ------------- ----------- -------------
See Notes to Financial Statements which are an integral part of these
statements.
3
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, 1993
NON-
PARTICIPANT
DIRECTED
-------------
COMPANY PARTICIPANT DIRECTED
COMMON STOCK -----------------------------------------
TOTAL FUND FUND A FUND B FUND C
-------------- ------------- ------------- ----------- -------------
Net investment income:
Cash Dividends:
Pfizer Inc. common stock................... $ 89,147 $ 48,343 $ -- $ -- $ 40,804
Other marketable securities................ 2,445 -- -- 2,445 --
Interest..................................... 61,514 1,057 59,032 183 1,242
-------------- ------------- ------------- ----------- -------------
153,106 49,400 59,032 2,628 42,046
Investment management fees (note 4)............ (2,050) -- -- (2,050) --
-------------- ------------- ------------- ----------- -------------
151,056 49,400 59,032 578 42,046
-------------- ------------- ------------- ----------- -------------
Realized gains (losses) on investments:
Pfizer Inc. common stock..................... (1,379) (2,679) -- -- 1,300
Other marketable securities.................. 2,915 -- 438 2,477 --
-------------- ------------- ------------- ----------- -------------
1,536 (2,679) 438 2,477 1,300
-------------- ------------- ------------- ----------- -------------
Unrealized appreciation (depreciation) of
investments (note 5).......................... (70,182) (55,143) (1,579) 15,152 (28,612)
-------------- ------------- ------------- ----------- -------------
82,410 (8,422) 57,891 18,207 14,734
-------------- ------------- ------------- ----------- -------------
Contributions (note 6):
Employees.................................... 1,783,139 -- 519,176 104,384 1,159,579
Employers.................................... 995,301 995,301 -- -- --
Withdrawals.................................... (1,658,733) (595,472) (375,412) (73,630) (614,219)
Transfers between funds -- net................. -- (19,014) 94,025 (10,500) (64,511)
-------------- ------------- ------------- ----------- -------------
1,119,707 380,815 237,789 20,254 480,849
-------------- ------------- ------------- ----------- -------------
Net increase................................... 1,202,117 372,393 295,680 38,461 495,583
Net assets available for plan benefits:
Beginning of year............................ 4,607,473 1,961,013 874,537 206,860 1,565,063
-------------- ------------- ------------- ----------- -------------
End of year.................................. $ 5,809,590 $ 2,333,406 $ 1,170,217 $ 245,321 $ 2,060,646
-------------- ------------- ------------- ----------- -------------
-------------- ------------- ------------- ----------- -------------
See Notes to Financial Statements which are an integral part of these
statements.
4
PFIZER SAVINGS AND INVESTMENT PLAN FOR
EMPLOYEES RESIDENT IN PUERTO RICO
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994 AND 1993
(1) SUMMARY PLAN DESCRIPTION
GENERAL -- The Pfizer Savings and Investment Plan for Employees Resident in
Puerto Rico (the "Plan") is a contributory defined contribution savings plan
which was adopted on February 1, 1990. Participation in the Plan is open to
employees of Pfizer Pharmaceuticals, Inc. (Puerto Rico Branch) and Pfizer
Corporation (Puerto Rico Branch) (individually and collectively, the
"Companies"). The Plan is subject to the provisions of the Employee Retirement
Income Security Act of 1974.
CONTRIBUTIONS -- Each participant may make contributions on an after-tax
basis 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), or may
contribute on a basis combining the two. Before-tax contributions are subject to
certain restrictions for employees who are considered highly compensated under
Section 165(e) of 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
Fund B -- An index fund of corporate common stocks
Fund C -- Common stock of Pfizer Inc. (parent of the Companies)
At December 31, 1994 and 1993, there were 970 and 811 employees,
respectively, participating in the Plan, some of whom had investments in more
than one employee investment fund.
All matching contributions are invested by the Trustee in a fourth fund
designated the "Company Common Stock Fund," which consists solely of common
stock of Pfizer Inc.
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 -- An employee is eligible to participate in the
Plan if he or she is a regular employee of the Companies and enrolls to make
contributions. Any employee who was employed on February 1, 1990, by the
Companies, and is eligible for participation, may become a member effective on
the employee's next payroll date. Any employee hired after February 1, 1990, and
who is eligible to participate, may become a member as of the January 1
following his or her employment. A member is immediately vested in the full
value of his or her accounts (i.e., participant and employer contributions) in
Funds A, B and C and the Company Common Stock Fund.
WITHDRAWALS -- A participant in the Plan may make full or partial
withdrawals of funds 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. Upon
termination of the Plan, each member affected thereby shall receive the full
value of his or her share in Fund A, B and C and his or her share in the Company
Common Stock Fund as though he or she had retired as of the date of such
termination. No part of the assets in the investment fund established pursuant
to the Plan will at any time revert to the Companies.
5
PFIZER SAVINGS AND INVESTMENT PLAN FOR
EMPLOYEES RESIDENT IN PUERTO RICO
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994 AND 1993
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
INVESTMENT VALUATION -- The investment in the index fund of corporate common
stocks represents the estimated fair value of the number of units of
participation held by the Plan in that fund. Pfizer Inc. common stock and other
marketable securities are valued at the market price 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 securities are
computed using an actual basis when the entire position in a security is sold,
or an average basis when less than the entire position in a security is sold.
UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS -- Amounts shown as
unrealized appreciation (depreciation) reflect changes between the cost and fair
value from the beginning of the year or the date of the purchase, whichever is
later, to the end of the year.
REVENUE RECOGNITION -- Dividend income is recorded on the ex-dividend date.
Income from other investments is recorded as earned.
RECLASSIFICATIONS -- Certain amounts in the 1993 financial statements have
been reclassified to conform to the 1994 presentation.
(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.
All 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.
(4) ADMINISTRATIVE COSTS
Except for certain investment management fees (Fund B), all costs and
expenses of administering the Plan were borne by the Companies.
6
PFIZER SAVINGS AND INVESTMENT PLAN FOR
EMPLOYEES RESIDENT IN PUERTO RICO
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994 AND 1993
(5) UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS
The change in the amount of unrealized appreciation (depreciation) was as
follows:
BALANCE
-----------------------------------------
DECEMBER 31, DECEMBER 31, CHANGE
1994 1993 DURING 1994
------------- ------------ ------------
Company Common Stock Fund............................................. $ 892,497 $ 541,555 $ 350,942
Fund A................................................................ (59,218) 22,601 (81,819)
Fund B................................................................ 34,097 44,405 (10,308)
Fund C................................................................ 564,163 246,817 317,346
------------- ------------ ------------
$ 1,431,539 $ 855,378 $ 576,161
------------- ------------ ------------
------------- ------------ ------------
BALANCE
-----------------------------------------
DECEMBER 31, DECEMBER 31, CHANGE
1993 1992 DURING 1993
------------- ------------ ------------
Company Common Stock Fund............................................. $ 541,555 $ 596,698 $ (55,143)
Fund A................................................................ 22,601 24,180 (1,579)
Fund B................................................................ 44,405 29,253 15,152
Fund C................................................................ 246,817 275,429 (28,612)
------------- ------------ ------------
$ 855,378 $ 925,560 $ (70,182)
------------- ------------ ------------
------------- ------------ ------------
(6) CONTRIBUTIONS
The participating employees and their employers contributed the following
amounts to the Plan:
1994
-------------------------------------------
PARTICIPATING PARTICIPATING
EMPLOYEES EMPLOYERS TOTAL
------------- ------------- -------------
Pfizer Pharmaceuticals, Inc. (Puerto Rico Branch).................... $ 1,669,542 $ 904,692 $ 2,574,234
Pfizer Corporation (Puerto Rico Branch).............................. 399,009 188,344 587,353
------------- ------------- -------------
$ 2,068,551 $ 1,093,036 $ 3,161,587
------------- ------------- -------------
------------- ------------- -------------
1993
-------------------------------------------
PARTICIPATING PARTICIPATING
EMPLOYEES EMPLOYERS TOTAL
------------- ------------- -------------
Pfizer Pharmaceuticals, Inc. (Puerto Rico Branch).................... $ 1,467,399 $ 820,065 $ 2,287,464
Pfizer Corporation (Puerto Rico Branch).............................. 315,740 175,236 490,976
------------- ------------- -------------
$ 1,783,139 $ 995,301 $ 2,778,440
------------- ------------- -------------
------------- ------------- -------------
(7) RECONCILIATION WITH FORM 5500
For financial statement purposes, participant withdrawals and distributions
are recorded when paid rather than when processed and approved for payment. 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 as of December 31, 1994 and 1993 of $208,824 and
$225,066, respectively, have been included in benefit expense within Form 5500
for those years.
7
SCHEDULE 1
PFIZER SAVINGS AND INVESTMENT PLAN
FOR EMPLOYEES RESIDENT IN PUERTO RICO
ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
FUND A:
INTEREST RATE MATURITY COST FAIR VALUE
------------- -------- ---------- ------------
U.S. GOVERNMENT SECURITIES
--------------------------------------------------
U.S. Treasury Notes............................... 6.875 % 10-31-96 $ 50,594 $ 49,328
U.S. Treasury Notes............................... 7.875 8-15-01 111,033 111,243
U.S. Treasury Notes............................... 8.500 8-15-95 49,844 50,453
---------- ------------
211,471 211,024
---------- ------------
OTHER MARKETABLE SECURITIES
--------------------------------------------------
Federal Home Loan Bank Medium Term Note........... 6.970 11-20-97 75,000 79,547
Federal National Mortgage Association............. 7.850 9-10-98 25,969 25,086
Federal National Mortgage Association............. 7.050 10-10-96 25,813 24,649
Federal National Mortgage Association............. 7.900 4-10-02 44,944 43,355
Federal National Mortgage Association............. 6.950 9-10-02 44,788 41,203
Federal National Mortgage Association............. 8.800 7-15-97 49,406 51,453
Federal National Mortgage Association............. 5.740 2-12-98 71,050 68,832
Federal Home Loan Mortgage Corporation Note....... 6.350 3-07-01 26,757 25,620
Federal Home Loan Bank Note....................... 9.150 3-25-97 43,168 42,984
Federal National Mortgage Association Note........ 5.800 12-10-03 8,938 8,625
Federal Farm Credit Bank Bond..................... 6.050 4-21-03 29,822 26,325
---------- ------------
445,655 437,679
---------- ------------
CORPORATE DEBENTURES
--------------------------------------------------
New Jersey Bell Telephone Bond.................... 5.875 2-01-04 39,048 34,007
Dean Witter, Discover & Co. Bond.................. 6.250 3-15-00 22,809 21,649
Dean Witter, Discover & Co. Bond.................. 6.875 3-01-03 25,499 24,152
General Telephone Company of Florida Note......... 8.000 3-01-01 39,684 38,956
Merril Lynch Corp. Bond........................... 6.375 3-30-99 31,920 29,424
Merril Lynch Corp. Bond........................... 6.250 6-01-08 22,906 21,316
Lehman Brothers Holdings, Inc. Note............... 8.375 4-01-97 100,409 98,271
World Bank Medium Term Note....................... 9.190 6-23-98 42,807 41,371
Tennessee Valley Authority Bond................... 6.125 7-15-03 76,641 65,484
Tennessee Valley Authority Bond................... zero coupon 7-15-03 87,554 79,790
Bell South Telephone Bond......................... 6.375 6-15-04 40,000 35,200
Georgia Power First Mortgage Bond................. 6.625 4-1-03 29,888 26,779
New Jersey Bell Telephone Bond.................... 7.250 6-1-02 9,882 9,447
Exxon Corporation Bond............................ 7.875 8-15-97 57,520 54,784
International Business Machines Bond.............. 7.250 11-1-02 29,738 28,050
Shell Oil Company Bond............................ 6.950 12-15-98 50,406 47,873
General Electric Credit Corp. Bond................ 7.460 9-30-96 40,000 39,770
General Electric Credit Corp. Bond................ 6.940 11-22-96 25,000 24,593
---------- ------------
771,711 720,916
---------- ------------
Banco Popular de Puerto Rico time deposit open
account.......................................... 5.71 % -- 107,407 107,407
---------- ------------
Total of Fund A............................. $1,536,244 $ 1,477,026
---------- ------------
---------- ------------
8
SCHEDULE 1 (CONTINUED)
PFIZER SAVINGS AND INVESTMENT PLAN
FOR EMPLOYEES RESIDENT IN PUERTO RICO
ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
FUND B:
NUMBER OF INTEREST
COMMON STOCK INDEX FUND UNITS RATE COST FAIR VALUE
-------------------------------------------------- ------------- -------- ---------- ------------
Northern Trust Collective Stock Index Fund........ 7,021 -- $ 230,456 $ 264,552
INTEREST-BEARING DEPOSITS
--------------------------------------------------
Northern Trust Short-Term Investment Fund......... -- -- 484 484
Banco Popular de Puerto Rico time deposit open
account.......................................... -- 5.71% 4,045 4,045
---------- ------------
Total of Fund B............................. $ 234,985 $ 269,081
---------- ------------
---------- ------------
FUND C:
PFIZER INC. COMMON STOCK
--------------------------------------------------
Pfizer Inc. (33,927 shares)....................... -- -- $2,056,665 $ 2,620,828
---------- ------------
---------- ------------
COMPANY COMMON STOCK FUND:
PFIZER INC. COMMON STOCK
--------------------------------------------------
Pfizer Inc. (38,207 shares)....................... -- -- $2,059,026 $ 2,951,523
INTEREST-BEARING DEPOSIT
--------------------------------------------------
Banco Popular de Puerto Rico time deposit open
account.......................................... -- 5.71% 47,863 47,863
---------- ------------
Total Company Common Stock Fund............. $2,106,889 $ 2,999,386
---------- ------------
---------- ------------
9
SCHEDULE 2
PFIZER SAVINGS AND INVESTMENT PLAN FOR
EMPLOYEES RESIDENT IN PUERTO RICO
REPORTABLE TRANSACTIONS
DECEMBER 31, 1994
FUNDS A, B, C AND COMPANY COMMON STOCK FUND:
NUMBER OF NUMBER OF
INVESTMENTS PURCHASED TRANSACTIONS SHARES COST
------------------------------------------------------------------------- --------------- ---------- -------------
Pfizer Inc. common stock................................................. 20 12,201 $ 768,686
Interest-bearing deposits................................................ 171 -- 3,467,432
NUMBER OF REALIZED
INVESTMENTS DISPOSED TRANSACTIONS COST FAIR VALUE GAIN
----------------------------------------------------------- --------------- ------------- ------------- ---------
Interest-bearing deposits.................................. 191 $ 3,396,517 $ 3,396,517 --
10
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, 1994 and 1993, 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, 1994 and 1993, 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 or for the
year ended December 31, 1994, 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
February 10, 1995
Stamp No. 1252929 of the Puerto Rico
Society of Certified Public Accountants was
affixed to the record copy of this report.
11
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/ NATALE RICCIARDI
--------------------------------------
Natale Ricciardi
VICE PRESIDENT, PFIZER
PHARMACEUTICALS, INC.
CHAIR, SAVINGS AND INVESTMENT PLAN
COMMITTEE
Date: March 23, 1995
12
EXHIBIT 23
CONSENT OF INDEPENDENT AUDITORS
To the Administrative Committee
Pfizer Savings and Investment Plan for
Employees Resident in Puerto Rico:
We consent to incorporation by reference in the Registration Statement on
Form S-8 dated November 18, 1991 (File No. 33-44053) of our report dated
February 10, 1995, 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, 1994 and 1993, 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, 1994 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
March 23, 1995
13