**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**



CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
  SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): September 26,
  2007

**PFIZER INC.**
  (Exact name of registrant as specified in its charter)

|**Delaware**                                                                                       | **1-3619**               | **13-5315170**                      
|-------------------------------------------------------------------------------------------------- | ------------------------ | ------------------------------------
|(State or other Jurisdiction of incorporation)                                                     | (Commission File Number) | (I.R.S. Employer Identification No.)
|**235 East 42nd Street 
          New York, New York**(Address of principal executive offices)**** |                          | **10017**
        (Zip Code)        

> Registrant's telephone number, including area code:(212) 573-2323 ****
>       (Former Name or Former Address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended
  to simultaneously satisfy the obligation of the registrant under any of the
  following provisions (see General Instruction A.2. below):

[ ] Written communication pursuant to Rule 425 under the Securities Act (17
  CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
  CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
  Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
  Act (17 CFR 240.13e-4(c))





|I**tem 5.02**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Departure of Directors or Certain Officers; Election
        of Directors; Appointment of Certain Officers; Compensatory Arrangements
        of Certain Officers.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------
|As previously reported, on August 22, 2007, the Company made certain
        changes to the compensation arrangements of Ian C. Read, the Company's
        Senior Vice President and President, Worldwide Pharmaceutical Operations.
        Among the changes was an increase in the target value of Mr. Read's long-term
        incentive compensation award from $2 million to $3.5 million. In order
        to give pro-rata effect to this increase for 2007, on September 26, 2007,
        the Compensation Committee of the Company's Board of Directors approved
        the grant to Mr. Read of 25,000 stock options and 4,318 restricted stock
        units effective September 28, 2007.





**SIGNATURE**

Under the requirements of the Securities Exchange Act of 1934, the registrant
  has caused this report to be signed on its behalf by the authorized undersigned.

|                          |  | PFIZER INC.                                                                                                 
|------------------------- |  | ------------------------------------------------------------------------------------------------------------
|                          |  |                                                                                                             
|                          |  | By: /s/ Margaret M. Foran
        Margaret M. Foran                                                         
|                          |  | Title: Senior Vice President-Corporate
        Governance, Associate General Counsel and Corporate Secretary
|Dated: September 28, 2007 |  |                                                                                                             

>