================================================================================
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, 1996
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, 1996
Non-Participant
Directed Participant Directed
--------------------------------------------------------------
Pfizer Inc.
Total Common Stock Fund Fund A Fund B Fund C
-----------------------------------------------------------------------------
ASSETS
Investments, at fair value:
Pfizer Inc. common stock:
Pfizer Inc. Common Stock Fund, 91,400 shares,
cost $2,894,428 Fund C, 79,736 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 misc. 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
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, 1995
Non-Participant
Directed Participant Directed
--------------------------------------------------------------
Pfizer Inc.
Total Common Stock 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 7........................ $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.
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, 1996
Non-Participant
Directed Participant Directed
--------------------------------------------------------------
Pfizer Inc.
Total Common Stock Fund Fund A Fund B Fund 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
===============================================================================
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, 1995
Non-Participant
Directed Participant Directed
--------------------------------------------------------------
Pfizer Inc.
Total Common Stock 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 gains 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
Employees....................................... 2,340,054 -- 846,905 136,407 1,356,742
Employers....................................... 1,231,787 1,231,787 -- -- --
Withdrawals - Note 7.............................. (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 - Note 3............................. 5,265,034 2,597,904 532,424 161,005 1,973,701
Net assets available for plan benefits - Note 7:
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.
4
PFIZER SAVINGS AND INVESTMENT PLAN FOR
EMPLOYEES RESIDENT IN PUERTO RICO
NOTES TO FINANCIAL STATEMENTS
December 31, 1996 and 1995
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.
Effective January 1, 1997, 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.
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, 1996 and 1995, there were 1,037 and 1,015 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, 1996 and 1995, respectively, Fund A had
531 and 566 participating employees, Fund B, 171 and 160 and Fund C, 860 and
763.
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 January 1 following their date of employment, 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).
5
PFIZER SAVINGS AND INVESTMENT PLAN FOR
EMPLOYEES RESIDENT IN PUERTO RICO
NOTES TO FINANCIAL STATEMENTS
December 31, 1996 and 1995
Note 1 -- Summary Plan Description (Continued)
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' 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.
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.
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, 1996 and 1995
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 carrying value used in the calculation
of the realized gains (losses) on investments are as follows:
Net Proceeds Realized Gains
and Withdrawals Cost (Losses)
------------------ --------------- -----------------
Pfizer Inc. Common Stock:
1996...................................... $193,865 $122,134 $71,731
1995...................................... 183,217 122,997 60,220
Other Marketable Securities:
1996...................................... 381,238 386,281 (5,043)
1995...................................... 65,012 59,398 5,614
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
1996 1995 1996
-------------------------------- ------------------
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
=============== =============== ==================
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
=============== =============== ==================
7
PFIZER SAVINGS AND INVESTMENT PLAN FOR
EMPLOYEES RESIDENT IN PUERTO RICO
NOTES TO FINANCIAL STATEMENTS
December 31, 1996 and 1995
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, 1996 and 1995 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:
1996 1995
--------------- --------------
Pfizer Inc. Common Stock Fund........ $ 90,028 $ 62,751
Fund A............................... 45,089 27,423
Fund B............................... 963 3,822
Fund C............................... 105,224 89,894
--------------- --------------
$241,304 $183,890
=============== ==============
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.
8
PFIZER SAVINGS AND INVESTMENT PLAN
FOR EMPLOYEES RESIDENT IN PUERTO RICO
ITEM 27a -- SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1996
Interest Rate Maturity Cost Fair Value
----------------- ------------ -------------- --------------
FUND A:
U.S. Government Securities
U.S. Treasury Notes 7.87% 08/15/01 $111,035 $118,319
Equity Mutual Funds
Fidelity Investment Intermediate Fund - - 100,406 99,620
Other Marketable Securities
Federal Home Loan Bank 9.15% 03/25/97 43,168 42,308
Federal Home Loan Bank Medium Term Note 6.97% 11/20/97 75,000 75,762
Federal National Mortgage Association 8.80% 07/25/97 49,406 50,899
Federal National Mortgage Association 7.85% 09/10/98 25,969 25,754
Federal Farm Credit Bank Bond 6.05% 04/21/03 29,822 29,353
Federal Home Loan Mortgage Corporation 6.35% 03/07/01 26,758 27,659
Federal National Mortgage Association Term Note 7.90% 04/10/02 44,944 45,204
Federal National Mortgage Association Term Note 5.80% 12/10/03 8,937 9,592
SLMA Medium Term Note 5.50% 07/08/02 57,213 57,440
Federal Home Loan Mortgage Term Note 7.03% 10/19/05 60,355 59,194
------------------------------
421,572 423,165
------------------------------
Corporate Debentures
World Bank Medium Term Note 9.19% 06/23/98 42,807 41,824
Tennessee Valley Authority zero coupon 07/15/03 87,554 97,350
Tennessee Valley Authority 6.12% 07/15/03 76,641 72,680
Tennessee Valley Authority 6.37% 06/15/05 117,188 118,106
Citicorp 9.00% 04/15/99 51,213 52,693
Dean Witter Discover Bond 6.25% 03/15/00 22,810 23,845
Exxon Bond 7.87% 08/15/97 57,520 55,718
Lehman Brothers Holdings, Inc. Note 8.37% 04/01/97 100,409 100,599
Merrill Lynch 6.37% 03/30/99 31,920 32,051
Shell Oil Co. Bond 6.95% 12/15/98 50,406 50,754
AT&T Corporate Bond 6.75% 04/01/04 50,676 50,406
New Jersey Bell Corporate Bond 5.87% 02/01/04 39,048 38,280
Bell South Telephone 6.37% 06/15/04 40,000 40,000
Dean Witter Discover & Co. 6.87% 03/01/03 25,499 27,013
General Telephone Co. Florida 8.00% 03/01/01 39,684 40,581
Georgia Power First Mortgage Bond 6.62% 04/01/03 29,888 29,623
IBM Corporate Bond 7.25% 11/01/02 29,737 30,600
J.P. Morgan Corporate Bond 6.25% 12/15/05 66,707 67,050
New Jersey Bell Telephone 7.25% 06/01/02 9,882 10,290
Wal-Mart Stores 6.75% 05/15/02 90,675 90,391
Wal-Mart Corporate Bond 5.87% 10/15/05 148,191 140,524
------------------------------
1,208,455 1,210,378
------------------------------
Total marketable securities 1,841,468 1,851,482
Interest-Bearing Deposit
Banco Popular de Puerto Rico Time Deposit(1) 4.88% 139,454 139,454
------------------------------
Total of Fund A $1,980,922 $1,990,936
==============================
(1)Banco Popular de Puerto Rico is a "party in interest" of the Plan.
9
PFIZER SAVINGS AND INVESTMENT PLAN
FOR EMPLOYEES RESIDENT IN PUERTO RICO
ITEM 27a -- SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
(Continued)
December 31, 1996
Number of Interest
Shares or Units Rate Cost Fair Value
----------------- ----------- --------------- ---------------
FUND B:
Other Marketable Securities
The Northern Trust Company, Collective Stock
Index Fund..................................................... 9,032 $362,310 $589,248
Interest-Bearing Deposit
The Northern Trust Company, Short-term
Investment Fund................................................ 66 4.56% 66 66
--------------------------------
Total of Fund B.............................................. $362,376 $589,314
================================
FUND C:
Pfizer Inc. Common Stock......................................... 79,736 $2,874,537 $6,618,101
Interest-bearing Deposit
Banco Popular de Puerto Rico Time Deposit(1)..................... 4.88% 297 297
--------------------------------
Total of Fund C............................................... $2,874,834 $6,618,398
================================
PFIZER INC. COMMON STOCK FUND:
Pfizer Inc. Common Stock ........................................ 91,400 $2,894,428 $7,586,187
Interest-Bearing Deposit
Banco Popular de Puerto Rico, Time Deposit(1).................... 4.88% 46 46
--------------------------------
Total Pfizer Inc. Common Stock Fund.......................... $2,894,474 $7,586,233
================================
(1)Banco Popular de Puerto Rico is a "party in interest" of the Plan.
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, 1996
Funds A, B, C and Pfizer Inc. Common Stock Fund:
Number of Number of
Investments Purchased Transactions Shares Cost
----------------- ------------- --------------
Pfizer Inc. Common Stock.............. 23 13,924 $1,022,762
Interest-bearing Deposits: Banco
Popular de Puerto Rico(1),
Time Deposits..................... 191 -- 4,056,881
Number of Number of Realized
Investments Disposed(2) Transactions Shares Cost Fair Value Gain/(Loss)
----------------- ------------- -------------- --------------- --------------
Pfizer Inc. Common Stock.............. 1 2,123 $122,134 $193,865 $71,731
Interest-bearing Deposits: Banco
Popular de Puerto Rico(1),
Time Deposits..................... 143 -- $4,127,509 $4,127,509 --
(1)Banco Popular de Puerto Rico is a "party in interest" of the Plan.
(2)Dispositions include sales of stock (665 shares) and shares distributed in
kind to participants who withdrew from the Plan on retirement or termination
(1,458 shares).
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, 1996 and 1995, 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, 1996 and 1995, 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, 1996, 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 11, 1997
Stamp No. 1354305 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 MADDALUNA
----------------------------------
Anthony Maddaluna
General Manager,
Pfizer Pharmaceuticals, Inc.
Chair, Savings and
Investment Plan Committee
Date: March 27,1997
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 11, 1997, 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, 1996
and 1995, 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, 1996
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 27, 1997