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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, 1995
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
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PFIZER SAVINGS AND INVESTMENT PLAN
FOR EMPLOYEES RESIDENT IN PUERTO RICO
STATEMENT OF NET ASSETS
AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1995
NON-PARTICIPANT
DIRECTED
--------------
PFIZER INC. 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, 87,517
shares, cost $2,596,932; Fund C, 71,818
shares; cost $2,271,405................. $ 10,037,703 $ 5,513,160 $ -- $ -- $ 4,524,543
Other marketable securities: Fund A, cost
$1,806,318; Fund B, cost $278,353......... 2,292,532 -- 1,876,876 415,656 --
Interest-bearing deposits, at cost which
approximates fair value..................... 210,494 57,834 115,476 13,387 23,797
-------------- -------------- ------------- ----------- -------------
Total investments...................... 12,540,729 5,570,994 1,992,352 429,043 4,548,340
Interest receivable.......................... 32,630 155 32,379 34 62
Contributions receivable:
Employees.................................. 300,316 -- 103,983 13,772 182,561
Employers.................................. 157,502 157,502 -- -- --
-------------- -------------- ------------- ----------- -------------
Net assets available for plan benefits --
Note 8.................................. $ 13,031,177 $ 5,728,651 $ 2,128,714 $ 442,849 $ 4,730,963
-------------- -------------- ------------- ----------- -------------
-------------- -------------- ------------- ----------- -------------
Number of units outstanding at end of year... 1,461,391 1,438,320 231,858 1,238,472
Unit value................................... $3.92 $1.48 $1.91 $3.82
See Notes to Financial Statements which are an integral part of these financial
statements.
1
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
--------------
PFIZER INC. 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, 76,414
shares, cost $2,059,026; Fund C, 67,854
shares, cost $2,056,665.................. $ 5,572,351 $ 2,951,523 $ -- $ -- $ 2,620,828
Other marketable securities: Fund A, cost
$1,428,837; Fund B, cost $230,455.......... 1,634,171 -- 1,369,619 264,552 --
Interest-bearing deposits, at cost which
approximates fair value...................... 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 8..................................... $ 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 financial
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, 1995
NON-PARTICIPANT
DIRECTED
--------------
PFIZER INC. PARTICIPANT DIRECTED
COMMON STOCK -----------------------------------------
TOTAL FUND FUND A FUND B FUND C
-------------- -------------- ------------- ----------- -------------
Net investment income:
Cash Dividends:
Pfizer Inc. common stock................. $ 159,945 $ 86,696 $ -- $ -- $ 73,249
Other marketable securities.............. 4,898 -- -- 4,898 --
Interest................................... 129,556 3,825 119,267 4,196 2,268
-------------- -------------- ------------- ----------- -------------
294,399 90,521 119,267 9,094 75,517
Investment management fees -- Note 4......... (5,129) -- -- (5,129) --
-------------- -------------- ------------- ----------- -------------
289,270 90,521 119,267 3,965 75,517
Realized gain on investments, net -- Note 5:
Pfizer Inc. common stock................... 60,220 29,373 -- -- 30,847
Other marketable securities................ 5,614 -- 156 5,458 --
-------------- -------------- ------------- ----------- -------------
65,834 29,373 156 5,458 30,847
-------------- -------------- ------------- ----------- -------------
Unrealized appreciation of investments, net
-- Note 6................................... 3,945,688 2,023,731 129,776 103,206 1,688,975
-------------- -------------- ------------- ----------- -------------
4,300,792 2,143,625 249,199 112,629 1,795,339
-------------- -------------- ------------- ----------- -------------
Contributions -- Note 7:
Employees.................................. 2,340,054 -- 846,905 136,407 1,356,742
Employers.................................. 1,231,787 1,231,787 -- -- --
Withdrawals -- Note 8........................ (2,607,599) (788,809) (526,514) (77,333) (1,214,943)
Transfers between funds -- net............... -- 11,301 (37,166) (10,698) 36,563
-------------- -------------- ------------- ----------- -------------
964,242 454,279 283,225 48,376 178,362
-------------- -------------- ------------- ----------- -------------
Net increase................................. 5,265,034 2,597,904 532,424 161,005 1,973,701
Net assets available for plan benefits --
Note 8:
Beginning of year.......................... 7,766,143 3,130,747 1,596,290 281,844 2,757,262
-------------- -------------- ------------- ----------- -------------
End of year................................ $ 13,031,177 $ 5,728,651 $ 2,128,714 $ 442,849 $ 4,730,963
-------------- -------------- ------------- ----------- -------------
-------------- -------------- ------------- ----------- -------------
See Notes to Financial Statements which are an integral part of these financial
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, 1994
NON-PARTICIPANT
DIRECTED
--------------
PFIZER INC. 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 other marketable
securities, net -- Note 5................... 1,356 -- -- 1,356 --
Unrealized appreciation (depreciation) of
investments, net -- Note 6.................. 576,161 350,942 (81,819) (10,308) 317,346
-------------- -------------- ------------- ----------- -------------
793,567 419,622 (1,109) (3,581) 378,635
-------------- -------------- ------------- ----------- -------------
Contributions -- Note 7:
Employees.................................. 2,068,551 -- 789,189 130,285 1,149,077
Employers.................................. 1,093,036 1,093,036 -- -- --
Withdrawals -- Note 8........................ (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 --
Note 8:
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 financial
statements.
4
PFIZER SAVINGS AND INVESTMENT PLAN FOR
EMPLOYEES RESIDENT IN PUERTO RICO
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995 AND 1994
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.
The following is a general description of certain provisions of the Plan.
Refer to the Plan for a complete description of the Plan.
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.
At December 31, 1995 and 1994, there were 1,015 and 970 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, 1995 and 1994, respectively, Fund A had
566 and 518 participating employees, Fund B, 160 and 152 and Fund C, 763 and
678.
All matching contributions are invested by the Trustee in a fourth fund
designated the "Pfizer Inc. Common Stock Fund," which consists solely 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 the employees of the Companies,
who are resident in Puerto Rico, are eligible to participate in the Plan
beginning on the first January 1 following their date of employment, or the
beginning of any month or payroll period thereafter. 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 Pfizer Inc. Common Stock Fund.
PAYMENT OF BENEFITS -- Upon separation from service, retirement, disability
or death, a participant may elect to receive either a lump-sum amount equal to
the value of the participant's account, or annual installments subject to the
provisions of the Plan. For termination of service due to other reasons, a
participant may receive the value of his or her account as a lump-sum
distribution.
5
PFIZER SAVINGS AND INVESTMENT PLAN FOR
EMPLOYEES RESIDENT IN PUERTO RICO
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995 AND 1994
NOTE 1 -- SUMMARY PLAN DESCRIPTION (CONTINUED)
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.
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
8.
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 as of 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 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 1995, 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, 1994 (Pfizer Inc. Stock
Fund and Fund C) have been restated to reflect the 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.
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.
6
PFIZER SAVINGS AND INVESTMENT PLAN FOR
EMPLOYEES RESIDENT IN PUERTO RICO
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995 AND 1994
NOTE 4 -- ADMINISTRATIVE COSTS
Except for certain investment management fees (Fund B), all costs and
expenses of administering the Plan were borne by the Companies.
NOTE 5 -- REALIZED GAINS ON INVESTMENTS
The aggregate net proceeds and carrying value used in the calculation of the
realized gains on investments are as follows:
NET REALIZED
PROCEEDS COST GAINS
----------- ----------- -----------
Pfizer Inc. Common Stock:
1995................................................. $ 183,217 $ 122,997 $ 60,220
Other Marketable Securities:
1995................................................. 65,012 59,398 5,614
1994................................................. 116,380 115,024 1,356
NOTE 6 -- UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS
The change in the amount of unrealized appreciation (depreciation) was as
follows:
AGGREGATE UNREALIZED
----------------------------
DECEMBER 31, DECEMBER 31, CHANGE DURING
1995 1994 1995
------------- ------------- --------------
Pfizer Inc. Common Stock Fund................... $ 2,916,228 $ 892,497 $ 2,023,731
Fund A.......................................... 70,558 (59,218) 129,776
Fund B.......................................... 137,303 34,097 103,206
Fund C.......................................... 2,253,138 564,163 1,688,975
------------- ------------- --------------
$ 5,377,227 $ 1,431,539 $ 3,945,688
------------- ------------- --------------
------------- ------------- --------------
AGGREGATE UNREALIZED
----------------------------
DECEMBER 31, DECEMBER 31, CHANGE DURING
1994 1993 1994
------------- ------------- --------------
Pfizer Inc. 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
------------- ------------- --------------
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7
PFIZER SAVINGS AND INVESTMENT PLAN FOR
EMPLOYEES RESIDENT IN PUERTO RICO
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995 AND 1994
NOTE 7 -- CONTRIBUTIONS
The participating employees and their employers contributed the following
amounts to the Plan:
1995 EMPLOYEES EMPLOYERS TOTAL
------------- ------------- -------------
Pfizer Pharmaceuticals, Inc.
(Puerto Rico Branch)............................ $ 1,947,066 $ 1,024,059 $ 2,971,125
Pfizer Corporation
(Puerto Rico Branch)............................ 392,988 207,728 600,716
------------- ------------- -------------
$ 2,340,054 $ 1,231,787 $ 3,571,841
------------- ------------- -------------
------------- ------------- -------------
1994
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
------------- ------------- -------------
------------- ------------- -------------
NOTE 8 -- 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, 1995
and 1994 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:
1995 1994
----------- -----------
Pfizer Inc. Common Stock Fund....................................... $ 62,751 $ 68,397
Fund A.............................................................. 27,423 30,505
Fund B.............................................................. 3,822 4,929
Fund C.............................................................. 89,894 104,993
----------- -----------
$ 183,890 $ 208,824
----------- -----------
----------- -----------
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 within Form 5500 for those years.
8
PFIZER SAVINGS AND INVESTMENT PLAN
FOR EMPLOYEES RESIDENT IN PUERTO RICO
ITEM 27A -- SCHEDULE OF
ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1995
FUND A:
INTEREST RATE MATURITY COST FAIR VALUE
-------------- ---------- ------------- -------------
OTHER MARKETABLE SECURITIES:
- ------------------------------------------------------
U.S. GOVERNMENT SECURITIES
- ------------------------------------------------------
U.S. Treasury Notes................................... 7.87% 08/15/01 $ 111,035 $ 123,974
U.S. Treasury Notes................................... 6.87 10/31/96 50,594 50,641
------------- -------------
161,629 174,615
------------- -------------
OTHER MARKETABLE SECURITIES
- ------------------------------------------------------
Federal Home Loan Bank................................ 9.15 03/25/97 43,168 43,857
Federal Home Loan Bank Medium Term
Note................................................. 6.97 11/20/97 75,000 77,156
Federal National Mortgage Association................. 8.80 07/25/97 49,406 52,617
Federal National Mortgage Association................. 7.85 09/10/98 25,969 26,516
Federal National Mortgage Association................. 5.74 02/12/98 71,050 70,041
Federal Farm Credit Bank Bond......................... 6.05 04/21/03 29,822 30,520
Federal Home Loan Mortgage Corporation................ 6.35 03/07/01 26,758 27,943
Federal National Mortgage Association Term Note....... 7.90 04/10/02 44,944 46,371
Federal National Mortgage Association Term Note....... 6.95 09/10/02 44,788 45,710
Federal National Mortgaage Association Term Note...... 5.80 12/10/03 8,938 9,934
SLMA Medium Term Note................................. 5.50 07/08/02 57,213 59,325
Federal Home Loan Mortgage Term Note.................. 7.03 10/19/96 60,355 61,472
Federal National Mortgage Association................. 7.05 10/10/96 25,813 25,297
------------- -------------
563,224 576,759
------------- -------------
CORPORATE DEBENTURES
- ------------------------------------------------------
World Bank Medium Term Note........................... 9.19 06/23/98 42,807 43,411
Tennessee Valley Authority............................ zero coupon 07/15/03 87,554 97,970
Tennessee Valley Authority............................ 6.12 07/15/03 76,641 75,140
Tennessee Valley Authority............................ 6.37 06/15/05 117,188 124,124
Citicorp.............................................. 9.00 04/15/99 51,213 54,820
Dean Witter Discover Bond............................. 6.25 03/15/00 22,810 24,358
Exxon Bond............................................ 7.87 08/15/97 57,520 57,063
Lehman Brothers Holdings, Inc. Note................... 8.37 04/01/97 100,409 102,969
Merrill Lynch......................................... 6.37 03/30/99 31,920 32,525
Shell Oil Co. Bond.................................... 6.95 12/15/98 50,406 52,002
AT&T Corporate Bond................................... 6.75 04/01/04 50,677 52,250
New Jersey Bell Corporate Bond........................ 5.87 02/01/04 39,048 39,662
Bell South Telephone.................................. 6.37 06/15/04 40,000 40,900
Dean Witter, Discover & Co............................ 6.87 03/01/03 25,499 28,094
General Telephone Co. Florida......................... 8.00 03/01/01 39,684 40,584
Georgia Power First Mortgage Bond..................... 6.62 04/01/03 29,888 30,548
IBM Corporate Bond.................................... 7.25 11/01/02 29,738 32,100
Merrill Lynch Corporate Bond.......................... 6.25 10/15/08 22,906 26,476
(CONTINUED)
9
PFIZER SAVINGS AND INVESTMENT PLAN
FOR EMPLOYEES RESIDENT IN PUERTO RICO
ITEM 27A -- SCHEDULE OF
ASSETS HELD FOR INVESTMENT PURPOSES
(CONTINUED)
DECEMBER 31, 1995
INTEREST RATE MATURITY COST FAIR VALUE
-------------- ---------- ------------- -------------
New Jersey Bell Telephone............................. 7.25% 06/01/02 $ 9,882 $ 10,707
Wal-Mart Stores....................................... 6.75 05/15/02 90,675 93,867
General Electric Credit Corporation................... 7.46 09/30/96 40,000 40,590
General Electric Credit Corporation................... 6.94 11/22/96 25,000 25,342
------------- -------------
1,081,465 1,125,502
------------- -------------
Total other marketable securities................... 1,806,318 1,876,876
INTEREST-BEARING DEPOSIT
- ------------------------------------------------------
Banco Popular de Puerto Rico, Time Deposit............ 4.62 115,476 115,476
------------- -------------
Total of Fund A................................. $ 1,921,794 $ 1,992,352
------------- -------------
------------- -------------
FUND B:
NUMBER OF INTEREST
OTHER MARKETABLE SECURITIES SHARES OR UNITS RATE COST FAIR VALUE
- --------------------------------------------------------- --------------- ----------- ------------- -------------
The Northern Trust Company, Collective Stock Index
Fund.................................................... 7,844 -- $ 278,353 $ 415,656
INTEREST-BEARING DEPOSITS
- ---------------------------------------------------------
The Northern Trust Company, Short-Term Investment Fund... -- 5.64% 13,387 13,387
------------- -------------
Total of Fund B.................................... $ 291,740 $ 429,043
------------- -------------
------------- -------------
FUND C:
Pfizer Inc. Common Stock................................. 71,818 -- $ 2,271,405 $ 4,524,543
INTEREST-BEARING DEPOSIT
- ---------------------------------------------------------
Banco Popular de Puerto Rico, Time Deposit............... -- 4.62 23,797 23,797
------------- -------------
Total of Fund C.................................... $ 2,295,202 $ 4,548,340
------------- -------------
------------- -------------
COMPANY COMMON STOCK FUND:
Pfizer Inc. Common Stock................................. 87,517 -- $ 2,596,932 $ 5,513,160
INTEREST-BEARING DEPOSIT
- ---------------------------------------------------------
Banco Popular de Puerto Rico, Time Deposit............... -- 4.62 57,834 57,834
------------- -------------
Total Company Common Stock Fund.................... $ 2,654,766 $ 5,570,994
------------- -------------
------------- -------------
See accompanying independent auditors' report
10
PFIZER SAVINGS AND INVESTMENT PLAN FOR
EMPLOYEES RESIDENT IN PUERTO RICO
ITEM 27D -- SCHEDULE OF
REPORTABLE TRANSACTIONS
DECEMBER 31, 1995
FUNDS A, B, C AND COMPANY COMMON STOCK FUND:
NUMBER OF NUMBER OF
INVESTMENTS PURCHASED TRANSACTIONS SHARES COST
- ------------------------------------------------------------------------- --------------- ----------- -------------
Pfizer Inc. Common Stock................................................. 22 19,217* $ 875,645
Interest-bearing Deposits: Banco Popular de Puerto Rico, Time Deposits... 187 -- 3,612,835
NUMBER OF NUMBER OF REALIZED
INVESTMENTS DISPOSED TRANSACTIONS SHARES COST FAIR VALUE GAIN
- ------------------------------------------------ --------------- ----------- ------------- ----------- ---------
Pfizer Inc. Common Stock........................ 4 4,150* $ 122,997 183,217 60,220
Interest-bearing Deposits: Banco Popular de
Puerto Rico, Time Deposits..................... 143 -- 3,562,139 3,562,139 --
* On June 1995, 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
have been restated to reflect the split.
See accompanying independent auditors' report
11
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, 1995 and 1994, 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, 1995 and 1994, 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, 1995, 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 6, 1996
Stamp No. 1308451 of the Puerto Rico
Society of Certified Public Accountants was
affixed to the record copy of this report.
12
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 MADDALUNE
-----------------------------------
Anthony Maddalune
GENERAL MANAGER,
PFIZER PHARMACEUTICALS, INC.
CHAIR, SAVINGS AND
INVESTMENT PLAN COMMITTEE
Date: March 28,1996
13
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 February 6, 1996, 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, 1995
and 1994, 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, 1995
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 28, 1996
14