UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549

**FORM 11-K**

FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGSAND SIMILAR PLANS PURSUANT TO SECTION 15 (D) OFTHE SECURITIES EXCHANGE ACT OF 1934

 

(Mark One)

|  X       | ANNUAL  REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934                                  |
|--------------------|------------------------------------------------------------------------------------------------------------------|
|               |                                                                                                   |
|               | **For the fiscal year ended December 31,  2003**                                                                 |
|               |                                                                                                   |
|               | Or                                                                                                               |
|               |                                                                                                   |
|     | TRANSITION  REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934                              |
|               |                                                                                                   |
|               | For the transition period from January 1, 2003 to  December 31, 2003                                             |
|               |                                                                                                   |
|               | 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 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 PLANFOR EMPLOYEES RESIDENT IN PUERTO RICOSTATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITSDecember 31, 2003**
|                                                | ** **  | **Fund Information**         |
|-----------------------------------------------------|-------------|------------------------------|
|                                                | **Total**   | **Nonparticipant  Directed** | **Participant  Directed** | **Loan  Fund** |
| Investments,  at fair value:                        |        |                         |   |   |
| Pfizer  Inc. common stock                           | $71,597,270 | $33,290,470                  | $38,306,800 | $              -- |
| Mutual  funds                                       | 2,266,682   | --                           | 2,266,682 | -- |
| Collective  trust funds                             | 13,547,540  | 65,226                       | 13,482,314 | -- |
|                                                | 87,411,492  | 33,355,696                   | 54,055,796 | -- |
| Investments,  at cost which approximate fair value: |        |                         |   |   |
| Loans  to participants                              | 5,052,895   | --                           | -- | 5,052,895 |
|                                                |        |                         |   |   |
| Total  investments                                  | 92,464,387  | 33,355,696                   | 54,055,796 | 5,052,895 |
|                                                |        |                         |   |   |
| Contributions  receivable:                          |        |                         |   |   |
| Employer                                            | 98,230      | 98,230                       | -- | -- |
| Participants                                        | 171,883     | --                           | 171,883 | -- |
| Interest  and other miscellaneous receivables       | 35,122      | --                           | 35,122 | -- |
|                                                |        |                         |   |   |
| Net  assets available for plan benefits             | $92,769,622 | $33,453,926                  | $54,262,801 | $5,052,895 |

 

 

 

 

SeeNotes to Financial Statements, which are an integral part of these financialstatements.

** **

** **

** **

**PFIZER SAVINGS PLANFOR EMPLOYEES RESIDENT IN PUERTO RICOSTATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITSDecember 31, 2002**
|                                                | ** **  | **Fund Information**         |
|-----------------------------------------------------|-------------|------------------------------|
|                                                | **Total**   | **Nonparticipant  Directed** | **Participant  Directed** |
| Investments,  at fair value:                        |        |                         |   |
| Pfizer  Inc. common stock                           | $31,972,796 | $14,948,817                  | $17,023,979 |
| Mutual  funds                                       | 3,783,322   | --                           | 3,783,322 |
| Other  mutual and collective trust funds            | 1,102,197   | --                           | 1,102,197 |
|                                                | 36,858,315  | 14,948,817                   | 21,909,498 |
| Investments,  at cost which approximate fair value: |        |                         |   |
| Interest-bearing  deposits                          | 1,065,240   | 212,902                      | 852,338 |
| Total  investments                                  | 37,923,555  | 15,161,719                   | 22,761,836 |
|                                                |        |                         |   |
| Contributions  receivable:                          |        |                         |   |
| Participants                                        | 709,938     | --                           | 709,938 |
| Employer                                            | 274,555     | 274,555                      | -- |
| Interest  and other miscellaneous receivables       | 6,837       | 1,773                        | 5,064 |
|                                                |        |                         |   |
| Net  assets available for plan benefits             | $38,914,885 | $15,438,047                  | $23,476,838 |

 

 

 

 

SeeNotes to Financial Statements, which are an integral part of these financialstatements.

** **

** **

** **

**PFIZER SAVINGS****PLANFOR EMPLOYEES RESIDENT IN PUERTO RICOSTATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITSYear Ended December 31, 2003**
|                                                                    | ** **             | **Fund Information**                     |
|-------------------------------------------------------------------------|------------------------|------------------------------------------|
|                                                                    | **Total **        | **Nonparticipant   Directed ** | **Participant   Directed ** | **Loan   Fund ** |
| Net  investment income:                                                 |                   |                                     |   |   |
| Pfizer  Inc. common stock dividends                                     | $ 1,062,731  | $   491,428          | $   571,303  | $               --  |
| Interest  and dividend income from other investments                    | 374,235           | --                                       | 374,235  | --  |
| Interest  income from loans to participants                             | 152,158           | 52,748                              | 99,410  | --  |
|                                                                    | 1,589,124         | 544,176                             | 1,044,948  | --  |
| Net  appreciation in fair value of investments -- Note 8 | 9,811,509         | 3,896,217                           | 5,915,292  | --  |
|                                                                    | 11,400,633        | 4,440,393                           | 6,960,240  | --  |
|                                                                    |                   |                                     |   |   |
| Contributions:                                                          |                   |                                     |   |   |
| Participants                                                            | 9,597,866         | --                                  | 9,597,866  | --  |
| Employer                                                                | 4,220,184         | 4,220,184                           |   |   |
| Transfers  into plan, net - Note 3                                      | 38,088,129        | 13,489,236                          | 23,184,253  | 1,414,640  |
| Withdrawals                                                             | (9,452,075)            | (2,936,604)                              | (6,484,446) | (31,025) |
| Loan  transaction transfers, net                                        | --                | (1,197,330)                              | (2,471,950) | 3,669,280  |
|                                                                    | 42,454,104        | 13,575,486                          | 23,825,723  | 5,052,895  |
| Net  increase                                                           | 53,854,737        | 18,015,879                          | 30,785,963  | 5,052,895  |
| Net  assets available for plan benefits:                                |                   |                                     |   |   |
| Beginning  of year                                                      | 38,914,885        | 15,438,047                          | 23,476,838  | --  |
| End  of year                                                            | $92,769,622       | $33,453,926                         | $54,262,801  | $5,052,895  |

 

SeeNotes to Financial Statements which are an integral part of these financialstatements.

** **

** **

**PFIZER SAVINGS****PLANFOR EMPLOYEES RESIDENT IN PUERTO RICOSTATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITSYear Ended December 31, 2002**
|                                                                    | ** **                               | **Fund Information**                     |
|-------------------------------------------------------------------------|------------------------------------------|------------------------------------------|
|                                                                    | **Total **                          | **Nonparticipant   Directed ** | **Participant   Directed ** |
| Net  investment income:                                                 |                                     |                                     |   |
| Pfizer  Inc. common stock dividends                                     | $      554,524  | $      259,447  | $      295,077  |
| Interest  and dividend income from other investments                    | 191,492                             | 2,976                               | 188,516  |
|                                                                    | 746,016                             | 262,423                             | 483,593  |
|                                                                    |                                     |                                     |   |
| Net  depreciation in fair value of investments -- Note 8 | (10,144,329)                             | (4,603,280)                              | (5,541,049) |
|                                                                    | (9,398,313)                              | (4,340,857)                              | (5,057,456) |
| Contributions:                                                          |                                     |                                     |   |
| Participants                                                            | 6,259,563                           | --                                  | 6,259,563  |
| Employer                                                                | 2,394,309                           | 2,394,309                           | --  |
| Withdrawals                                                             |  (7,740,497)                        |  (3,000,435)                        |  (4,740,062) |
|                                                                    | 913,375                             |  (606,126)                          | 1,519,501  |
| Net  decrease                                                           | (8,484,938)                              | (4,946,983)                              | (3,537,955) |
| Net  assets available for plan benefits:                                |                                     |                                     |   |
| Beginning  of year                                                      |  47,399,823                    |  20,385,030                    |  27,014,793  |
| End  of year                                                            | $38,914,885                         | $15,438,047                         | $23,476,838  |

 

SeeNotes to Financial Statements which are an integral part of these financialstatements.

** **

** **

 

****PFIZER SAVINGS PLANFOR EMPLOYEES RESIDENT IN PUERTO RICONOTES TO FINANCIAL STATEMENTSDecember 31, 2003 and 2002**
**Note 1**-**Description of thePlan**

General -- The Pfizer Savings Plan for Employees Resident inPuerto Rico (the Plan), originally adopted in 1990 as the Pfizer Savings andInvestment Plan for Employees Resident in Puerto Rico is a defined contributionsavings plan. As of December 31, 2003, participation in the Plan was open toall employees of Pfizer Pharmaceuticals LLC (the "Plan Sponsor"), andall employees of affiliates of the Plan Sponsor, who with permission of thePlan Sponsor or Pfizer Inc. (the "Parent") have adopted the Plan.Currently the Plan is open to Pfizer Pharmaceuticals LLC, PfizerPharmaceuticals, Inc., Pfizer Pharmaceuticals Limited, Pfizer Corporation andPark Davis & Co. (Puerto Rico Branch) (collectively, the"Company") employees in Puerto Rico who meet certain eligibility andparticipation requirements. The Plan is subject to the provisions of theEmployee Retirement Income Security Act of 1974, as amended.

UnderPuerto Rico law, any qualified plan involving pre-tax contributions orinvolving cash or deferred arrangement must comply with one of twonondiscrimination tests.  For the fiscal years ended December 31, 2003 and2002, the Plan complied with both discrimination tests.

EffectiveApril 1, 2003, the Warner-Lambert Savings and Stock Plan for Colleagues inPuerto Rico (WLSPPR) was transferred along with its assets and liabilities intothe Plan. As a result, the WLSPPR was merged into the Plan.  Simultaneously,the Plan changed its name from the Pfizer Savings and Investment Plan forEmployees in Puerto Rico to the Pfizer Savings Plan for Employees Resident inPuerto Rico.

The following is a general description of certainprovisions of the Plan. Participants should refer to the Plan document for acomplete description of the Plan.

Contributions-- Each participant may make contributions on an after-tax basis and/or abefore-tax basis (that is, choose to reduce his or her compensation and havethe Company contribute on his or her behalf). Before-tax contributions aresubject to certain restrictions under the Puerto Rico Internal Revenue Code of1994, as amended. Contributions of up to 3% of compensation are matched 100% bythe Company and the next 3% is matched 50%.  Employee contributions in excessof 6% are not matched. Participants who are eligible employees are permitted torollover into the Plan eligible distributions from other qualified employersponsored savings plans and conduit IRAs.
***Investment Options --*

**Nonparticipant Directed Fund***--*TheCompany contributes to one fund:

 

 

 

Pfizer Match Fund

--

This  fund invests employer contributions in common stock of Pfizer Inc. A  participant who has attained both age 55 and completed ten or more years of  participation in the Plan may direct that a certain percentage of assets be  transferred (up to 25% during the first 5 years of eligibility (in 1%  increments) and up to 50% (in 1% increments) thereafter) out of the Pfizer  Match Fund into any of the other investment funds except the Company (Pfizer)  Stock Fund. The fund also invests up to 0.25% of the balance in an  S&P 500 index fund for purposes of liquidity.

** **

(a)  S&P 500 Index Fund*

(b)  Company (Pfizer) Stock Fund

(c)  T. Rowe Price Fixed Income Fund

(d)  Fidelity Low Price Stock Fund

(e)  Fidelity Mid Cap Stock Fund

(f)  Fidelity Overseas Fund

 

*Northern  Trust sponsored fund.

The trustee of the Plan is Banco Popular de Puerto Rico,and the custodian of the Plan, Northern Trust Company, also manages investmentsin certain investment funds and therefore, are deemed a related party. ThePlan's trust agreement provides that any portion of any of the funds may,pending its permanent investment or distribution, be invested in short-terminvestments. 

Eligibility and Vesting -- Generally, all employees of the Company whoare resident in Puerto Rico are eligible to enroll in the Plan on their date ofhire. Generally, a participant is immediately vested in the full value of hisor her accounts (i.e., participant's and employer's contributions).

Loans to Participants -- Planparticipants are permitted to borrow against their vested account balance. Theminimum amount a participant may borrow is $1,000 and the maximum amount is thelesser of 50% of the vested account balance reduced by any current outstandingloan balance, or $50,000, reduced by the highest outstanding loan balance inthe preceding 12 months. 

Underthe terms of the Plan, loans must be repaid within five years, unless the fundsare used to purchase a primary residence. Primary residence loans must berepaid over 6 to 15 years at the participant's option. The interest rateon all loans is based on the prime rate plus 1%. Interest paid by theparticipant is credited to the participant's account. 

Benefit Payments -- Generally,upon separation from service, retirement or disability, a participant may electto receive a lump sum distribution currently or at any time up to the later of13 months after termination or age 65, subject to the provisions ofthe Plan.  In the event of a participant's death, a spouse beneficiarygenerally may elect payment currently or defer payments until the later of13 months from the date of death or when the participant would havereached age 65.  A nonspouse beneficiary generally may defer payment up until13 months from the date of death.

Withdrawals -- A participant in the Plan may withdraw all or part ofhis or her account balance subject to the provisions of the Plan. 

Plan Termination -- The Plan Sponsor and the Parent expect to continuethe Plan indefinitely, but necessarily reserves the right to amend, suspend ordiscontinue it in whole or in part, at any time, by action of the PlanSponsor's Board of Managers, the Board of Directors of the Parent or theauthorized designee(s) of either of them.  In the event of termination of thePlan, each participant shall receive the full value of their account balance asthough they had retired as of the date of such termination.  No part of theinvested assets established pursuant to the Plan will at any time revert to theCompany.

**Note 2**-**Summary ofSignificant Accounting Policies**

Basis of Accounting -- The financial statements of the Plan areprepared on the accrual basis of accounting. 

Use of Estimates -- Thepreparation of financial statements in conformity with accounting principlesgenerally accepted in the United States of America requires management to makeestimates and assumptions that affect the reported amounts of assets andliabilities and changes therein and disclosure of contingent assets andliabilities at the date of the financial statements.  Actual results could differfrom those estimates.

Investment Valuation -- Company common stock is valued at theclosing market price on the last business day of the year. Collective trustfunds and mutual funds are recorded at fair value based on the closing marketprices of the underlying investments held by the fund on the last business dayof the year. Interest-bearing deposits are recorded at cost, which approximatesfair value.

The Plan's investments include funds that invest invarious types of investment securities and in various companies within variousmarkets. Investment securities, including Pfizer Inc. common stock, are exposedto several risks such as interest rate, market, and credit risks. Due to thelevel of risk associated with certain investment securities, it is at leastreasonably possible that changes in the values of the investments will occur inthe near term and that such changes could materially affect the amountsreported in the Plan's financial statements and schedules.

Security Transactions -- Purchases and sales of securities arereflected on a trade-date basis.

Net Appreciation/(Depreciation) in Fair Value of Investments-- Net appreciation/(depreciation) in fair value of investments includesrealized and unrealized gains and losses. Realized gains and losses on sales ofinvestments represent the difference between the net proceeds and the cost ofthe investments (average cost if less than the entire investment is sold).Unrealized gains and losses of investments represent the difference between thecost of the investments and their fair value at the end of the year.Additionally, it reflects the reversal of the unrealized gains and losses as ofthe end of the prior year. 

Loan Fund -- The Loan Fund maintainsparticipant loan activity. Interest earned on participant loans is not includedin this fund.

Net Investment Income -- Dividendincome is recorded on the ex‑dividend date. Interest income is recordedas earned. Interest income from participant loans is recorded by the Trustee asearned in the nonparticipant and participant directed funds in the sameproportion as the original loan issuance.

**Note 3 - Transfers Into the Plan**

EffectiveApril 1, 2003, Warner-Lambert Savings and Stock Plan for Colleagues inPuerto Rico (WLSSP) was merged into the Plan. As a result, net assets of WLSSPparticipants in the amount of $38,692,859 were transferred into the Plan. InMarch 2003, the Company sold the Adams confectionary business andSchick-Wilkinson Sword shaving products business. As a result, in 2003, netassets of Plan participants who were employees of these businesses in theamount of $604,730 were transferred out of the Plan. 

**Note 4**-**Income Taxes**

No provision has been made for Puerto Rico income tax inreliance upon a determination letter dated March 25, 1992 issued by thePuerto Rico Department of Treasury ("Treasury"), with an effectivedate of January 1, 1990 which states that the Plan meets the requirementsof Section 1165(a) of the Puerto Rico Internal Revenue Code of 1994, (the"Code") as amended, and that the trust established thereunder isentitled to exemption.

Effective January 1, 1997 and October 1, 1998, the Planwas amended and a separate determination letter dated September 24, 1999was obtained from the Treasury, which states that the Plan's qualified statuswas not affected due to such amendments. The 2003 restated Plan is in theprocess of being submitted before the Treasury and a favorable outcome isexpected. Plan administrator and the Plan's legal and tax counsel believe thatthe Plan is designed and is currently being operated in compliance with all theapplicable requirements. Therefore, no provision has been made for Puerto Ricoincome taxes.

Contributions made to the Plan by the Company, includingbefore-tax contributions made on the employees' behalf by the Company and theappreciation on all funds in the employees' accounts, are not taxable to theemployees under the Code while these amounts remain in the Plan and the Planmaintains its qualified status.

**Note 5 -- Plan Administration**

TheU.S. Savings Plan Committee of the Plan monitors and reports on the selectionand termination of the trustee and investment managers and on the investmentactivity and performance.

**Note 6 -- Significant Investments**

Thefollowing investments represent 5% or more of the Plan's net assets availablefor plan benefits.
** 

 

**December 31, 2003**

**December 31, 2002**

 

 

 

Pfizer  Inc. common stock*

$71,597,270

$31,972,796

T.  Rowe Price Fixed Income Fund

9,367,691

--

Loans  to participants

5,052,895

--

Vanguard  fund

--

3,783,322

 

 

 

*

Includes nonparticipant directed  942,272 shares and participant directed 1,084,257 shares at  December 31, 2003 and nonparticipant directed 489,003 shares and  participant directed 556,885 shares at December 31, 2002.**
**Note 7**- **Administrative Costs**

Except for certain investment management fees, all costsand expenses of administering the Plan are paid and absorbed by the Company. 

**Note 8**-**NetAppreciation/(Depreciation) in Fair Value of Investments**

ThePlan's investments (including gains and losses on investments sold, as well asheld during the year) appreciated/(depreciated) in value as follows: 
** 

 

**Years ended December 31,**

 

**2003 **

**2002 **

 

 

 

Net  appreciation/(depreciation) in fair value of investments:

 

 

Pfizer  Inc. common stock

$8,642,345

$  (9,841,575)

Mutual  funds

246,585

60,608 

Collective  trust funds

922,579

(363,362)

 

$9,811,509

$(10,144,329)

 

**PFIZER SAVINGS PLANFOR EMPLOYEES RESIDENT IN PUERTO RICOSCHEDULE H, Line 4i - SCHEDULE OF ASSETS(HELD AT END OF YEAR) December 31, 2003**

 

**Interest  Rate**

**Maturity    Date**

**Number  of  Shares or  Units**

**Cost**

**Fair  Value**

**Nonparticipant Directed**

 

 

 

 

 

Pfizer  Inc.* Common Stock

--

--

942,272

$13,490,201

$33,290,470

Northern  Trust S&P 500 Equity Stock Index Fund*

 

 

2,823

63,506

65,226

Total  nonparticipant directed investments

 

 

 

$13,553,707

$33,355,696

**Participant Directed**

 

 

 

 

 

Pfizer  Inc.* Common Stock

--

--

1,084,257

$20,822,546

$38,306,800

 

 

 

 

 

 

Collective  trust funds:

 

 

 

 

 

Northern  Trust * S&P 500 Equity Stock Index Fund

--

--

1,444

3,641,258

4,114,623

T  Rowe Price Fixed Income Fund

--

--

9,367,691

9,367,691

9,367,691

Total  collective trust funds

 

 

 

13,008,949

13,482,314

 

 

 

 

 

 

Mutual  funds:

 

 

 

 

 

Fidelity  Mid Cap Stock Fund

--

--

10,521

218,435

226,944

Fidelity  Low Price Stock Fund

--

--

42,051

1,260,647

1,470,958

Fidelity  Overseas Fund

--

--

18,097

438,921

568,780

Total  mutual funds

 

 

 

1,918,003

2,266,682

 

 

 

 

 

 

Total  participant directed investments

 

 

 

$35,749,498

$54,055,796

 

 

 

 

 

 

Loans  to Participants (1,319 loans)

4.25% to 9.5%

1/1/2004 to  7/15/2014

 

$  5,052,895

$  5,052,895

 

 

 

 

 

 

*Party-in-interest

 

 

 

 

 

See accompanying report of independentregistered public accounting firm.
** 

**PFIZER SAVINGS PLANFOR EMPLOYEES RESIDENT IN PUERTO RICOSCHEDULE H, Line 4j  - SCHEDULE OF REPORTABLE TRANSACTIONSYear Ended December 31, 2003**

**(a)  Identity of  party involved**

** **

**(b)  Description  of asset**

** **

**(c)  Purchase  price**

** **

**(d)  Selling  price**

** **

**(g)  Cost  of asset**

** **

**(h)  Current  value of  asset on  transaction  date**

** **

**(i)  Net gain/  (loss)**

 

 

 

 

 

 

 

 

 

 

 

 

 

Pfizer Inc.*

 

Common Stocks:   42 purchases

$

5,011,836

$

 

$

5,011,836

$

5,011,836

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pfizer Inc.*

 

Common Stocks:   72 sales

 

 

$

5,783,756

$

2,914,554

$

5,783,756

$

2,869,202

*

Party-in-interest

 
 

See accompanying reportof independent registered public accounting firm.** 

********REPORT OF INDEPENDENT REGISTERED PUBLICACCOUNTING FIRM**
 **
To theAdministrative CommitteePfizer Savings Plan forEmployees Resident in Puerto Rico:

We have audited the accompanying statements of net assetsavailable for plan benefits of the Pfizer Savings Plan for Employees Residentin Puerto Rico (the "Plan") as of December 31, 2003 and 2002, and therelated statements of changes in net assets available for plan benefits for theyears then ended.  These financial statements are the responsibility of thePlan's management.  Our responsibility is to express an opinion on thesefinancial statements based on our audits.

We conducted our audits in accordance with the standardsthe Public Company Accounting Oversight Board (United States). Those standardsrequire that we plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free of material misstatement.  An auditincludes examining, on a test basis, evidence supporting the amounts anddisclosures in the financial statements.  An audit also includes assessing theaccounting principles used and significant estimates made by management, aswell as evaluating the overall financial statement presentation.  We believethat our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred toabove present fairly, in all material respects, the net assets available forplan benefits of the Plan as of December 31, 2003 and 2002, and the changes innet assets available for plan benefits for the years then ended, in conformitywith accounting principles generally accepted in the Unites States of America.

Ouraudits were performed for the purpose of forming an opinion on the basicfinancial statements taken as a whole. The supplemental schedule H, line4i - schedule of assets (held at year end) and schedule H,line 4j - schedule of reportable transactions, for the yearended December 31, 2003, are presented for the purpose of additional analysisand are not a required part of the basic financial statements but aresupplementary information required by the Department of Labor's Rules andRegulations for Reporting and Disclosure under the Employee Retirement IncomeSecurity Act of 1974. These supplemental schedules are the responsibility ofthe Plan's management.  The supplemental schedules  have been subjected to theauditing procedures applied in the audits of the basic financial statementsand, in our opinion, are fairly stated in all material respects in relation tothe basic financial statements taken as a whole.
** 

/s/ KPMG  LLP

 

 **
June 25, 2004

StampNo. 1901377 of the Puerto RicoSociety of Certified Public Accountants wasaffixed to the record copy of this report.
****SIGNATURE**

 **
**The Plan.**  Pursuant to the requirements of the Securities ExchangeAct of 1934, the members of the Savings Plan Committee have duly caused thisannual report to be signed on its behalf by the undersigned thereunto dulyauthorized.
** 

PFIZER  SAVINGS PLAN  FOR EMPLOYEES RESIDENT IN PUERTO RICO

 

By:  /s/Carlos H. del  Rio                                                 

 

 

 

Carlos  H. del Rio  Vice President*,  Pfizer Pharmaceuticals, LLC  Chair, Savings Plan Committee*

 **
Date:  June 25, 2004
** 

**EXHIBIT 23**

**CONSENT OF INDEPENDENT REGISTERED PUBLICACCOUNTING FIRM**

** ****
To theAdministrative CommitteePfizer Savings Plan forEmployees Resident in Puerto Rico:

 

We consent to the use of our report dated June 25,2004, included herein and incorporated by reference in the RegistrationStatement on Form S-8 dated November 18, 1991 (File No. 33-44053), with respectto the statements of net assets available for plan benefits of the PfizerSavings Plan for Employees Resident in Puerto Rico as of December 31, 2003 and2002, and the related statements of changes in net assets available for planbenefits for the years then ended, which report appears in the December 31,2003 annual report on Form 11-K of the Pfizer Savings Plan for EmployeesResident in Puerto Rico.

 

/s/ KPMG LLP

 

SanJuan, Puerto RicoJune 28, 2004
** 

 ************