EXHIBIT 10(xv)


                     SUMMARY OF PFIZER ANNUAL INCENTIVE PLAN

The Annual  Incentive  Plan  ("AIP")  was  established  to provide a direct link
between  pay and  performance,  thereby  supporting  increased  overall  Company
performance through increased  individual  performance.  The purposes of the AIP
are to help  motivate  employees  and  attract  and retain the  highest  quality
workforce.

Management  selects AIP participants,  including  executive officers who are not
members of the Corporate Management Committee, and, in its discretion,  sets the
bonus potential for each participant based on level of responsibility within the
Company.  Annual  incentive  awards are based on an evaluation of either or both
individual and Company performance against quantitative and qualitative measures
and are subject to  approval  by senior  management  and,  if  appropriate,  the
Employee  Compensation  and  Management  Development  Committee or the Executive
Compensation Committee.

Amounts  paid  to  employees  constitute  part  of the  employee's  annual  cash
compensation.