|                    | UNITED STATES  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                                                              |
|                    | **   **                                                                                                                       |
|                    | **For the fiscal year ended December 31, 2005**                                                                                              |
|                    |                                                                                                                               |
|     | TRANSITION REPORT PURSUANT  TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934                                                          |
|                    |                                                                                                                               |
|                    | 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:                                       |
|                    | **   **                                                                                                                       |
|                    | **PHARMACIA SAVINGS PLAN**                                                                                                                   |
|                    | **   **                                                                                                                       |
| 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**                                                                              |

**PHARMACIA SAVINGS PLAN INDEX**

| **   **                                                                                               |      |
|----------------------------------------------------------------------------------------------------------------------|------|
| ** **                                                                                                           | Page |
| **PLAN FINANCIAL  STATEMENTS**                                                                                       |      |
| Report of Independent  Registered Public Accounting Firm                                                             | 3    |
| Statements of Net Assets Available for Plan Benefits  as of December 31, 2005 and 2004                          | 4    |
| Statements of Changes in Net Assets Available for  Plan Benefits for the years ended December 31, 2005 and 2004 | 5    |
| Notes to Financial Statements                                                                                        | 6    |
| Schedule H, Line 4i - Schedule of Assets (Held at  End of Year) as of December 31, 2005                         | 23   |
| Schedule H, line 4j - Schedule of Reportable  Transactions for the year ended December 31, 2005                 | 24   |
| Signature                                                                                                            | 25   |
| Exhibit 23.1 - Consent of Independent Registered  Public Accounting Firm                                             | 26   |

** **

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTINGFIRM**

To the Savings Plan CommitteePharmacia Savings Plan:

We have audited theaccompanying statements of net assets available for plan benefits of thePharmacia Savings Plan (the Plan) as of December 31, 2005 and 2004, andthe related statements of changes in net assets available for plan benefits forthe years 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 inaccordance with the standards of the Public Company Accounting Oversight Board(United States). Those standards require that we plan and perform an audit toobtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion. 

In our opinion, the financialstatements referred to above present fairly, in all material respects, the netassets available for plan benefits as of December 31, 2005 and 2004 andthe changes in net assets available for plan benefits for the years then ended,in conformity with U.S. generally accepted accounting principles.

Our audits were performed forthe purpose of forming an opinion on the basic financial statements taken as awhole. The supplemental schedule H, line 4i - schedule of assets (held at endof year) as of December 31, 2005 and schedule H, line 4j - schedule ofreportable transactions for the year ended December 31, 2005 are presentedfor the purpose of additional analysis and are not a required part of the basicfinancial statements but are supplementary information required by theDepartment of Labor's Rules and Regulations for Reporting and Disclosure underthe Employee Retirement Income Security Act of 1974. These supplementalschedules are the responsibility of the Plan's management. The supplementalschedules have been subjected to the auditing procedures applied in the auditof the basic financial statements and, in our opinion, are fairly stated in allmaterial respects in relation to the basic financial statements taken as awhole.

/s/  KPMG  LLP

Memphis, TennesseeJune 22, 2006

**PHARMACIA SAVINGS PLANSTATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS**

| ** **                                  | ** ** | **December 31,** |
|---------------------------------------------|------------|------------------|
| (in thousands of  dollars)                  |            | 2005             |  | 2004 |
| **   **                      |            |                  |  |  |
| **Assets:**                                 |            |                  |  |  |
| Investments:                                |            |                  |  |  |
| Pfizer  Inc common stock                    | $          | 315,385          | $ | 409,604 |
| Pfizer  Inc preferred stock                 |            | 251,484          |  | 331,126 |
| Common/collective  trust funds              |            | 847,825          |  | 834,320 |
| Fixed  income investments                   |            | 692,519          |  | 689,475 |
| Mutual  funds                               |            | 632,858          |  | 611,390 |
|                                             |            | 2,740,071        |  | 2,875,915 |
| Loans  to participants                      |            | 29,948           |  | 30,216 |
| Total  investments                          |            | 2,770,019        |  | 2,906,131 |
|                              |            |                  |  |  |
| Receivables:                                |            |                  |  |  |
| Company  contributions                      |            | 11,841           |  | 53,001 |
| Participant  contributions                  |            | 2,765            |  | 1,271 |
| Dividends  and interest receivable          |            | 2,757            |  | 3,089 |
| Other  receivables                          |            | --               |  | 1,343 |
| Total  receivables                          |            | 17,363           |  | 58,704 |
|                                             |            |                  |  |  |
| Total  assets                               |            | 2,787,382        |  | 2,964,835 |
|                              |            |                  |  |  |
| **Liabilities:**                            |            |                  |  |  |
| Notes payable                               |            | 30,614           |  | 59,720 |
| Interest  payable                           |            | 14,700           |  | 48,866 |
| Other  payables                             |            | 1,376            |  | 1,346 |
| Total  liabilities                          |            | 46,690           |  | 109,932 |
|                              |            |                  |  |  |
| **Net assets  available for plan benefits** | $          | 2,740,692        | $ | 2,854,903 |

See Notes to Financial Statements which are anintegral part of these financial statements.

**PHARMACIA SAVINGS PLANSTATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS**

|                                                               | **Years ended December 31,**          |
|---------------------------------------------------------------|---------------------------------------|
| (in thousands  of dollars)                                    | **2005 **                        | **  ** | **2004 ** |
| **   **                                        |                                       |  |  |
| **Additions:**                                                |                                       |  |  |
| Additions  to net assets attributed to:                       |                                       |  |  |
| Investment  income/(loss):                                    |                                       |  |  |
| Net  appreciation/(depreciation) in fair value of investments | $    17,976  |  | $    (95,465) |
| Interest                                                      | 35,321                           |  | 43,825  |
| Dividends                                                     | 25,141                           |  | 21,295  |
| Interest  on participants' loans                              | 1,632                            |  | 1,635  |
| Total  investment income/(loss)                               | 80,070                           |  | (28,710) |
|                                                |                                       |  |  |
| Contributions:                                                |                                       |  |  |
| Participant                                                   | 91,955                           |  | 99,439  |
| Rollovers                                                     | 12,270                           |  | 38,181  |
| Company                                                       | 36,324                           |  | 71,005  |
| Total  contributions                                          | 140,549                          |  | 208,625  |
|                                                               |                                       |  |  |
| Total  additions                                              | 220,619                          |  | 179,915  |
|                                                |                                       |  |  |
| **Deductions:**                                               |                                       |  |  |
| Deductions  from net assets attributed to:                    |                                       |  |  |
| Benefits  paid to participants                                | 326,637                          |  | 371,167  |
| Administrative  expenses                                      | 4,981                            |  | 4,832  |
| Interest  on notes payable                                    | 3,212                            |  | 6,771  |
| Transfers  out of Plan                                        | --                               |  | 6,987  |
| Total  deductions                                             | 334,830                          |  | 389,757  |
|                                                |                                       |  |  |
| Net  decrease                                                 | (114,211)                             |  | (209,842) |
|                                                |                                       |  |  |
| **Net assets  available for plan benefits:**                  |                                       |  |  |
| Beginning  of year                                            | 2,854,903                        |  | 3,064,745  |
| End  of year                                                  | $2,740,692                       |  | $2,854,903  |

See Notes to Financial Statements which are anintegral part of these financial statements. 

**PHARMACIA SAVINGS PLANNotes to Financial StatementsDecember 31, 2005 and 2004**

**1.    Descriptionof Plan**

The following briefdescription of the Pharmacia Savings Plan (the "Plan") is providedonly for general information. Participants should refer to thePlan Document for a more complete description of the Plan's provisions.

ThePlan is a defined contribution plan with two component parts: a section 401(k)plan and a section 401(m) plan. The section 401(m) plan consists ofEmployee Stock Ownership Plan ("ESOP") funds (collectively, thePharmacia ESOP Funds) and funds that do not constitute an ESOP. The PharmaciaESOP Funds consist of a Preferred Employee Stock Ownership Plan (the "PreferredESOP") and a Common Employee Stock Ownership Plan (the "Common ESOP").The Plan covers substantially all domestic employees of Pfizer Inc (the "Company")not otherwise covered by another defined contribution plan of the Company.

 

ThePlan is part of the Pharmacia Retirement Choice Program ("Choice Program")available to all employees, except those on long-term disability benefits,those employed by the Company in Puerto Rico, those covered under thePre-Retirement Terminated Leave of Absence program or those covered under aspecifically designated severance package. The Choice Program is made up of atraditional pension plan and a 401(k) savings plan. Under the Choice Program,eligible employees select either Option 1 which provides greater pensionplan benefits or Option 2 which provides greater savings plan benefits.

 

***Plan Administration***

The Savings Plan Committeeis responsible for administering the Plan operations in accordance with theEmployee Retirement Income Security Act of 1974, as amended ("ERISA").The Global Benefits Investment Committee is responsible for monitoring the Planinvestments.

***Administrative Expenses***

The Plan pays certainoutside service provider expenses (e.g., investment manager, recordkeeping andtrustee fees) incurred in the operation of the Plan. Certain other expenses arepaid by the Company.

***Contributions***

Participants (other than Puerto Rico participants) mayelect to contribute on a before-tax or after-tax basis from 1% to 20%, in 1%increments, of their compensation, as defined in the Plan document.  PuertoRico participants may elect to contribute on a before-tax basis or after-taxbasis from 1% to 18%, in 1% increments, of their compensation, as defined inthe Plan document. Contributions are subject to certain restrictions under theInternal Revenue Code of 1986, as amended, and for the Puerto Rico participants,contributions are also subject to certain additional restrictions under thePuerto Rico Internal Revenue Code of 1994, as amended. Participants who areeligible employees are permitted to roll over into the Plan eligible distributionsfrom other qualified employer sponsored savings plans and conduit IRAs.

 

The Company matchingcontributions are the basis for allocating shares of the Preferred ESOP toparticipants' accounts in combination with a Common ESOP also sponsored by Pfizer.The Preferred Stock remains unallocated until it is distributed (allocated) toparticipant accounts in accordance with the ESOP loan payment schedule and theprovisions of the Plan. Dividends paid to the participants' Preferred ESOPaccounts are substituted for an allocation in Preferred ESOP Stock, the cashbeing used to fund subsequent ESOP loan payments. 

Foremployees eligible for the Choice Program, the Company match depends on theamount of the participant's before-tax and after-tax contribution and whetherOption 1 or Option 2 under the Choice Program is selected. Under both Options,the Company will match 100% of participant contributions, from 1% to 5% of compensation,as defined by the Plan. The match is allocated as a combination of the PreferredESOP and the Common ESOP shares. The percentage split for the 2005 plan yearwas 100% to the Common ESOP from January 2005 to May 2005. In June 2005, thepercentage split was changed to 75% to the Preferred ESOP and 25% to the CommonESOP.  Effective July 1, 2005, the percentage split was changed to 100% to thePreferred ESOP.  The percentage split for the 2004 plan year was 65% to thePreferred ESOP and 35% to the Common ESOP through July 31, 2004.Thereafter, the percentage split was 100% to the Common ESOP. The Preferred ESOP and Common ESOP will allocateshares of stock to participants such that, at the time of allocation, the totalvalue of the shares allocated is equivalent to the Company match. Under Option 2 of the Choice Program there is anadditional $0.25 to $1.00 Company match for each $1.00 contributed on the first5% of eligible pay which is based on the participant's ages as follows:

| - | Under age 35: $0.25 additional match            |
|---|-----------------------------------------------------------|
| - | Age 35 - 44:  $0.50 additional  match |
| - | Age 45 - 49:  $0.75 additional  match |
| - | Age 50 and older: $1.00 additional match                  |

   

The additional match underOption 2 is made in cash and allocated to the participant's current investmentfund elections (not into the ESOP Stock Funds). 

For Puerto Ricoparticipants, the Company matches 100% of participant contributions, from 1% to5% of compensation, in the form of preferred stock within the Preferred ESOP.The Preferred ESOP allocates shares of preferred stock to participants suchthat, at the time of allocation, the total value of the shares allocated isequivalent to the Company match. 

The Company contributes tothe Common and Preferred ESOP's cash amounts that are necessary to enable thePlan to make its regularly scheduled payments of principal and interest due oneach ESOP's outstanding debt and to release stock to cover allocations toparticipant accounts. Company dividends paid to each ESOP and certain otherfunds are also used to repay the outstanding ESOP debt. 

***Participant Accounts***

Eachparticipant's account is credited with the participant's contributions andallocations of the Company's contributions, Plan earnings and administrativeexpenses. Allocations are based on participant earnings or account balances, asdefined. Participants are immediately vested in the full value of their account(i.e., participant's and Company's contributions).

***Investment Options***

Choice Program Participants

Participantcontributions received by the Plan are invested at the direction of theparticipants in accordance with the terms of the Plan document. 

Plan participants eligiblefor the Choice Program were provided with fund options as outlined below.

| a) | Income  Fund                                                                                                                             |
|----|------------------------------------------------------------------------------------------------------------------------------------------|
| b) | Core Bond Fund                                                                                                                           |
| c) | Value Stock Fund                                                                                                                         |
| d) | Large Company Stock Fund                                                                                                                 |
| e) | Growth Stock Fund                                                                                                                        |
| f) | Mid-Small  Company Stock Fund                                                                                                            |
| g) | International  Stock Fund                                                                                                                |
| h) | Pfizer  Common Stock Fund                                                                                                                |
| i) | Any  combination of the above, provided that a minimum of five percent and a  multiple of one percent is directed to each fund selected. |

   

Participants may changetheir investment elections as often as once a day.

A self-directed brokerageaccount is an investment option. Participants can choose from about 9,500mutual funds with varying degrees of potential risk and return.

In addition, the Planincludes four asset allocation funds, which allow Choice Program participantsvarying degrees of risk and return, including (in order of risk tolerance,least to greatest), the Conservative Portfolio Fund, the Moderate PortfolioFund, the Moderately Aggressive Portfolio Fund, and the Aggressive PortfolioFund.  Investments in the Core Bond Fund, Large Company Stock Fund, Mid-SmallCompany Stock Fund and the International Stock Fund are used in predeterminedmixes to form the asset allocation funds.  

For Choice Programparticipants, Company matching contributions for up to the first 5% of compensationand earnings thereon are only posted to the Preferred ESOP Fund and Common ESOPFund. Upon attaining age 50, participants are allowed to transfer the balanceof the Company Matching Account into the other investment fund options.

Other Plan Participants

Investmentfund options available to all Plan participants currently not included in theChoice Program (primarily participants employed in Puerto Rico) are listedbelow.

| a) | Income  Fund                                                                                                                             |
|----|------------------------------------------------------------------------------------------------------------------------------------------|
| b) | American Balanced Fund                                                                                                                   |
| c) | Indexed Stock Fund                                                                                                                       |
| d) | Neuberger Berman Guardian Fund                                                                                                           |
| e) | American Century Ultra Fund                                                                                                              |
| f) | Templeton Foreign Fund                                                                                                                   |
| g) | Pfizer Common Stock Fund                                                                                                                 |
| h) | Any combination of the above, provided that a  minimum of five percent and a multiple of one percent is directed to each  fund selected. |

   

Participants may elect totransfer or allocate their participant contribution balances and earningsthereon to any of the above funds.

For Puerto Ricoparticipants, Company matching contributions and earnings thereon are onlyposted to the Preferred ESOP Stock Fund. Upon completing ten years ofemployment service and attaining age 55, participants are allowed to transfer aportion of their Pfizer Common Stock Fund balance (i.e., pertaining to Companycontributions and earnings thereon) and their Preferred ESOP Fund balance intothe other investment fund options. For participants age 55-59 and forparticipants age 60 and older, 25% and 50% can be transferred to otherinvestment funds, respectively. Those age 60 and older that have alreadydiversified their current Pfizer Common Stock Fund balance 25%, may onlydiversify another 25%.

Effective January 1, 2006,the Plan was amended to lower the minimum age requirement for diversifyingCompany matching contributions out of the Pfizer preferred leveraged ESOP fundand/or the Pfizer common leveraged ESOP fund from age 55 to age 40. Aparticipant who has attained age 40 may diversify up to 25% of their totalunits in the Pfizer preferred leveraged ESOP fund and/or the Pfizer commonleveraged ESOP fund .  The amount of total units eligible for diversificationincreases 25% each 5 years through age 55 where the participant may diversify100% of their units in the fund.  Participants who were age 50 as of December31, 2005 will continue to be able to diversify 100% of their units as well asany future Company matching contributions.

The Northern Trust Company ("Northern Trust")is trustee for U.S. and Puerto Rico participants in the Plan. The Plan's trustagreement provides that any portion of any of the investment funds may, pendingits permanent investment or distribution, be invested in short-terminvestments. To the extent any Plan assets are so invested, they are investedin funds managed by Northern Trust. Northern Trust is a related party to thePlan. 

   

***Loans to Participants***

ThePlan has a loan provision which allows participants to borrow from their fundaccounts a minimum of five hundred dollars up to a maximum equal to thelesser of 50% of their vested account balance or fifty thousand dollars(reduced by the highest outstanding loan balance within the previous twelvemonths). Loan terms range from 1-5 years or up to 10 years for the purchase ofa primary residence. Loans for the purchase of a home have a three thousand dollarminimum loan amount. The loans are secured by the balance in the participant'saccount and bear interest at a rate that is equal to the prime rate, asdefined, at the beginning of the quarter in which the loan originates, plus 1%.Interest rates on outstanding loans ranged from 4.75% to 10.51% at December 31,2005 and from 4.00% to 10.50% at December 31, 2004. Interest is credited to theaccount of the participant. Repayments may not necessarily be made to the samefund from which amounts were borrowed. Repayments are credited to theapplicable funds based on the participant's investment elections at the time ofrepayment. In theevent of termination, participants will have 90 days to repay the loan beforethe loan is taxed and penalized with an additional 10% tax.

 

***Benefit Payments***

Benefitsare paid either in cash or in cash and common stock. Common stock is issuedonly with respect to the participant's accounts in the Pfizer Common Stock Fundand the ESOP Funds. Upon retirement or death, the full value of the participant'saccounts is paid in either a lump sum or in installments.

 

***In-ServiceWithdrawals***

Participantsmay also elect to make in-service withdrawals from their account balancessubject to the provisions of the Plan.

*** ***

***PlanTermination***

TheCompany expects to continue the Plan indefinitely, but reserves the right toamend, suspend or discontinue it in whole or in part at any time by action ofthe Company's Board of Directors or its authorized designee. In the event oftermination of the Plan, each participant shall be entitled to the full valueof his or her account balance as though she had retired as of the date of suchtermination. No part of the invested assets established pursuant to the Planwill at any time revert to the Company except otherwise permitted under ERISA.

 

**2.    Summaryof Accounting Policies**

***Basis of Accounting***

Thefinancial statements of the Plan have been prepared on the accrual basis ofaccounting, however, benefit payments are recorded when paid. For treatment ofbenefits payable, refer to Note 7.

 

***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. Actual results could differ from those estimates.

 

***Investment Valuation***

Common stock is valued at quoted market price as ofthe last business day of the Plan year. Shares of mutual funds are recorded atfair value based on the closing market prices obtained from national exchangesof the underlying investments of the respective fund as of the last businessday of the year. Common/collective trust funds are stated at redemption valueas determined by the trustees of such funds based upon the underlyingsecurities stated at fair value. Investments in money market instruments aregenerally short-term and are valued at cost, which approximates market. Fixed incomeinvestments consist of synthetic investment contracts ("SICs") which arereported at their contract value by the insurance companies and underlyingbanks, respectively, because these investments have fully benefit-responsivefeatures (see Note 5). Loans to participants, which are subject to variousinterest rates, are recorded at cost which approximates fair value. 

 

Pfizer preferred stock isvalued using the higher of the per-share equivalent stated value of $40.30 orthe quoted market price of Pfizer common stock multiplied by 2.57486 on thelast business day of the plan year (preferred stock share balances maintainedby the plan's trustee and recordkeeper are on a basis equal to a multiple of1,000 of the share balance and one-thousandth of the $40,300 stated value).Pfizer preferred stock was valued at $60.05 at December 31, 2005 and $69.24at December 31, 2004 based on the closing Pfizer common stock price of $23.32on December 31, 2005 and $26.89 on December 31, 2004.

The Plan presents in the statementof changes in net assets available for plan benefits, the net appreciation(depreciation) in the fair value of its investments which consists of therealized gains and losses and the unrealized appreciation (depreciation) onthose investments. 

***Risks and Uncertainties***

Investment securities,including Pfizer Inc. common and preferred stock, are exposed to various risks,such as interest rate, market and credit risk. Due to the level of riskassociated with certain investment securities, it is possible that changes intheir values could occur in the near term and such changes could materiallyaffect participants' account balances and the amounts reported in thestatements of net assets available for plan benefits.

***Investment Transactions***

Purchases and sales ofsecurities are reflected on a trade-date basis. Dividend income is recorded onthe ex-dividend date. Income from other investments is recorded as earned on anaccrual basis.

**3.    TaxStatus of the Plan**

The Plan obtained its latest determination letterdated July 17, 2003 in which the Internal Revenue Service indicated thatthe Plan, as then designed, was in compliance with the applicable requirementsof the Internal Revenue Code ("IRC"). The Plan has been amended sincereceiving the determination letter. However, the Plan administrator and theCompany's tax counsel believe that the Plan is currently designed and beingoperated in material compliance with the applicable requirements of the IRC.Therefore, no provision for income taxes has been included in the Plan'sfinancial statements.

**4.    Investments**

The followinginvestments represent 5% or more of the plan's net assets.

| ** **                                                                                                          | ** ** | **December 31,** |
|---------------------------------------------------------------------------------------------------------------------|------------|------------------|
| (in  thousands of dollars)                                                                                          | ** ** | **2005**         | ** ** | **2004** |
| **   **                                                                                              |            |                  |  |  |
| Barclays Global Investors Equity Index Fund (12,644,754  and 13,857,852 units, respectively)                        | $          | 480,248          | $ | 501,516 |
| Pfizer Inc Common Stock (13,524,232  and 15,232,580 shares,  respectively)*                               |            | 315,385          |  | 409,604 |
| AEGON Global wrap contract (synthetic investment  contract)                                                         |            | 392,586          |  | 392,752 |
| Pfizer Inc Preferred Stock (4,188,187 and 4,782,419  shares, respectively)*                                         |            | 251,484          |  | 331,126 |
| Barclays Global Investors Intermediate Government  Credit Bond Fund (13,667,613 and 14,238,942 units, respectively) |            | 232,213          |  | 238,075 |
| Fidelity Growth Company Fund (3,044,652 and 3,224,903  units, respectively)                                         |            | 193,731          |  | 183,063 |
| Dodge & Cox Stock Fund (1,317,586 and 1,299,969  units, respectively)                                           |            | 180,799          |  | 169,269 |
| Barclays Capital Guardian International Non-U.S.  Equity Fund (10,882,064 and 11,041,394 units, respectively)       |            | 196,639          |  | 165,510 |

   

*Nonparticipant-directedshares (See Note 6)

   

The plan's investments(including gains and losses on investments sold, as well as held during theyear) appreciated/(depreciated) in value as follows:

|                                | ** ** | **Years ended December 31,** |
|--------------------------------|------------|-----------------------------------|
| (in  thousands of dollars)     |            | **2005 **                    | ** ** | **2004 ** |
|                 |            |                                   |  |  |
| Mutual  funds                  | $          | 37,790                       | $ | 47,090  |
| Pfizer  Inc. common stock      |            | (51,676)                          |  | (131,682) |
| Pfizer  Inc. preferred stock   |            | (41,200)                          |  | (107,418) |
| Common/collective  trust funds |            | 73,062                       |  | 96,545  |
|                                | $          | 17,976                       | $ | (95,465) |

**5.    InvestmentContracts with Insurance Companies**

TheIncome Fund consists primarily of fully benefit-responsive SICs. The contractvalue of the SICs represents fair value of the underlying asset plus thecontract value of the wrapper contract associated with the underlying asset. AtDecember 31, 2005, the Plan held SICs with a contract value of $692million.  In 2004, the Plan held SICs with a contract value of $689 million .Participants may ordinarily direct the withdrawal or transfer of all or aportion of their investments at contract value.

Thereare no reserves against contract value for credit risk of the contract issuersor otherwise. The average portfolio yields were approximately 5% for 2005 and 6%for 2004. The crediting interest rates were approximately 5% for both 2005 and 2004.For SICs, the rate is based on a formula which consists of the yield tomaturity, duration, and the book and market values. The rate for SICs isperiodically reset, usually quarterly, and cannot be reset below 0%. 

**6.    Nonparticipant-directedFunds and Notes Payable**

The Plan includes the followingnonparticipant-directed funds: *Pfizer Common Stock Fund, Preferred LeveragedESOP*and the*Common Leveraged ESOP*. These funds and their relatedactivity were as follows:

***Pfizer Common Stock Fund***

Effective April 1, 1999, thePfizer Common Stock Fund was added as an investment option into whichparticipants can direct their contributions and/or transfer existing balances.However, certain Company contribution balances (and earnings thereon) withinthe Pfizer Common Stock Fund can only be transferred out of the fund into otherinvestment options after participants satisfy certain age and servicerequirements. All assets and activity within this fund have been disclosed asnonparticipant-directed for purposes of this report.

Below are the netassets available for plan benefits and significant components of the changes innet assets available for plan benefits relating to the Pfizer Common StockFund:

|                                             | ** ** | **December 31,** |
|---------------------------------------------|------------|------------------|
| (in  thousands of dollars)                  | ** ** | **2005**         | ** ** | **2004** |
| **  **                            |            |                  |  |  |
| **Assets:**                                 |            |                  |  |  |
| Investments:                                |            |                  |  |  |
| Short-term  investment funds                | $          | 1,516            | $ | 1,466 |
| Pfizer  Inc common stock                    |            | 149,164          |  | 192,976 |
| Loans  to participants                      |            | --               |  | 51 |
| Total  investments                          |            | 150,680          |  | 194,493 |
|                                   |            |                  |  |  |
| Receivables:                                |            |                  |  |  |
| Company  contributions                      |            | 20               |  | 22 |
| Participant  contributions                  |            | 60               |  | 877 |
| Dividends  and interest receivable          |            | 5                |  | 4 |
| Total  receivables                          |            | 85               |  | 903 |
|                                   |            |                  |  |  |
| **Net  assets available for plan benefits** | $          | 150,765          | $ | 195,396 |
| ** **                                  |            |                  |  |  |

      

| ** **                                           |   | **Years ended December 31,** |
|------------------------------------------------------|---|-----------------------------------|
| (thousands  of dollars)                              |   | **2005 **                    | ** ** | **2004** |
| **  **                                     |   |                                   |  |  |
| **Additions/(reductions):**                          |   |                                   |  |  |
| Additions/(reductions)  to net assets attributed to: |   |                                   |  |  |
| Investment  income/(loss):                           |   |                                   |  |  |
| Net  depreciation in fair value of investments       | $ | (23,716)                          | $ | (60,689) |
| Interest                                             |   | 156                          |  | 130  |
| Dividends                                            |   | 5,157                        |  | 4,988  |
| Total  investment loss                               |   | (18,403)                          |  | (55,571) |
|                                            |   |                                   |  |  |
| Participant  contributions                           |   | 5,366                        |  | 7,163  |
| Company  contributions                               |   | 823                          |  | 984  |
| Participant  loan repayments                         |   | 777                          |  | 1,265  |
| Total  additions/(reductions)                        |   | (11,437)                          |  | (46,159) |
|                                            |   |                                   |  |  |
| **Deductions:**                                      |   |                                   |  |  |
| Deductions  from net assets attributed to:           |   |                                   |  |  |
| Benefits  paid to participants                       |   | 21,150                       |  | 34,155  |
| Participant  loan transaction transfers, net         |   | 1,023                        |  | 1,675  |
| Administrative  expenses                             |   | --                           |  | (63) |
| Transfers  to/(from) investment funds, net           |   | 11,021                       |  | (1,682) |
| Total  deductions                                    |   | 33,194                       |  | 34,085  |
|                                            |   |                                   |  |  |
| Net  decrease                                        |   | (44,631)                          |  | (80,244) |
|                                            |   |                                   |  |  |
| **Net  assets available for plan benefits:**         |   |                                   |  |  |
| Beginning  of year                                   |   | 195,396                      |  | 275,640  |
| End  of year                                         | $ | 150,765                      | $ | 195,396  |

    

***Preferred Leveraged ESOP***

On March 1, 1990, the preferredESOP borrowed $275 million from the Bank of New York through the issuance ofamortizing notes. These notes, which were guaranteed by the Company, matured in2004 and previously paid interest at an annual rate of 9.79%. The remainingprincipal balance on these notes of $58.6 million was paid in its entirety onFebruary 1, 2004.

As of March 1, 1990, the preferredESOP issued a note to the Company in the amount of $25 million, which carried aninterest rate of 6.25% per annum. The $25 million principal balance and unpaidinterest was paid in its entirety on February 1, 2005. Unpaid interest relatingto this note was $36.5 million at December 31, 2004.  

The preferred ESOP entered intoa financing agreement with the Company on February 1, 1997 which providesaccess to up to $95 million in financing at the rate of 7.00% per annum. Thepreferred ESOP had drawings of $22 million with unpaid interest of $14.7million outstanding as of December 31, 2005, and $22 million with unpaidinterest of $12.3 million outstanding as of December 31, 2004.  Borrowings willbe due no later than December 31, 2010.  No interest shall be due until thematurity date of any borrowings.

Projected principal loanpayments on the Preferred ESOP debt at December 31, 2005 are as follows (inthousands):

| **Year**                            | ** ** | **Amount** |
|-------------------------------------|------------|------------|
|                      |            |            |
|      2006  | $          | 12,000     |
|      2010  |            | 10,000     |
|      Total | $          | 22,000     |

   

The Pfizer Inc preferred stockis maintained in the Preferred ESOP as unallocated. As principal and intereston the borrowings is paid, the preferred shares become available to beallocated to participants' accounts as Company matching contributions.

Following are the net assets availablefor plan benefits and significant components of the changes in net assets availablefor plan benefits relating to the Preferred ESOP:

|                                             | **December 31, 2005** |
|---------------------------------------------|-----------------------|
| (in  thousands of dollars)                  | ** **            | **Allocated ** | ** ** | **Unallocated** | ** ** | **Total** |
| **   **                      |                       |  |  |  |  |  |
| **Assets:**                                 |                       |  |  |  |  |  |
| Investments:                                |                       |  |  |  |  |  |
| Short-term investment funds                 | $                     | 8,349 | $ | 2,000 | $ | 10,349 |
| Pfizer Inc preferred stock, convertible     |                       | 228,375 |  | 22,997 |  | 251,372 |
| Total  investments                          |                       | 236,724 |  | 24,997 |  | 261,721 |
|                              |                       |  |  |  |  |  |
| Receivables:                                |                       |  |  |  |  |  |
| Company  contributions                      |                       | -- |  | 11,438 |  | 11,438 |
| Dividends  and interest receivable          |                       | -- |  | 2,648 |  | 2,648 |
| Total  receivables                          |                       | -- |  | 14,086 |  | 14,086 |
| Total  assets                               |                       | 236,724 |  | 39,083 |  | 275,807 |
|                              |                       |  |  |  |  |  |
| **Liabilities:**                            |                       |  |  |  |  |  |
| Notes  payable                              |                       | -- |  | 22,000 |  | 22,000 |
| Interest  payable                           |                       | -- |  | 14,700 |  | 14,700 |
| Other  payables                             |                       | 17 |  | -- |  | 17 |
| Total  liabilities                          |                       | 17 |  | 36,700 |  | 36,717 |
|                              |                       |  |  |  |  |  |
| **Net  assets available for plan benefits** | $                     | 236,707 | $ | 2,383 | $ | 239,090 |
| **   **                      |                       |  |  |  |  |  |
| **   **                      |                       |     |  |     |  |     |
|                                             | **December 31, 2004** |
| (in  thousands of dollars)                  | ** **            | **Allocated** | ** ** | **Unallocated** | ** ** | **Total** |
| **   **                      |                       |  |  |  |  |  |
| **Assets:**                                 |                       |  |  |  |  |  |
| Investments:                                |                       |  |  |  |  |  |
| Short-term investment funds                 | $                     | 6,892  | $ | 3,976 | $ | 10,868 |
| Pfizer Inc preferred stock, convertible     |                       | 265,793  |  | 65,333 |  | 331,126 |
| Total  investments                          |                       | 272,685  |  | 69,309 |  | 341,994 |
|                              |                       |  |  |  |  |  |
| Receivables:                                |                       |  |  |  |  |  |
| Company  contributions                      |                       | --  |  | 47,910 |  | 47,910 |
| Dividends  and interest receivable          |                       | --  |  | 3,023 |  | 3,023 |
| Total  receivables                          |                       | --  |  | 50,933 |  | 50,933 |
| Total  assets                               |                       | 272,685  |  | 120,242 |  | 392,927 |
|                              |                       |  |  |  |  |  |
| **Liabilities:**                            |                       |  |  |  |  |  |
| Notes  payable                              |                       | --  |  | 47,000 |  | 47,000 |
| Interest  payable                           |                       | --  |  | 48,760 |  | 48,760 |
| Other  payables                             |                       | 92  |  | 1 |  | 93 |
| Total  liabilities                          |                       | 92  |  | 95,761 |  | 95,853 |
|                                             |                       |  |  |  |  |  |
| **Net  assets available for plan benefits** | $                     | 272,593  | $ | 24,481 | $ | 297,074 |

     

| ** **                                                                                     | **Year ended December 31, 2005** |
|------------------------------------------------------------------------------------------------|----------------------------------|
| (in  thousands of dollars)                                                                     | ** **                       | **Allocated** | ** ** | **Unallocated ** | ** ** | **Total** |
|                                                                                 |                                  |  |  |  |  |  |
| **Additions/(reductions):**                                                                    |                                  |  |  |  |  |  |
| Additions/(reductions)  to net assets attributed to:                                           |                                  |  |  |  |  |  |
| Investment  income (loss):                                                                     |                                  |  |  |  |  |  |
| Net depreciation in fair value of investments                                                  | $                                | (31,242) | $ | (9,957) | $ | (41,199) |
| Interest                                                                                       |                                  | 152  |  | 15  |  | 167  |
| Dividends                                                                                      |                                  | 9,442  |  | 1,737  |  | 11,179  |
| Total  investment loss                                                                         |                                  | (21,648) |  | (8,205) |  | (29,853) |
|                                                                                 |                                  |  |  |  |  |  |
| Company  contributions                                                                         |                                  | 1,549  |  | 11,438  |  | 12,987  |
| Allocation of 357,801 shares of Pfizer Inc preferred  stock for Company matching contributions |                                  | 22,707  |  | (22,707) | *** *** | -- |
| Total  additions/(reductions)                                                                  |                                  | 2,608  |  | (19,474) |  | (16,866) |
|                                                                                 |                                  |  |  |  |  |  |
| **Deductions:**                                                                                |                                  |  |  |  |  |  |
| Deductions  from net assets attributed to:                                                     |                                  |  |  |  |  |  |
| Benefits  paid to participants                                                                 |                                  | 30,942  |  | -- |  | 30,942  |
| Participant  loan transaction transfers, net                                                   |                                  | 33  |  | -- |  | 33  |
| Transfers  to/(from) other investment funds                                                    |                                  | 7,519  |  | (97) |  | 7,422  |
| Interest  on notes payable                                                                     |                                  | -- |  | 2,721  |  | 2,721  |
| Total  deductions                                                                              |                                  | 38,494  |  | 2,624  |  | 41,118  |
|                                                                                 |                                  |  |  |  |  |  |
| Net  decrease                                                                                  |                                  | (35,886) |  | (22,098) |  | (57,984) |
|                                                                                 |                                  |  |  |  |  |  |
| **Net  assets available for plan benefits:**                                                   |                                  |  |  |  |  |  |
| Beginning  of year                                                                             |                                  | 272,593  |  | 24,481  |  | 297,074  |
| End  of year                                                                                   | $                                | 236,707  | $ | 2,383  | $ | 239,090  |

   

   

| ** **                                                                                     | **Year ended December 31, 2004** |
|------------------------------------------------------------------------------------------------|----------------------------------|
| (in  thousands of dollars)                                                                     | ** **                       | **Allocated** | ** ** | **Unallocated ** | ** ** | **Total** |
|                                                                                 |                                  |  |  |  |  |  |
| **Additions/(reductions):**                                                                    |                                  |  |  |  |  |  |
| Additions/(reductions)  to net assets attributed to:                                           |                                  |  |  |  |  |  |
| Investment  income (loss):                                                                     |                                  |  |  |  |  |  |
| Net depreciation in fair value of investment                                                   | $                                | (79,486) | $ | (27,932) | $ | (107,418) |
| Interest                                                                                       |                                  | 55  |  | 34  |  | 89  |
| Dividends                                                                                      |                                  | 10,130  |  | 2,511  |  | 12,641  |
| Total  investment loss                                                                         |                                  | (69,301) |  | (25,387) |  | (94,688) |
|                                                                                 |                                  |  |  |  |  |  |
| Company  contributions                                                                         |                                  | 1,400  |  | 47,907  |  | 49,307  |
| Allocation of 225,702 shares of Pfizer Inc preferred  stock for Company matching contributions |                                  | 20,364  |  | (20,364) | *** *** | --  |
| Total  additions/(reductions)                                                                  |                                  | (47,537) |  | 2,156  |  | (45,381) |
|                                                                                 |                                  |  |  |  |  |  |
| **Deductions:**                                                                                |                                  |  |  |  |  |  |
| Deductions  from net assets attributed to:                                                     |                                  |  |  |  |  |  |
| Benefits  paid to participants                                                                 |                                  | 48,618  |  | --  |  | 48,618  |
| Participant  loan transaction transfers, net                                                   |                                  | 57  |  | --  |  | 57  |
| Transfers  to other investment funds                                                           |                                  | 3,175  |  | 5,399  |  | 8,574  |
| Interest  on notes payable                                                                     |                                  | --  |  | 5,859  |  | 5,859  |
| Total  deductions                                                                              |                                  | 51,850  |  | 11,258  |  | 63,108  |
|                                                                                 |                                  |  |  |  |  |  |
| Net  decrease                                                                                  |                                  | (99,387) |  | (9,102) |  | (108,489) |
|                                                                                 |                                  |  |  |  |  |  |
| **Net  assets available for plan benefits:**                                                   |                                  |  |  |  |  |  |
| Beginning  of year                                                                             |                                  | 371,980  |  | 33,583  |  | 405,563  |
| End  of year                                                                                   | $                                | 272,593  | $ | 24,481  | $ | 297,074  |

   

***Common Leveraged ESOP***

As ofDecember 31, 2005 and 2004, the outstanding principal balance on the CommonESOP's external debt was $1.9 million and $3.8 million, respectively (carryingan interest rate of 8.13% and maturing on December 15, 2006). In addition,the Common ESOP carried a separate internal note payable to the Company. Theoutstanding principal balance of the internal note as of December 31, 2005 and2004 was $6.7 million and $8.9 million, respectively (carrying an interest rateof 5.71% and maturing on December 15, 2006). 

   

Projectedprincipal loan payments on the Common ESOP debt at December 31, 2005 are asfollows (in thousands):

   

| **Year**                                             | ** ** | **Amount** |
|------------------------------------------------------|------------|------------|
|                                       |            |            |
|         2006 | $          | 8,614      |

   

The proceeds of theborrowings were used to purchase Company common stock. The Pfizer Inc commonstock is maintained in the Common ESOP as unallocated. This stock is releasedfor allocation to participants' accounts in accordance with the terms of thePlan as interest and principal on the borrowings are paid.

Following are the net assetsavailable for plan benefits and significant components of the changes in netassets available for plan benefits related to the Common Leveraged ESOP:

| ** **                                  | **December 31, 2005** |
|---------------------------------------------|-----------------------|
| (in  thousands of dollars)                  | ** **            | **Allocated** | ** ** | **Unallocated** | ** ** | **Total** |
|                              |                       |  |  |  |  |  |
| **Assets:**                                 |                       |  |  |  |  |  |
| Investments:                                |                       |  |  |  |  |  |
| Short-term investment funds                 | $                     | 609 | $ | 1,723  | $ | 2,332 |
| Pfizer Inc common stock                     |                       | 165,528 |  | 618  |  | 166,146 |
| Total  investments                          |                       | 166,137 |  | 2,341  |  | 168,478 |
|                              |                       |  |  |  |  |  |
| Receivables:                                |                       |  |  |  |  |  |
| Company  contributions                      |                       | -- |  | --  | *** *** | -- |
| Dividends  and interest receivable          |                       | 2 |  | 10  | *** *** | 12 |
| Total  receivables                          |                       | 2 |  | 10  | *** *** | 12 |
| Total  assets                               |                       | 166,139 |  | 2,351  |  | 168,490 |
|                              |                       |  |  |  |  |  |
| Notes  payable                              |                       | -- |  | 8,614  |  | 8,614 |
|    Other payables                      |                       | 63 |  | --  |  | 63 |
| Total  liabilities                          |                       | 63 |  | 8,614  |  | 8,677 |
|                              |                       |  |  |  |  |  |
| **Net  assets available for plan benefits** | $                     | 166,076 | $ | (6,263) | $ | 159,813 |

** **

** **

| ** **                                  | **December 31, 2004** |
|---------------------------------------------|-----------------------|
| (in  thousands of dollars)                  | ** **            | **Allocated** | ** ** | **Unallocated** | ** ** | **Total** |
|                              |                       |  |  |  |  |  |
| **Assets:**                                 |                       |  |  |  |  |  |
| Investments:                                |                       |  |  |  |  |  |
| Short-term investment funds                 | $                     | 652 | $ | --  | $ | 652 |
| Pfizer Inc common stock                     |                       | 189,649 |  | 26,749 |  | 216,398 |
| Total  investments                          |                       | 190,301 |  | 26,749 |  | 217,050 |
|                              |                       |  |  |  |  |  |
| Receivables:                                |                       |  |  |  |  |  |
| Company  contributions                      |                       | 1,111 |  | 2,433 | *** *** | 3,544 |
| Dividends  and interest receivable          |                       | -- |  | 2 | *** *** | 2 |
| Total  receivables                          |                       | 1,111 |  | 2,435 | *** *** | 3,546 |
| Total  assets                               |                       | 191,412 |  | 29,184 |  | 220,596 |
|                              |                       |  |  |  |  |  |
| Notes  payable                              |                       | -- |  | 12,720 |  | 12,720 |
| Interest  payable                           |                       | -- |  | 106 |  | 106 |
| Total  liabilities                          |                       | -- |  | 12,826 |  | 12,826 |
|                              |                       |  |  |  |  |  |
| **Net  assets available for plan benefits** | $                     | 191,412 | $ | 16,358 | $ | 207,770 |

** **

| ** **                                                                                       | **Year Ended December 31, 2005** |
|--------------------------------------------------------------------------------------------------|----------------------------------|
| (in  thousands of dollars)                                                                       | ** **                       | **Allocated** | ** ** | **Unallocated** | ** ** | **Total** |
|                                                                                   |                                  |  |  |  |  |  |
| **Additions/(reductions)**                                                                       |                                  |  |  |  |  |  |
| Additions/(reductions)  to net assets attributed to:                                             |                                  |  |  |  |  |  |
| Investment  income (loss):                                                                       |                                  |  |  |  |  |  |
| Net depreciation in fair value of investments                                                    | $                                | (26,337) | $ | (1,623) | $ | (27,960) |
| Interest                                                                                         |                                  | 16  |  | 119  |  | 135  |
| Dividends                                                                                        |                                  | 5,524  |  | 187  |  | 5,711  |
| Total  investment loss                                                                           |                                  | (20,797) |  | (1,317) |  | (22,114) |
|                                                                                   |                                  |  |  |  |  |  |
| Company  contributions                                                                           |                                  | -- |  | 943  |  | 943  |
| Allocation of 882,665 shares of Pfizer Inc  common stock for Company matching contributions |                                  | 21,756  |  | (21,756) | *** *** | -- |
| Total  additions/(reductions)                                                                    |                                  | 959  |  | (22,130) |  | (21,171) |
|                                                                                   |                                  |  |  |  |  |  |
| **Deductions:**                                                                                  |                                  |  |  |  |  |  |
| Deductions  from net assets attributed to:                                                       |                                  |  |  |  |  |  |
| Benefits  paid to participants                                                                   |                                  | 19,600  |  | -- |  | 19,600  |
| Loan  to participants                                                                            |                                  | 26  |  | -- |  | 26  |
| Transfers  to other investment funds                                                             |                                  | 6,669  |  | -- |  | 6,669  |
| Interest  on notes payable                                                                       |                                  | -- |  | 491  |  | 491  |
| Total  deductions                                                                                |                                  | 26,295  |  | 491  |  | 26,786  |
|                                                                                   |                                  |  |  |  |  |  |
| Net  decrease                                                                                    |                                  | (25,336) |  | (22,621) |  | (47,957) |
|                                                                                   |                                  |  |  |  |  |  |
| **Net  assets available for plan benefits:**                                                     |                                  |  |  |  |  |  |
| Beginning  of year                                                                               |                                  | 191,412  |  | 16,358  |  | 207,770  |
| End  of year                                                                                     | $                                | 166,076  | $ | (6,263) | $ | 159,813  |

   

   

| ** **                                                                                       | **Year Ended December 31, 2004** |
|--------------------------------------------------------------------------------------------------|----------------------------------|
| (in  thousands of dollars)                                                                       | ** **                       | **Allocated** | ** ** | **Unallocated ** | ** ** | **Total** |
|                                                                                   |                                  |  |  |  |  |  |
| **Additions/(reductions):**                                                                      |                                  |  |  |  |  |  |
| Additions/(reductions)  to net assets attributed to:                                             |                                  |  |  |  |  |  |
| Investment  income (loss):                                                                       |                                  |  |  |  |  |  |
| Net depreciation in fair value of investment                                                     | $                                | (59,778) | $ | (11,215) | $ | (70,993) |
| Interest                                                                                         |                                  | 8  |  | 14  |  | 22  |
| Dividends                                                                                        |                                  | 4,782  |  | 1,025  |  | 5,807  |
| Total  investment loss                                                                           |                                  | (54,988) |  | (10,176) |  | (65,164) |
|                                                                                   |                                  |  |  |  |  |  |
| Company  contributions                                                                           |                                  | 732  |  | 5,672  |  | 6,404  |
| Allocation of 746,383 shares of Pfizer Inc  common stock for Company matching contributions |                                  | 23,643  |  | (23,643) | *** *** | --  |
| Total  reductions                                                                                |                                  | (30,613) |  | (28,147) |  | (58,760) |
|                                                                                   |                                  |  |  |  |  |  |
| **Deductions:**                                                                                  |                                  |  |  |  |  |  |
| Deductions  from net assets attributed to:                                                       |                                  |  |  |  |  |  |
| Benefits  paid to participants                                                                   |                                  | 27,393  |  | --  |  | 27,393  |
| Loan  to participants                                                                            |                                  | 21  |  | --  |  | 21  |
| Transfers  to other investment funds                                                             |                                  | 8,983  |  | --  |  | 8,983  |
| Interest  on notes payable                                                                       |                                  | --  |  | 913  |  | 913  |
| Total  deductions                                                                                |                                  | 36,397  |  | 913  |  | 37,310  |
|                                                                                   |                                  |  |  |  |  |  |
| Net  decrease                                                                                    |                                  | (67,010) |  | (29,060) |  | (96,070) |
|                                                                                   |                                  |  |  |  |  |  |
| **Net  assets available for plan benefits:**                                                     |                                  |  |  |  |  |  |
| Beginning  of year                                                                               |                                  | 258,422  |  | 45,418  |  | 303,840  |
| End  of year                                                                                     | $                                | 191,412  | $ | 16,358  | $ | 207,770  |

**7.    Reconciliationof Financial Statements to Form 5500**

Amounts allocated towithdrawing participants are recorded on Form 5500 for benefit claims that havebeen processed and approved for payment prior to December 31 but not yet paidas of that date.

The following is areconciliation of net assets available for plan benefits according to thefinancial statements to the Plan's Form 5500 filed for 2004 and expected to befiled for 2005.

| ** **                                                           | ** ** | **December 31,** |
|----------------------------------------------------------------------|------------|------------------|
| (in  thousands of dollars)                                           | ** ** | **2005 **   | ** ** | **2004 ** |
| **   **                                               |            |                  |  |  |
| Net assets available for plan benefits per the  financial statements |            | $2,740,692       |  | $2,854,903  |
|                                                       |            |                  |  |  |
| Amounts  allocated to withdrawing participants                       |            | (584)            |  | (214) |
|                                                       |            |                  |  |  |
| Net  assets available for plan benefits per Form 5500                |            | $2,740,108       |  | $2,854,689  |

   

Thefollowing is a reconciliation of benefits paid to participants according to thefinancial statements to Form 5500:

   

|                                                                                             | **Years ended December 31,** |
|---------------------------------------------------------------------------------------------|------------------------------|
| (in  thousands of dollars)                                                                  |                              | **2005 ** | ** ** | **2004 ** |
|                                                                              |                              |  |  |  |
| Benefits  paid to participants per the financial statements                                 |                              | $326,637 |  | $371,167  |
|                                                                                             |                              |  |  |  |
| Add: Amounts allocated to withdrawing participants  at end of year                          |                              | 584 |  | 214  |
|                                                                              |                              |  |  |  |
| Less: Amounts allocated to withdrawing participants  at beginning of year    |                              | (214) |  | (3,091) |
|                                                                                             |                              |  |  |  |
| Benefits  paid to participants per Form 5500                                                |                              | $327,007 |  | $368,290  |

   

**PHARMACIA SAVINGS PLANSCHEDULE H, Line 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)December 31, 2005(in thousands of dollars)**

| **Identity of issue, borrower or similar party** | ** ** | **Description of investment** | ** ** | **Cost**    | ** ** | **Current Value** |
|--------------------------------------------------|------------|-------------------------------|------------|-------------|------------|-------------------|
|                                   |            |                               |            |             |            |                   |
| **Corporate Stock - Preferred**                  |            |                               |            |             |            |                   |
| *PFIZER INC                                      |            | 4,188,187 shares              | **$**      | **168,834** | **$**      | **251,484**       |
|                                   |            |                               |            |             |            |                   |
| **Corporate Stock - Common**                     |            |                               |            |             |            |                   |
| *PFIZER INC                                      |            | 13,524,232 shares             | $          | **340,047** | **$**      | **315,385**       |
| **   **                           |            |                               |            |             |            |                   |  
**Common/Collective Trust**

 
*COLLECTIVE SHORT-TERM INVESTMENT FUND

Money Market Fund

36,963

36,964

 
MFO BGI EQTY INDEX "T" FD

Com. Coll. fund: 12,644,754 units 

353,211

480,247

 
MFO BGI EXTD MKT EQTY INDEX "K" FD

Com. Coll. fund: 3,825,692 units 

96,603

133,975

 
MFO CAP GUARDIAN INTL NON-US EQTY

Com. Coll. Fund: 10,882,064 units 

133,896

196,639

 
**Total Common/Collective Trusts**

**$**

**620,673**

**$**

**847,825**

 
**   **

 
**Registered Investment Companies**

 
MFD FIDELITY GROWTH COMPANY FUND

Mutual fund: 3,044,652 units

158,386

193,731

 
MFO AMER BALANCED FD INC CAP OPEN END FD

Mutual fund: 66,842 units 

1,105

1,191

 
MFO BGI INTERMEDIATE GOVERNMENT CREDIT BOND FUND  

Com. Coll. Fund: 13,667,613 units

211,875

232,213

 
MFO AMERN CENTY ULTRA INV FD

 Mutual fund: 78,022 units 

2,239

2,347

 
MFO DODGE & COX STOCK FD OPEN END FD

Mutual fund: 1,317,586 units 

141,254

180,799

 
MFO NEUBERGER & BERMAN GUARDIAN EQTY FD

Mutual fund:96,706 units 

1,521

1,725

 
MFO TEMPLETON FDS INC FGN FD CL A

Mutual fund:53,609 units 

594

680

 
**Total Registered Investment Companies**

**$**

**516,974**

**$**

**612,686**

 
**   **

** **

** **

** **

** **

 
**Self-Directed Brokerage Account**

** **

** **

**$**

**20,172**

 
   

** **

** **

 
**Synthetic Investment Contracts**

** **

** **

 
Monumental Life Ins. Co ABS Insurance Contract  

Wrapper  Contract

** **

(788)

 
Contract No. MDA00349TR

Global  Wrap

** **

75,374

 
Total  Contract Value

74,586

74,586

 
Interest  rate: 5.19%

 
   

 
Rabobank Nederland (1 contract)

Wrapper  Contract

(788)

 
Contract No. UP060101

Global  Wrap

75,374

 
Total  Contract Value

74,586

74,586

 
Interest  rate: 5.19%

 
   

 
UBS AG (1 contract)

Wrapper  Contract

(788)

 
Contract No. 3080

Global  Wrap

75,374

 
Total  Contract Value

74,586

74,586

 
Interest  rate: 5.19%

 
   

 
AIG Financial Products Corp. Landesbank (1 contract)

Wrapper  Contract

(788)

 
Contract No. 541686

Global  Wrap

75,374

 
Total  Contract Value

74,586

74,586

 
Interest  rate: 5.20%

 
   

 
AEGON Global Wrap

Wrapper  Contract

1,589

 
Contract No. CDA0003TR

Global  Wrap

392,586

 
Total  Contract Value

394,175

394,175

 
Blended  Interest Rate: 5.06%

 
   

 
**Total Synthetic Investment Contracts - Contract Value**

**$**

**692,519**

**$**

**692,519**

 
   

** **

 
***Participant Loans**

3,786  Loans,

** **

 
Interest  rate: 4.75% - 10.51%

** **

 
Maturity  date range:     May 2006 - Nov. 2015

**$**

**29,948**

**$**

**29,948**

 
   

** **

** **

 
**Grand Total**

**$**

**2,368,995**

**$**

**2,770,019**

 
**   **

** **

** **

 
*****  Party-in-Interest as defined by ERISA

** **

** **

 
See accompanying report of independent registeredpubic accounting firm.

** PHARMACIA SAVINGS PLANSCHEDULE H, 4j - SCHEDULE OF REPORTABLE TRANSACTIONSDecember 31, 2005(in thousands of dollars)**

**(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 stock; 53 purchases

$

49,176

$

--

$

49,176

$

49,176

$

--

   

Pfizer Inc*

Common stock;  119 sales

$

--

$

80,948

$

81,254

$

80,948

$

(306)

   

   

*Party-in-interestas defined by ERISA

See accompanying report of independent registeredpubic accounting firm.

**SIGNATURE**

                Pursuant tothe requirements of the Securities Exchange Act of 1934, the members of theAdministrative Committee have duly caused this annual report to be signed onits behalf by the undersigned thereunto duly authorized.

PHARMACIA  SAVINGS PLAN

   

By:  /s/ Richard  A.  Passov               

   

   

   

Richard  A. Passov*Chair, Savings Plan Committee*

Date:  June 29, 2006

**Exhibit 23.1**

** **

**CONSENT OF INDEPENDENT REGISTERED PUBIC ACCOUNTING FIRM**

** **

To the Savings Plan CommitteePharmacia Savings Plan: 

We consent to incorporationby reference in the Registration Statement on Form S-8 dated April 16,2003 (File No. 333-104582) of our report dated June 22, 2006, relating tothe statements of net assets available for plan benefits of the PharmaciaSavings Plan as of December 31, 2005 and 2004, and the related statementsof changes in net assets available for plan benefits for the years then ended,and the related supplemental schedule H, line 4i - scheduleof assets (held at end of year) as of December 31, 2005 and schedule H,line 4j -  schedule of reportable transactions for the year-ended December 31,2005, which report appears in the December 31, 2005 annual report onForm 11-K of the Pharmacia Savings Plan. 

/s/ KPMG LLP

Memphis, TennesseeJune 22, 2006 |