UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549

**FORM 11-K**

FOR ANNUAL REPORTS OFEMPLOYEE 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      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**                                                |

 

**PHARMACIASAVINGS PLANINDEX**

| ** **                                                                                                          |   |
|---------------------------------------------------------------------------------------------------------------------|--------|
| ** **                                                                                                          | Page   |
| **PLAN FINANCIAL STATEMENTS**                                                                                       |   |
| Report of Independent Registered Public Accounting  Firm                                                            | 3      |
| Statements of  Net Assets Available for Plan Benefits as of December 31, 2003 and 2002                         | 4      |
| Statement of  Changes in Net Assets Available for Plan Benefits for the years ended December 31, 2003 and 2002 | 5      |
| Notes to  Financial Statements                                                                                      | 6      |
| Schedule H, Line  4i - Schedule of Assets (Held at End of Year)                                                     | 26     |
| Schedule H, line  4j - Schedule of Reportable Transactions                                                          | 28     |
| Signature                                                                                                           | 29     |
| Exhibit 23.1                                                                                                        | -      | Consent of KPMG  LLP, independent registered public accounting firm | 30 |
|                                                                                                                     |        |  |  |

 

** **

**REPORTOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

 

To the Administrative Committee - U.S. PlansPharmacia Savings Plan:

 

We have audited the accompanying statement of net assets available forplan benefits of the Pharmacia Savings Plan (the Plan) as of December 31, 2003 and 2002, and the related statements ofchanges in net assets available for plan benefits for the years then ended.These financial statements are the responsibility of the Plan's management. Ourresponsibility is to express an opinion on these financial statements based onour audits.

We conducted our audits in accordance with the standards of the PublicCompany Accounting Oversight Board (United States). Those standards require that we plan and perform anaudit to obtain reasonable assurance about whether the financial statements arefree of material misstatement. An audit includes examining, on a test basis,evidence supporting the amounts and disclosures in the financial statements. Anaudit also 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 financial statements referred to above presentfairly, in all material respects, the net assets available for plan benefits asof December 31, 2003 and 2002 and the changes in net assets available forplan benefits for the years then ended, in conformity with accountingprinciples generally accepted in the United States of America.

Our audits were performed for the purpose of forming an opinion on thebasic financial statements taken as a whole. The supplemental schedule H, line4i - schedule of assets (held at end of year) as of December 31, 2003 andschedule H, line 4j - schedule of reportable transactions, for the year endedDecember 31, 2003 are presented for the purpose of additional analysis andare not a required part of the basic financial statements but are supplementaryinformation required by the Department of Labor's Rules and Regulations forReporting and Disclosure under the Employee Retirement Income Security Act of1974. These supplemental schedules are the responsibility of the Plan'smanagement. The supplemental schedules have been subjected to the auditingprocedures applied in the audit of the basic financial statements and, in ouropinion, are fairly stated in all material respects in relation to the basicfinancial statements taken as a whole.

 

 

/s/  KPMG  LLP

New York, New YorkJune 25, 2004

 

**PHARMACIASAVINGS PLANSTATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS**

 
| ** **                                      | ** ** | **December 31,** |
|-------------------------------------------------|------------|------------------|
| ** **                                      | ** ** | **2003**         | ** ** | **2002** |
| ** **                                      |       |             |   |   |
| **Assets:**                                     |       |             |   |   |
| Investments, at fair  value - Notes 3 and 4     | $          | 2,506,643,419    | $ | 2,216,356,762 |
| Investments, at  contract value - Notes 3 and 4 |       | 675,553,876      |   | 630,621,755 |
|                                            |       |             |   |   |
| Total  investments                              |       | 3,182,197,295    |   | 2,846,978,517 |
|                                            |       |             |   |   |
| Receivables:                                    |       |             |   |   |
| Company  contributions, net of forfeitures      |       | 51,006,443       |   | 47,925,970 |
| Participant  contributions                      |       | 2,862,779        |   | 3,586,076 |
| Dividends  and interest receivable              |       | 3,560,175        |   | 3,995,743 |
| Other  receivables                              |       | 954,964          |   | 444,985 |
| Total  receivables                              |       | 58,384,361       |   | 55,952,774 |
|                                            |       |             |   |   |
| Total  assets                                   |       | 3,240,581,656    |   | 2,902,931,291 |
|                                            |       |             |   |   |
| **Liabilities:**                                |       |             |   |   |
| Notes payable                                   |       | 124,902,378      |   | 183,793,545 |
| Interest payable                                |       | 48,961,986       |   | 48,287,213 |
| Other payables                                  |       | 1,972,480        |   | 4,625,954 |
| Total  liabilities                              |       | 175,836,844      |   | 236,706,712 |
|                                            |       |             |   |   |
| **Net  assets available for plan benefits**     | $          | 3,064,744,812    | $ | 2,666,224,579 |
| ** **                                      |       |             |   |   |

 

See Notes to FinancialStatements which are an integral part of these financial statements.

**PHARMACIASAVINGS PLANSTATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS**

 
|                                                          |   | **Years ended December 31,** |
|---------------------------------------------------------------|--------|------------------------------|
|                                                          |   |                         |   |   |
| ** **                                                    |   | **2003**                     | ** ** | **2002 ** |
| **Additions:**                                                |   |                         |   |   |
| Additions  to net assets attributed to:                       |   |                         |   |   |
| Investment  income/(loss):                                    |   |                         |   |   |
| Interest                                                      | $      | 38,976,249                   | $ | 26,802,278  |
| Dividends                                                     |   | 28,084,173                   |   | 29,618,380  |
| Interest  on participants' loans                              |   | 2,283,923                    |   | 2,753,105  |
| Net  appreciation/(depreciation) in fair value of investments |   | 454,577,464                  |   | (56,022,978) |
| Total  investment gain                                        |   | 523,921,809                  |   | 3,150,785  |
|                                                          |   |                         |   |   |
| Contributions:                                                |   |                         |   |   |
| Participant                                                   |   | 133,461,230                  |   | 119,349,163  |
| Rollovers                                                     |   | 40,495,818                   |   | 7,182,744  |
| Company                                                       |   | 79,606,876                   |   | 61,108,936  |
| Total  additions                                              |   | 777,485,733                  |   | 190,791,628  |
|                                                          |   |                         |   |   |
| **Deductions:**                                               |   |                         |   |   |
| Deductions  from net assets attributed to:                    |   |                         |   |   |
| Benefits  paid to participants                                |   | 361,269,433                  |   | 132,328,019  |
| Plan  expenses                                                |   | 4,607,254                    |   | 4,335,056  |
| Interest  on notes payable                                    |   | 13,088,813                   |   | 16,966,758  |
| Total  deductions                                             |   | 378,965,500                  |   | 153,629,833  |
|                                                          |   |                         |   |   |
| Net  increase prior to asset transfer                         |   | 398,520,233                  |   | 37,161,795  |
|                                                          |   |                         |   |   |
| Transfer  in from the Pharmacia Savings and Investment Plan   |   |  --                     |   | 1,253,244,564  |
|                                                          |   |                         |   |   |
| Net  increase                                                 |   | 398,520,233                  |   | 1,290,406,359  |
|                                                          |   |                         |   |   |
| **Net  assets available for plan benefits:**                  |   |                         |   |   |
| Beginning  of year                                            |   | 2,666,224,579                |   | 1,375,818,220  |
| End  of year                                                  | $      | 3,064,744,812                | $ | 2,666,224,579  |
|                                                          |   |                         |

 

See Notes to FinancialStatements which are an integral part of these financial statements. 

**PHARMACIASAVINGS PLANNotes to Financial StatementsDecember 31, 2003 and 2002**

** **

**1.Description of Plan**

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

***General***

On April 16, 2003, Pfizer Inc. ("Pfizer") completed itsacquisition of Pharmacia Corporation ("Pharmacia"), including itssubsidiary, Pharmacia & Upjohn Company (the "Company"). In connection withthe acquisition, Pfizer adopted and assumed the Plan. The Plan is a definedcontribution plan with two component parts: a section 401(k) plan and a section 401(m) plan. The section 401(m) plan consists of Employee Stock OwnershipPlan ("ESOP") funds (collectively, the Pharmacia ESOP Funds) andfunds that do not constitute an ESOP. The Pharmacia ESOP Funds consist of aPreferred Employee Stock Ownership Plan (the "Preferred ESOP") and aCommon Employee Stock Ownership Plan (the "Common ESOP"). The Plancovers substantially all domestic employees of the Company not otherwisecovered by another defined contribution plan of the Company. The Plan continuesto cover employees of business units aligned with Pharmacia prior to theacquisition.

As a result of the April 16, 2003 acquisition, outstanding shares ofPharmacia common stock in the Pharmacia Common Stock Fund and Common ESOPaccounts were converted to Pfizer common stock at a rate of 1.4 shares ofPfizer stock for each share of Pharmacia stock held on April 16, 2003. Inaddition the name of the Pharmacia Common Stock Fund was changed to the PfizerCommon Stock Fund and the Pharmacia Common ESOP Stock Fund was changed to thePfizer Common ESOP Stock Fund. Within the Preferred ESOP, the conversion factorfor the Convertible Perpetual Preferred Stock ("Preferred ESOP Stock") in thePreferred ESOP Stock Fund was changed to 2.57486 shares of Pfizer common stock foreach preferred share. The name of the Pharmacia Preferred ESOP Stock Fund waschanged to the Pfizer Preferred ESOP Stock Fund.

Prior to the Pfizer acquisition, the value of a shareof Preferred Stock was the closing price of one share of Pharmacia common stockmultiplied by a 1.83919 conversion factor. Subsequent to the Pfizeracquisition, the value of a share of Preferred Stock was the closing price ofone share of Pfizer common stock multiplied by a 2.57486 conversion factor.

 

On August 13, 2002, Pharmacia spun off all of its remaining shares ofstock of Monsanto by issuing a special one-time stock dividend of Monsantoshares to all Pharmacia shareholders. Each share of Pharmacia stock held as ofthat date received 0.170593 shares of Monsanto Company as a result of thespin-off.  A new fund, the Monsanto Stock Fund, was added to the Plan to acceptthe spin-off dividend posted to participant accounts. Contributions were notallowed to be allocated to the Monsanto Stock Fund, only transfers or payments outof the fund are permitted. Shares of Monsanto common stock distributed to theunallocated portion of the Common ESOP were exchanged for shares of PharmaciaCommon Stock held in the Monsanto Savings and Investment Plan, the plancovering employees of the spun-off Monsanto. Effective August 29, 2003, theMonsanto Stock Fund was eliminated from the Plan. Shares remaining in theMonsanto Stock Fund were sold and the proceeds were transferred into the IncomeFund.

Effective July 7, 2002, Plan participants may elect to receive adistribution of any cash dividends paid to the portion of their account balancethat is invested in the Pfizer Common Stock Fund.

Effective July 1, 2002, the Pharmacia Corporation Savings andInvestment Plan (Pharmacia SIP) merged into the Plan. Participant accruedbalances in the Pharmacia SIP transferred to the Plan as of the effective date.Pharmacia SIP participants consisted of certain employees and former employeesof Monsanto Company ("Monsanto") (as it existed prior to its merger withPharmacia & Upjohn Company in 2000). The Pharmacia SIP included the CommonESOP and a Solutia Stock Fund, which were added to the Plan on the effectivedate. Employee contributions are not allowed to be allocated to the SolutiaStock Fund, only transfers or payments out of the fund are permitted.

On July 1, 2002, the Planbecame part of the Pharmacia Retirement Choice Program ("ChoiceProgram") for all employees except those on long-term disability benefits,those employed by the Company in Puerto Rico, those covered under the Pre-Retirement TerminatedLeave of Absence program or those covered under the Special Severance Package.The Choice Program is made up of a traditional pension plan and a 401(k)savings plan. Under the Choice Program, eligible employees select either Option1 which provides greater pension plan benefits or Option 2 which providesgreater savings plan benefits. 

***Administration***

The Administrative Committee - US Plans is responsible foradministering plan operations in accordance with the Employee Retirement IncomeSecurity Act of 1974, as amended ("ERISA") plan documents. TheInvestment Committee is responsible for monitoring plan investments.

***Contributions***

Participants (other than Puerto Rico participants) may elect tocontribute on a before-tax or after-tax basis from 1% to 20%, in 1% increments,of their Total Pay, as defined in the Plan document.  Puerto Rico participants mayelect to contribute on a before-tax basis or after-tax basis from 1% to 18%, in1% increments, of their Total Pay, as defined in the Plan document. TheInternal Revenue Code ("IRC") contains certain limits on participantcontributions to a qualified plan, such as a $12,000 limit on a participant'sbefore-tax contributions during the 2003 calendar year. Other limits also applyto highly compensated employees participating in the Plan. Effective January 1, 2002, participants that reached age 50 before the end of2002 or any year thereafter are eligible to make additional before-tax catch-upcontributions. Catch-up contributions in 2003 are limited to the lesser of$2,000 or 100% of eligible pay. Catch-up contributions are scheduled toincrease by $1,000 per year until they reach $5,000 in 2006. After 2006, thelimit will increase by $500 per year.

Participants may also elect to make rollover contributions to the Planfrom other qualified defined contribution plans.

Since 1990, matching contributions have been made through the PreferredESOP. The Company matching contributions are the basis for allocating shares ofthe Preferred Stock ESOP to participants' accounts in combination with a CommonStock ESOP also sponsored by Pfizer. The Preferred Stock remains unallocateduntil it is distributed (allocated) to participant accounts in accordance withthe loan payment schedule and the provisions of the Plan. Dividends paid to theparticipants' Preferred ESOP accounts are substituted for an allocation in PreferredESOP Stock, the cash being used to fund subsequent ESOP loan payments. 

Effective July 1, 2002, for employees eligiblefor the Choice Program, the Company match depends on the amount of theparticipant's before-tax and after-tax contribution and whether Option 1 orOption 2 under the Choice Program is selected. Under both Options, the Companywill match 100% of participant contributions, from 1% to 5% of Total Pay asdefined by the Plan. The match is allocated as a combination of the PreferredESOP and the Common ESOP shares (the percentage split for the 2003 plan yearwas 65% to the Preferred ESOP and 35% to the Common ESOP). The Preferred ESOP and Common ESOP willallocate shares of stock to participants such that, at the time of allocation,the total value 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 on the first 5% of eligible pay whichis 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 under Option 2 is made in cashand allocated to the participant's current investment fund elections (not intothe ESOP Stock Funds). 

 

Effective July 1, 2002, for Puerto Rico participants, the Company matched 100% of participantcontributions, from 1% to 5% of Total Pay, in the form of preferred stockwithin the Preferred ESOP. The Preferred ESOP allocated shares of preferred stockto participants such that, at the time of allocation, the total value of theshares allocated is equivalent to the Company match. 

 

The Company contributes to the Common and Preferred ESOP's cash amountsthat are necessary to enable the Plan to make its regularly scheduled paymentsof principal and interest due on each ESOP's outstanding debt and to releasestock to cover allocations to participant accounts. Employer dividends paid toeach ESOP and certain other funds are also used to repay the outstanding ESOPdebt. 

***Investment Options***

*** ***

Choice ProgramParticipants

Participant contributions received by the Plan areinvested at the direction of the participants in accordance with the terms ofthe Plan document. 

Effective July 1, 2002, all Plan participants eligible for the ChoiceProgram, were provided with fund options as outlined below.

a)      IncomeFund

b)      CoreBond Fund

c)      ValueStock Fund

d)      LargeCompany Stock Fund

e)      GrowthStock Fund

f)       Mid-SmallCompany Stock Fund

g)      InternationalStock Fund

h)      PfizerCommon Stock Fund (prior to April 16, 2003 - Pharmacia Common Stock Fund)

i)        Anycombination of the above, provided that a minimum of five percent and amultiple of one percent is directed to each fund selected.

Participants may change their investment elections as often as once aday. Effective December 24, 2003, aseven-day holding period is applied to all transfers and reallocations into andout of the International Stock Fund.

Effective February 3, 2003 a self-directed brokerage account wasintroduced as an investment option. Participants can choose from about 9,500mutual funds with varying degrees of potential risk and return.

In addition, the Plan includes four asset allocation funds, which allowChoice Program participants varying degrees of risk and return, including (inorder of risk tolerance, least to greatest), the Conservative Portfolio Fund,the Moderate Portfolio Fund, the Moderately Aggressive Portfolio Fund, and theAggressive Portfolio Fund.  Investments in the Core Bond Fund, Large CompanyStock Fund, Mid-Small Company Stock Fund and the International Stock Fund areused in predetermined mixes to form the asset allocation funds.  

For Choice Program participants, company matching contributions andearnings thereon are only posted to the Preferred ESOP Fund and Common ESOPFund. Upon attaining age 50, participants are allowed to transfer the balance ofthe Company Matching Account into the other investment fund options.

Other PlanParticipants

Investment fund options available to all Planparticipants for the January 1, 2002 - June 30, 2002 period and those currentlynot included in the Choice Program (primarily participants employed in PuertoRico) are listed below.

a)      IncomeFund

b)      AmericanBalanced Fund

c)      IndexedStock Fund

d)      NeubergerBerman Guardian Fund

e)      AmericanCentury Ultra Fund

f)       TempletonForeign Fund

g)      PfizerCommon Stock Fund (prior to April 16, 2003 - Pharmacia Common Stock Fund)

h)      Anycombination of the above, provided that a minimum of five percent and amultiple of one percent is directed to each fund selected.

 

Participants may elect to transfer or allocate their participantcontribution balances and earnings thereon to any of the above funds.

For Puerto Rico participants,company matching contributions and earnings thereon are only posted to thePreferred ESOP Stock Fund. Upon completing ten years of employment service andattaining age 55, participants are allowed to transfer a portion of theirPfizer Common Stock Fund balance (i.e., pertaining to Company contributions andearnings thereon) and their ESOP Fund balance into the other investment fundoptions. For participants age 55-59 and for participants age 60 and older, 25%and 50% can be transferred to other investment funds, respectively. Those age60 and older that have already diversified their current Common Stock 25%, mayonly diversify another 25%.  

***Participant Accounts***

Each participant's account is credited with the participant'scontributions, Company contributions, and plan earnings. Participant accountsare valued on a daily basis. 

***Vesting***

Prior to the Pharmacia SIP merger into the Plan, employer contributionsvested and became non-forfeitable at the rate of 20% per year of service, suchthat employer contributions were 100% vested after five years of service.Pre-existing participants in the Plan were always 100% vested in their accountbalance. Effective July 1, 2002, all participants in the Plan became 100%vested in their account balances.

***Participant Loans***

The Plan has a loan provision which allows participants to borrow fromtheir fund accounts a minimum of $500 up to a maximum equal to the lesserof 50% of their vested account balance or $50,000 (reduced by the highestoutstanding loan balance within the previous twelve months). Loan terms rangefrom 1-5 years or up to 10 years for the purchase of a primary residence. Loansfor the purchase of a home have a $3,000 minimum loan amount. The loans aresecured by the balance in the participant's account and bear interest at a ratethat is equal to the prime rate, as defined, at the beginning of the quarter inwhich the loan originates, plus 1%. Interest is credited to the account of theparticipant. Repayments may not necessarily be made to the same fund from whichamounts were borrowed. Repayments are credited to the applicable funds based onthe participant's investment elections at the time of repayment.

Effective January 1, 2003, the loan payoff period increased to 90 days.Participants that terminate will have 90 days to repay the loan before the loanis taxed and penalized with a 10% tax.

***Payment of Benefits***

Benefits are paid either in cash or in cash and common stock (Pfizercommon stock on or after April 16, 2003 and Pharmacia common stock prior toApril 16, 2003). Common stock is issued only with respect to the participant'saccounts in the Pfizer Common Stock Fund and the ESOP Funds. Upon retirement ordeath, the full value of the participant's accounts is paid in either a lumpsum, in installments or by the purchase of an annuity contract. If aparticipant elected to receive common stock on or prior to August 13, 2002 (Monsanto spin-off), each share of the PreferredESOP Stock (based on participant records) was converted into 1.7255 shares ofPharmacia common stock. If a participant elected to receive common stock after August 13, 2002, each share of the Preferred ESOP Stock(based on participant records) was converted into 1.83919 shares ofPharmacia common stock. After the Pfizer acquisition, each share of the PreferredESOP Stock (based on participant records) was converted into2.57486 shares of Pfizer common stock.

Participants may also elect to make in-service withdrawals from theiraccount balances subject to the provisions of the Plan.

**2.Summary of Accounting Policies**

***Method of Accounting***

The financial statements of the Plan have beenprepared on the accrual basis of accounting. 

***Reclassifications***

We have made certain reclassifications to the 2002financial statements to conform to the 2003 presentation.

***Use of Estimates***

The preparation of financial statements in conformity with accountingprinciples generally accepted in the United States of America requiresmanagement to make estimates and assumptions that affect the reported amountsof assets and liabilities and changes therein, and disclosure of contingentassets and liabilities. Actual results could differ from those estimates.

***Valuation of Investments***

Shares of mutual funds are valued at quoted market prices, whichrepresent the net asset value of shares held by the Plan at year-end.Common/collective trust funds are stated at redemption value as determined bythe trustees of such funds based upon the underlying securities stated at fairvalue. Investments in money market instruments are generally short-term and arevalued at cost, which approximates market. Investments in guaranteed investmentcontracts ("GICs") and synthetic investment contracts("SICs") are reported at their contract value by the insurancecompanies and underlying banks, respectively, because these investments havefully benefit-responsive features (see Note 5). Common stock is valued atquoted market price as of the last business day of the Plan year. The value ofoutstanding participant loans is determined based on the outstanding principalbalance as of the last day of the Plan year, which approximates fair valuesince such loans are subject to variable interest rates.

Pfizer preferred stock is valued using the higher of the per-shareequivalent stated value of $40.30 or the quoted market price of Pfizer commonstock multiplied by 2.57486 on the last business day of the 2003 plan year. AtDecember 31, 2003 the Pfizer preferred stock was valued at $90.97 based on the closingPfizer stock price of $35.33 on December 31, 2003. Pharmacia preferred stockwas valued using the higher of the per-share equivalent stated value of $40.30or the quoted market price of Pharmacia common stock multiplied by 1.83919 onthe last business day of the 2002 plan year.

(**Note**: *Preferred Stock share balances maintained by theplan's trustee and recordkeeper are on a basis equal to a multiple of 1,000 ofthe share balance and one-thousandth of the $40,300 stated value, as reflectedon the Company's financial statements*).

Purchases and sales of securities are reflected on a trade-date basis.Dividend income is recorded on the ex-dividend date. Income from otherinvestments is recorded as earned on an accrual basis.

The Plan presents in the statement of changes in net assets availablefor plan benefits, the net appreciation (depreciation) in the fair value of itsinvestments which consists of the realized gains and losses and the unrealizedappreciation (depreciation) on those investments. 

***Payment of Benefits***

Benefit payments are recorded when paid.

***Plan Expenses***

The Plan pays certain outside service provider expenses (e.g.,recordkeeping and trustee fees) incurred in the operation of the Plan.Investment manager fees are paid by the Plan and are netted against investmentincome. Certain other expenses are paid by the Company.

***Forfeitures***

On July 1, 2002, forfeitures in the amount of $1,489,851 weretransferred into the Plan. Forfeited amounts are used to pay expenses of thePlan, interest on ESOP debt incurred by the Plan (paid in February of eachyear) and to reduce Company contributions. Forfeitures which have not beenapplied for these uses amounted to $2,032,640 and $2,030,774 as ofDecember 31, 2003 and 2002.

***Risks and Uncertainties***

Investment securities, including Pfizer Inc. common and preferredstock, are exposed to various risks, such as interest rate, market and creditrisk. Due to the level of risk associated with certain investment securities,it is possible that changes in their values could occur in the near term andsuch changes could materially affect the amounts reported in the statements ofnet assets available for plan benefits and the statement of changes in netassets available for plan benefits.

**3.Investments**

The following investments represent 5 percent or more of theplan's net assets.
| ** ** | ** ** | **December  31,** |  
** **

** **

**2003**

** **

**2002**

 
** **

 

 

 

 

 
Barclays Capital  Guardian International Non-U.S. Equity Fund (11,875,855 units)

$

154,861,156

$

--

 
Barclays Global  Investors Equity Index Fund (15,385,997 and 15,964,950 units,  respectively)

 

502,352,811

 

405,350,084

 
Barclays Global  Investors Intermediate Government Credit Bond Fund (14,849,665 and 15,865,279  units, respectively)

 

240,861,565

 

246,863,737

 
Pfizer Common Stock  (16,829,472 shares)*

 

594,585,246

 

--

 
Pharmacia Common Stock (13,539,523 shares)*

 

--

 

565,952,061

 
Pfizer Preferred Stock  (5,455,728 shares)*

 

496,308,181

 

--

 
Pharmacia Preferred  Stock (6,130,324 shares)*

 

--

 

471,568,899

 
AEGON Global wrap  contract (synthetic investment contract)

 

386,019,655

 

360,465,597

 
** **

 

 

 

 

*Nonparticipant-directed

 

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

 

** **

** **

**Years  ended December 31,**

** **

** **

**2003**

**2002**

 

 

 

Mutual funds

$

32,971,875

$

(37,700,816)

 
Common Stock

 

142,409,060

 

48,061,325 

 
Preferred Stock

 

 80,671,494

 

20,180,001 

 
Common/collective trust  funds

 

198,525,035

 

(86,563,488)

 
 

$

454,577,464

$

(56,022,978)

 
 

 

 

 

 

 
 

**4.Nonparticipant-directed Funds andNotes Payable**

** **

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

***Pfizer Common Stock Fund***

Effective April 1, 1999, the Pfizer Common Stock Fund (formerly knownas the Pharmacia Common Stock Fund) was added as an investment option intowhich participants can direct their contributions and/or transfer existingbalances. However, certain Company contribution balances (and earnings thereon)within the Pfizer Common Stock Fund can only be transferred out of the fundinto other investment options after participants satisfy certain age andservice requirements. All assets and activity within this fund have beendisclosed as nonparticipant-directed for purposes of this report.

Below are the net assets and significant components of the changes innet assets relating to the Pfizer Common Stock Fund:

** **

** **

**2003**

** **

**2002**

** **

 

 

 

 

**Assets:**

 

 

 

 

Investments:

 

 

 

 

Short-term investment funds

$

2,622,266

$

3,772,795

Pfizer Common Stock

 

272,986,219

 

--

Pharmacia Common Stock

 

--

 

260,798,476

Total investments

 

275,608,485

 

264,571,271

 

 

 

 

 

Receivables:

 

 

 

 

Company contributions 

 

20,672

 

516

Participant contributions

 

131,486

 

2,639

Dividends and interest receivable

 

2,055

 

4,062

Participant loan payment receivable+

 

20,783

 

243

Receivable from other investment funds+

 

240,307

 

--

Total receivables

 

415,303

 

7,460

 

 

 

 

 

Total assets

 

276,023,788

 

264,578,731

** **

 

 

 

 

**Liabilities:**

 

 

 

 

Payable to other investment funds*

 

--

 

385,039

Payable for investments purchased*

 

--

 

1,133,696

Other payables*

 

383,737

 

149,411

Total liabilities

 

383,737

 

1,668,146

 

 

 

 

 

**Net  assets available for plan benefits**

$

275,640,051

$

262,910,585

** **

 

 

 

 

** **

 

 

 

 

+ Included in other receivables on statements of net  assets.

* Included in other payables on statements of net  assets.

 

 

** **

 

**Years  ended December 31,**

** **

 

**2003**

** **

**2002**

** **

 

 

 

 

**Additions:**

 

 

 

 

Additions to net assets attributed to:

 

 

 

 

Investment income:

 

 

 

 

Interest

$

35,149

$

44,727 

Dividends

 

4,618,344

 

3,148,545 

Net appreciation in fair value of investments

 

46,534,073

 

18,159,965 

Total investment income

 

51,187,566

 

21,353,237 

 

 

 

 

 

Participant contributions (including rollovers)

 

8,759,643

 

8,657,814 

Company contributions

 

1,329,708

 

518,223 

Participant loan repayments

 

1,717,968

 

2,368,574 

Total additions 

 

62,994,885

 

32,897,848 

 

 

 

 

 

**Deductions:**

 

 

 

 

Deductions from net assets attributed to:

 

 

 

 

Benefits paid to participants

 

30,131,474

 

16,553,366 

Participant loan transaction transfers, net

 

2,020,673

 

2,323,985 

Plan expenses

 

919,422

 

64,715 

Transfers to other investment funds, net

 

17,193,850

 

30,892,689 

Total deductions

 

50,265,419

 

49,834,755 

 

 

 

 

 

Net increase/(decrease) prior to asset transfer

 

12,729,466

 

(16,936,907)

 

 

 

 

 

Transfer in from the Pharmacia SIP

 

--

 

47,650,645 

 

 

 

 

 

Net increase

 

12,729,466

 

30,713,738 

 

 

 

 

 

**Net  assets available for plan benefits:**

 

 

 

 

Beginning of year

 

262,910,585

 

232,196,847 

End of year

$

275,640,051

$

262,910,585 

** **

 

 

 

***Preferred Leveraged ESOP***

On March 1, 1990, the Preferred ESOP borrowed $275 million from theBank of New York through the issuance of amortizing notes. These notes, whichare guaranteed by the Company, mature in 2004 and pay interest at an annualrate of 9.79%. The remaining principal balance on these notes was $58,600,000with unpaid interest of $5,736,940, and $111,200,000 with unpaid interest of$10,886,480 as of December 31, 2003 and 2002, respectively.

As of March 1, 1990, the Preferred ESOP issued a note to the Company inthe amount of $25 million, which carries an interest rate of 6.25% perannum. Interest accrues and is payable, along with principal, no later than thematurity date of February 1, 2005. The balance of this note, includingunpaid interest, was $57,845,070 and $54,442,419 at December 31, 2003 and 2002,respectively.

Effective January 31, 1997, the Preferred ESOP and State Street Bankentered into an agreement, whereby the Preferred ESOP can borrow amounts thatin the aggregate cannot exceed $95,000,000 (collectively the "NewLoans"). Any such borrowings bear interest at 7.00% per annum and will bedue no later than December 31, 2010. No interest shall be due until thematurity date of any New Loans. The proceeds of the New Loans are to be used topay principal and interest then due on any existing Preferred ESOP loans. Inrelation to New Loans, the Preferred ESOP had drawings of $22,000,000 withunpaid interest of $10,055,396 and $22,000,000 with unpaid interest of$7,958,314 as of December 31, 2003 and 2002, respectively.

Projected principal loan payments on the Preferred ESOP debt atDecember 31, 2003 are as follows:

**Year**

** **

**Amount**

 

 

 

        2004

$

58,600,000

        2005

 

25,000,000

        2006  to 2010

 

22,000,000

        Total

$

105,600,000

 

 

 

 

This preferred stock, which was converted into Pfizer preferred stockon April 16, 2003, in connection with the acquisition of Pharmacia, ismaintained in the Preferred ESOP as unallocated. As principal and interest onthe borrowings is paid, the preferred shares become available to be allocatedto participants' accounts as Company matching contributions.

Following are the net assets and significant components of the changesin net assets relating to the Preferred ESOP:

 

**December  31, 2003**

** **

** **

**Allocated**

** **

**Unallocated**

** **

**Total**

 
**Assets:**

 

 

 

 

 

 

 
Investments:

 

 

 

 

 

 

 
Short-term investment  funds

$

--

$

11,209,129

$

11,209,129

 
Pfizer Preferred Stock,  convertible

 

371,983,903

 

124,324,278

 

496,308,181

 
Total investments

 

371,983,903

 

135,533,407

 

507,517,310

 
 

 

 

 

 

 

 

 
Receivables:

 

 

 

 

 

 

 
Company contributions, net of forfeitures

 

--

 

48,957,425

 

48,957,425

Dividends and interest receivable

 

--

 

3,431,683

 

3,431,683

 
Total receivables

 

--

 

52,389,108

 

52,389,108

 
Total assets

 

371,983,903

 

187,922,515

 

559,906,418

 
 

 

 

 

 

 

 

 
**Liabilities:**

 

 

 

 

 

 

 
Notes payable

 

--

 

105,600,000

 

105,600,000

 
Interest payable

 

--

 

48,637,406

 

48,637,406

 
Other payables

 

4,098

 

101,700

 

105,798

 
Total liabilities

 

4,098

 

154,339,106

 

154,343,204

 
 

 

 

 

 

 

 

 
**Net  assets available for plan benefits**

$

371,979,805

$

33,583,409

$

405,563,214

 
** **

 

 

 

 

 

 

 
 

 

**December  31, 2002**

 
** **

** **

**Allocated**

** **

**Unallocated**

** **

**Total**

 

 

 

 

 

 

 

**Assets:**

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

Short-term investment  funds

$

--

$

12,230,118

$

12,230,118

Pharmacia Preferred  Stock, convertible

 

310,742,900

 

160,825,999

 

471,568,899

Total investments

 

310,742,900

 

173,056,117

 

483,799,017

 

 

 

 

 

 

 

Receivables:

 

 

 

 

 

 

Company contributions, net of forfeitures

 

--

 

47,294,635

 

47,294,635

Dividends and interest receivable

 

--

 

3,869,268

 

3,869,268

Total receivables

 

--

 

51,163,903

 

51,163,903

Total assets

 

310,742,900

 

224,220,020

 

534,962,920

 

 

 

 

 

 

 

**Liabilities:**

 

 

 

 

 

 

Notes payable

 

--

 

158,200,000

 

158,200,000

Interest payable

 

--

 

48,287,213

 

48,287,213

Other payables

 

--

 

39,503

 

39,503

Total liabilities

 

--

 

206,526,716

 

206,526,716

 

 

 

 

 

 

 

**Net  assets available for plan benefits**

$

310,742,900

$

17,693,304

$

328,436,204

** **

 

 

 

 

 

 

 
 

 

** **

**Year  ended December 31, 2003**

** **

** **

**Allocated**

** **

**Unallocated **

** **

**Total**

 

 

 

 

 

 

 

**Additions:**

 

 

 

 

 

 

Additions to net assets attributed to:

 

 

 

 

 

 

Investment income:

 

 

 

 

 

 

Interest

$

--

$

78,088 

$

78,088

Dividends

 

10,530,708

 

4,022,060 

 

14,552,768

Net appreciation in  fair value of investment

 

64,796,049

 

15,875,445 

 

80,671,494

Total investment income 

 

75,326,757

 

19,975,593 

 

95,302,350

 

 

 

 

 

 

 

Company contributions

 

--

 

49,707,425 

 

49,707,425

Allocation of 525,654  shares of Preferred Stock for Company matching contributions

 

42,554,230

 

(42,554,230)

*** ***

-- 

Total additions 

 

117,880,987

 

27,128,788 

 

145,009,775

 

 

 

 

 

 

 

**Deductions:**

 

 

 

 

 

 

Deductions from net assets attributed to:

 

 

 

 

 

 

Benefits paid to participants

 

46,416,983

 

-- 

 

46,416,983

Participant loan transaction transfers, net

 

65,050

 

-- 

 

65,050

Plan expenses

 

1,541

 

2,010 

 

3,551

Transfers to other investment funds

 

10,160,508

 

-- 

 

10,160,508

Interest on notes payable

 

--

 

11,236,673 

 

11,236,673

Total deductions

 

56,644,082

 

11,238,683 

 

67,882,765

 

 

 

 

 

 

 

Net increase

 

61,236,905

 

15,890,105 

 

77,127,010

 

 

 

 

 

 

 

**Net  assets available for plan benefits:**

 

 

 

 

 

 

Beginning of year

 

310,742,900

 

17,693,304 

 

328,436,204

End of year

$

371,979,805

$

33,583,409 

$

405,563,214

 

 

 

 

 

 

 

 

 

** **

**Year  ended December 31, 2002**

** **

** **

**Allocated**

** **

**Unallocated**

** **

**Total**

 

 

 

 

 

 

 

**Additions:**

 

 

 

 

 

 

Additions to net assets attributed to:

 

 

 

 

 

 

Investment income:

 

 

 

 

 

 

Interest

$

--

$

124,372 

$

124,372

Dividends

 

9,377,189

 

6,362,957 

 

15,740,146

Net appreciation in  fair value of investment

 

19,184,943

 

995,058 

 

20,180,001

Total investment income 

 

28,562,132

 

7,482,387 

 

36,044,519

 

 

 

 

 

 

 

Company contributions

 

--

 

48,116,045 

 

48,116,045

Allocation of 638,021  shares of Pharmacia Preferred Stock for Company matching contributions

 

46,599,930

 

(46,599,930)

*** ***

--

Total additions 

 

75,162,062

 

8,998,502 

 

84,160,564

 

 

 

 

 

 

 

**Deductions:**

 

 

 

 

 

 

Deductions from net assets attributed to:

 

 

 

 

 

 

Benefits paid to participants

 

14,977,991

 

-- 

 

14,977,991

Participant loan transaction transfers, net

 

13,478

 

-- 

 

13,478

Transfers to other investment funds

 

4,865,222

 

-- 

 

4,865,222

Interest on notes payable

 

--

 

16,048,865 

 

16,048,865

Total deductions

 

19,856,691

 

16,048,865 

 

35,905,556 

 

 

 

 

 

 

 

Net increase (decrease)

 

55,305,371

 

(7,050,363)

 

48,255,008

 

 

 

 

 

 

 

**Net  assets available for plan benefits:**

 

 

 

 

 

 

Beginning of year

 

255,437,529

 

24,743,667 

 

280,181,196

End of year

$

310,742,900

$

17,693,304 

$

328,436,204

 

 

 

 

 

 

 

 

***Common Leveraged ESOP***

The Common ESOP became part of the Plan as a result ofthe July 1, 2002 Pharmacia SIP merger. 

 

As of December 31, 2003 and 2002, the outstandingprincipal balance on the Common ESOP's external debt was $5,662,440 and$7,340,200, respectively (carrying an interest rate of 8.13% and maturing onDecember 15, 2006). In addition, the Common ESOP carried two separate internalnotes payable to the Company. The outstanding principal balance of the firstinternal note as of December 31, 2003 and 2002 was $13,628,280 and $17,899,572,respectively (carrying an interest rate of 5.71% and maturing on December 15,2006). The outstanding principal balance of the second internal note as ofDecember 31, 2003 and 2002 was $11,658 and $353,773 (carrying an interest rateof 7.00% and maturing on December 15, 2021). 

 

Projected principal loan payments on the Common ESOP debt at December31, 2003 are as follows:

**Year**

** **

**Amount**

 

 

 

        2004

$

6,581,608

        2005

 

6,477,302

        2006

 

6,243,468

        Total

$

19,302,378

 

 

 

 

The proceeds of the borrowings were used to purchase Company commonstock. This common stock, which was converted into Pfizer common stock on April16, 2003, in connection with the acquisition of Pharmacia, is maintained in theCommon ESOP as unallocated. This stock is released for allocation to participants'accounts in accordance with the terms of the Plan as interest and principal onthe borrowings are paid.

Following are the net assets and significant components of the changesin net assets related to the Common ESOP:

** **

**December  31, 2003**

** **

** **

**Allocated**

** **

**Unallocated**

** **

**Total**

 

 

 

 

 

 

 

**Assets:**

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

Short-term investment  funds

$

461,931

$

--

$

461,931

Pfizer Common Stock

 

257,596,118

 

64,002,909

 

321,599,027

Total investments

 

258,058,049

 

64,002,909

 

322,060,958

 

 

 

 

 

 

 

Receivables:

 

 

 

 

 

 

Company contributions

 

373,242

 

1,041,576

*** ***

1,414,818

Dividends and interest receivable

 

707

 

209

*** ***

916

Total receivables

 

373,949

 

1,041,785

*** ***

1,415,734

Total assets

 

258,431,998

 

65,044,694

 

323,476,692

 

 

 

 

 

 

 

** **

 

 

 

 

 

 

Notes payable

 

--

 

19,302,378

 

19,302,378

Interest payable

 

--

 

324,580

 

324,580

Other payables

 

10,121

 

220

 

10,341

Total liabilities

 

10,121

 

19,627,178

 

19,637,299

 

 

 

 

 

 

 

**Net  assets available for plan benefits**

$

258,421,877

$

45,417,516

$

303,839,393

 

 

 

 

 

 

 

** **

** **

** **

**December  31, 2002**

** **

** **

**Allocated**

** **

**Unallocated**

** **

**Total**

 

 

 

 

 

 

 

**Assets:**

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

Short-term investment  funds

$

939,725

$

--

$

939,725

Pharmacia Common Stock

 

229,501,688

 

75,651,897

 

305,153,585

Total investments

 

230,441,413

 

75,651,897

 

306,093,310

 

 

 

 

 

 

 

Receivables:

 

 

 

 

 

 

Company contributions

 

17,719

 

--

*** ***

17,719

Dividends and interest receivable

 

966

 

711

*** ***

1,677

Total receivables

 

18,685

 

711

*** ***

19,396

Total assets

 

230,460,098

 

75,652,608

 

306,112,706

 

 

 

 

 

 

 

** **

 

 

 

 

 

 

Notes payable

 

--

 

25,593,545

 

25,593,545

Other payables

 

457,994

 

--

 

457,994

Total liabilities

 

457,994

 

25,593,545

 

26,051,539

 

 

 

 

 

 

 

**Net  assets available for plan benefits**

$

230,002,104

$

50,059,063

$

280,061,167

 

 

 

 

 

 

 

 

** **

**Year  Ended December 31,  2003**

** **

** **

**Allocated**

** **

**Unallocated**

** **

**Total**

 

 

 

 

 

 

 

**Additions:**

 

 

 

 

 

 

Additions to net assets attributed to:

 

 

 

 

 

 

Investment income:

 

 

 

 

 

 

Interest

$

--

$

6,924 

$

6,924

Dividends

 

4,178,262

 

1,139,742 

 

5,318,004

Net appreciation in  fair value of investment

 

40,984,520

 

11,325,824 

 

52,310,344

Total investment income

 

45,162,782

 

12,472,490 

 

57,635,272

 

 

 

 

 

 

 

Company contributions

 

--

 

6,557,721 

 

6,557,721

Allocation of 598,964  shares of Common Stock for Company matching contributions* 

 

21,819,618

 

(21,819,618)

*** ***

-- 

Total additions

 

66,982,400

 

(2,789,407)

 

64,192,993 

 

 

 

 

 

 

 

**Deductions:**

 

 

 

 

 

 

Deductions from net assets attributed to:

 

 

 

 

 

 

Benefits paid to participants

 

32,311,774

 

-- 

 

32,311,774

Loan to participants

 

23,434

 

-- 

 

23,434

Transfers to other investment funds

 

6,227,419

 

-- 

 

6,227,419

Interest on notes payable

 

--

 

1,852,140 

 

1,852,140

Total deductions

 

38,562,627

 

1,852,140 

 

40,414,767

 

 

 

 

 

 

 

Net increase/(decrease)

 

28,419,773

 

(4,641,547)

 

23,778,226

 

 

 

 

 

 

 

**Net  assets available for plan benefits:**

 

 

 

 

 

 

Beginning of year

 

230,002,104

 

50,059,063 

 

280,061,167

End of year

$

258,421,877

$

45,417,516 

$

303,839,393

 

 

 

 

 

 

 

 

* 385,672 shares ofPfizer Common Shares and 213,292 of Pharmacia Common Shares.

 

** **

**Period  From July 1, 2002 to December 31,  2002**

** **

** **

**Allocated**

** **

**Unallocated**

** **

**Total**

 

 

 

 

 

 

 

**Additions:**

 

 

 

 

 

 

Additions to net assets  attributed to:

 

 

 

 

 

 

Investment income:

 

 

 

 

 

 

Interest

$

7,905

$

5,392 

$

13,297

Dividends

 

1,477,867

 

5,639,769 

 

7,117,636

Net appreciation in  fair value of investment

 

38,561,564

 

8,801,162 

 

47,362,726

Total investment income

 

40,047,336

 

14,446,323 

 

54,493,659

 

 

 

 

 

 

 

Company contributions

 

--

 

2,426,860 

 

2,426,860

Allocation of 266,100  shares of Pharmacia Common Stock for Company matching contributions 

 

11,018,835

 

(11,018,835)

*** ***

-- 

Total additions

 

51,066,171

 

5,854,348 

 

56,920,519 

 

 

 

 

 

 

 

**Deductions:**

 

 

 

 

 

 

Deductions from net assets attributed to:

 

 

 

 

 

 

Benefits paid to participants

 

8,504,998

 

-- 

 

8,504,998

Loan to participants

 

23,010

 

-- 

 

23,010

Transfers to other investment funds

 

19,041,903

 

-- 

 

19,041,903

Interest on notes payable

 

--

 

917,893 

 

917,893

Total deductions

 

27,569,911

 

917,893 

 

28,487,804

 

 

 

 

 

 

 

Net increase prior to asset transfers

 

23,496,260

 

4,936,455 

 

28,432,715

 

 

 

 

 

 

 

Asset transfer in from  the Pharmacia SIP

 

206,505,844

 

45,122,608 

 

251,628,452

 

 

 

 

 

 

 

Net increase

 

230,002,104

 

50,059,063 

 

280,061,167

 

 

 

 

 

 

 

**Net  assets available for plan benefits:**

 

 

 

 

 

 

Beginning of year

 

--

 

-- 

 

--

End of year

$

230,002,104

$

50,059,063 

$

280,061,167

 

 

 

 

 

 

 

**5.       Investment Contractswith Insurance Companies**

The Income Fund consists primarily of benefit responsive guaranteedinvestment contracts ("GIC's") and synthetic investment contracts("SIC's"). The contract value of the GICs and SICs represents thecost or face-value of the contract plus accrued interest. At December 31, 2003and 2002, the Plan held GICs with a contract value of $9,254,908 and$26,883,231, respectively. The contract value of the SICs represents fair valueof the underlying asset plus the contract value of the wrapper contractassociated with the underlying asset. At December 31, 2003 and 2002, fairvalues of assets underlying the SIC's were $666,298,968and $603,738,524,respectively. Participants may ordinarily direct the withdrawal or transfer ofall or a portion of their investments at contract value.

There are no reserves against contract value for credit risk of thecontract issuers or otherwise. The average portfolio yield and crediting interestrates were approximately 6% for both 2003 and 2002. For GICs, the creditinginterest rate, specified in the contract, is agreed upon with the issuers andis maintained for the life of the contract. For SICs, the rate is based on aformula which consists of the yield to maturity, duration, and the book andmarket values. The rate for SICs is periodically reset, usually quarterly, andcannot be reset below 0%.

**6.      Reconciliation of Financial Statements to Form 5500**

The following is a reconciliation of net assets available for planbenefits according to the financial statements to Form 5500.

** **

** **

**December  31,**

** **

** **

**2003**

** **

**2002**

** **

 

 

 

 

Net assets available  for plan benefits per the financial statements

$

3,064,744,812 

$

2,666,224,579 

 

 

 

 

 

Amounts allocated to withdrawing participants

 

(3,091,369)

 

(714,265)

 

 

 

 

 

Net assets available for plan benefits per Form 5500

$

3,061,653,443 

$

2,665,510,314 

** **

 

 

 

 

 

The following is a reconciliation of benefits paid toparticipants according to the financial statements to Form 5500:

 

 

 

**Years  ended December 31,**

 

 

**2003 **

** **

**2002 **

 

 

 

 

 

Benefits paid to participants per the financial  statements

$

361,269,433 

$

132,328,019 

 

 

 

 

 

Add: Amounts allocated  to withdrawing participants at end of year

 

3,091,369 

 

714,265 

 

 

 

 

 

Less: Amounts allocated  to withdrawing participants at beginning of year

 

(714,265)

 

(1,144,000)

 

 

 

 

 

Benefits paid to participants per Form 5500

$

363,646,537 

$

131,898,284 

** **

 

 

 

Amounts allocated to withdrawing participants are recorded on Form 5500for benefit claims that have been processed and approved for payment prior toDecember 31 but not yet paid as of that date.

**7.Related-Party Transactions**

The Plan holds shares of Pfizer and held Pharmacia common stock andpreferred stock. At December 31, 2003 and 2002, the Plan owned 16,829,472shares of Pfizer common stock and 13,539,523 shares of Pharmacia common stockat a cost of $352,011,303 and $341,555,589, respectively. At December 31, 2003and 2002, the Plan owned 5,455,728 shares of Pfizer preferred stock and6,130,324 shares of Pharmacia preferred stock at a cost of $219,894,718 and$247,052,057, respectively. In addition, Plan funds are invested in short-terminvestment funds with Northern Trust Company, trustee of the Plan at December31, 2003 and 2002 respectively. At December 31, 2003 and 2002 the fairvalue of the Northern Trust Company short-term investment account was$59,000,354 and $41,206,686, respectively. 

**8.Plan Termination**

The Company expects to continue the Plan indefinitely, but reserves theright to amend, suspend or discontinue it in whole or in part at any time byaction of the Company's Board of Directors. In the event of termination of thePlan, each participant shall be entitled to the full value of his or heraccount balance as though she had retired as of the date of such termination.No part of the invested assets established pursuant to the Plan will at anytime revert to the Company.

**9.Tax Status of the Plan**

The Plan obtained its latest determination letter dated July 17, 2003in which the Internal Revenue Service indicated that the Plan, as thendesigned, was in compliance with the applicable requirements of the IRC. ThePlan has been amended since receiving the determination letter. However, thePlan administrator and the Company's legal and tax counsel believe that thePlan is currently designed and being operated in material compliance with theapplicable requirements of the IRC. Therefore, no provision for income taxeshas been included in the Plan's financial statements. 

**10.   Transfer In from the Pharmacia Savings and Investment Plan**

Effective July 1, 2002, $1,253,244,564 in net assets of the PharmaciaSIP was transferred into the Plan and Pharmacia SIP participants becameeligible to participate in the Plan. Pharmacia SIP participants were 100%vested in their Pharmacia SIP account balances. 

Included in the transfer were 1,968,630 in unallocated Pharmacia commonshares with a value of $73,725,194 and three outstanding loans with a totalprincipal balance of $28,604,006 which were transferred to the Plan'sunallocated Common ESOP account. The outstanding principal balance of theexternal note transferred to the Common ESOP was $8,179,080 as of July 1,2002 (carrying an interest rate of 8.13% and maturing on December 15, 2006). Inaddition, two internal notes payable to Pharmacia were transferred to theCommon ESOP. The outstanding principal balance of the first internal note was$20,071,153 as of July 1, 2002 (carrying an interest rate of 5.71% and maturingon December 15, 2006). The outstanding principal balance of the second internalnote was $353,773 as of July 1, 2002 (carrying an interest rate of 7.00% andmaturing on December 15, 2021). 

**11.Subsequent Events**

Effective January 30, 2004, the Growth Stock Fund, managed by AllianceCapital, was no longer an investment choice. Any remaining balances in thisfund not re-directed by participants will be invested in the new underlyingfund, the Fidelity Growth Company Fund.

**SCHEDULEIPHARMACIA SAVINGS PLANSCHEDULE H, Line 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)December 31, 2003**

**Identity  of issue, borrower or similar party**

** **

**Description  of investment**

** **

**Cost**

** **

**Current  Value**

 

 

 

 

 

 

 

 

**Corporate  Stock - Preferred**

 

 

 

 

 

 

*

PFIZER PREFERRED STOCK

 

5,455,728 shares 

**$**

**219,894,718**

**$**

**496,308,181**

 

 

 

 

 

 

 

 

**Corporate  Stock - Common**

 

 

 

 

 

 

 

AMERN INTL GROUP INC COM

 

 94,250 shares 

 

6,288,955 

 

6,246,890 

 

AMGEN INC COM

 

 106,600 shares 

 

5,681,959 

 

6,587,880 

 

ANHEUSER BUSCH COS INC  COM

 

 16,300 shares 

 

819,722 

 

858,684 

 

APPLIED MATERIALS INC  COM

 

 129,600 shares 

 

2,253,936 

 

2,909,520 

 

AVON PROD INC COM

 

 38,200 shares 

 

2,222,242 

 

2,578,118 

 

BAKER HUGHES INC COM

 

 16,100 shares 

 

515,743 

 

517,776 

 

BED BATH BEYOND INC COM

 

 40,000 shares 

 

1,604,411 

 

1,734,000 

 

BROADCOM CORP CL A

 

 36,600 shares 

 

1,018,003 

 

1,247,694 

 

BSTN SCIENTIFIC CORP COM

 

 9,900 shares 

 

270,311 

 

363,924 

 

CISCO SYS INC COM

 

 272,200 shares 

 

5,292,920 

 

6,611,738 

 

CITIGROUP INC COM

 

 160,400 shares 

 

6,106,874 

 

7,785,816 

 

CLEAR CHANNEL COMMUNICATIONS  INC COM

 

 59,300 shares 

 

2,215,682 

 

2,777,019 

 

COMCAST CORP NEW CL A  SPL

 

 148,950 shares 

 

3,900,678 

 

4,659,156 

 

DELL INC COM STK

 

 205,200 shares 

 

6,014,164 

 

6,968,592 

 

EBAY INC COM

 

 65,100 shares 

 

3,288,699 

 

4,204,809 

 

ELECTR ARTS COM

 

 81,130 shares 

 

3,438,853 

 

3,876,391 

 

EMC CORP COM

 

 198,900 shares 

 

2,579,567 

 

2,569,788 

 

FNMA COM STK

 

 18,300 shares 

 

1,338,105 

 

1,373,598 

 

FOREST LAB INC COM

 

 2,800 shares 

 

163,147 

 

173,040 

 

GANNETT INC COM

 

 5,800 shares 

 

430,054 

 

517,128 

 

GEN ELEC CO COM

 

 239,600 shares 

 

8,055,791 

 

7,422,808 

 

GILEAD SCI INC COM

 

 26,800 shares 

 

1,552,511 

 

1,558,152 

 

GOLDMAN SACHS GROUP INC  COM

 

 20,000 shares 

 

1,832,546 

 

1,974,600 

 

INTEL CORP COM

 

 292,000 shares 

 

6,323,019 

 

9,402,400 

 

J P MORGAN CHASE &  CO COM

 

 38,500 shares 

 

1,023,982 

 

1,414,105 

 

JUNIPER NETWORKS INC COM

 

 31,300 shares 

 

586,973 

 

584,684 

 

KOHLS CORP COM

 

 27,400 shares 

 

1,479,843 

 

1,231,356 

 

LEHMAN BROS HLDGS INC  COM

 

 2,500 shares 

 

192,326 

 

193,050 

 

LOWES COS INC COM

 

 97,000 shares 

 

4,412,964 

 

5,372,830 

 

MARVELL TECH GROUP  MARVELL TECH GROUP INC

 

 4,500 shares 

 

169,870 

 

170,685 

 

MAXIM INTEGRATED PRODS  INC COM

 

 53,400 shares 

 

1,954,036 

 

2,659,320 

 

MBNA CORP COM

 

 202,300 shares 

 

3,849,588 

 

5,027,155 

 

MEDTRONIC INC COM

 

 145,800 shares 

 

6,592,722 

 

7,087,338 

 

MERRILL LYNCH & CO  INC COM

 

 67,400 shares 

 

3,100,897 

 

3,953,010 

 

MICROSOFT CORP COM

 

 322,100 shares 

 

9,067,940 

 

8,870,634 

 

MORGAN STANLEY

 

 36,900 shares 

 

2,032,581 

 

2,135,403 

*

PFIZER INC COM

 

 16,829,472  shares 

 

352,011,303 

 

594,585,246 

 

PROCTER & GAMBLE CO  COM

 

 29,200 shares 

 

2,608,463 

 

2,916,496 

 

PROGRESSIVE CORP OH COM

 

 44,500 shares 

 

2,472,216 

 

3,719,755 

 

SCHLUMBERGER LTD COM STK

 

 6,300 shares 

 

341,991 

 

344,736 

 

SCRIPPS E.W INC NEW CL A  COM

 

 14,900 shares 

 

1,157,837 

 

1,402,686 

 

SOLUTIA INC COM STK

 

 324,857 shares 

 

6,437,236 

 

118,573 

 

ST JUDE MED INC COM

 

 4,100 shares 

 

256,959 

 

251,535 

 

STRYKER CORP COM

 

 6,700 shares 

 

507,886 

 

569,567 

 

SYMANTEC CORP COM

 

 66,200 shares 

 

1,547,566 

 

2,293,830 

 

TARGET CORP COM

 

 68,100 shares 

 

2,594,873 

 

2,615,040 

 

TIME WARNER INC NEW COM

 

 85,600 shares 

 

1,365,126 

 

1,539,944 

 

TX INSTRS INC COM

 

 101,000 shares 

 

2,011,376 

 

2,967,380 

 

UNITEDHEALTH GROUP INC  COM

 

 88,000 shares 

 

3,399,613 

 

5,119,840 

 

VERITAS SOFTWARE CORP  COM

 

 74,000 shares 

 

2,022,067 

 

2,749,840 

 

VIACOM COM CL B

 

 157,800 shares 

 

6,859,801 

 

7,003,164 

 

WAL-MART STORES INC COM

 

 131,100 shares 

 

7,050,813 

 

6,954,855 

 

WALGREEN CO COM

 

 47,200 shares 

 

1,693,402 

 

1,717,136 

 

WRIGLEY WM JR CO CAP

 

 2,500 shares 

 

135,050 

 

140,525 

 

YAHOO INC COM

 

 102,700 shares 

 

3,878,753 

 

4,638,959 

 

ZIMMER HLDGS INC COM

 

 11,700 shares 

 

651,140 

 

823,680 

 

**Total  Common Stock**

 

 

**$**

**506,675,085**

**$**

**766,091,878**

See accompanying report of independent registered  pubic accounting firm.

 

**SCHEDULEIPHARMACIA SAVINGS PLANSCHEDULE H, Line 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)December 31, 2003**

**Identity  of issue, borrower, lessor or similar party**

** **

**Description  of investment**

** **

**Cost**

** **

**Current  Value **

**Common/Collective  Trust**

 

 

 

 

 

 

*COLLECTIVE SHORT-TERM  INVESTMENT FUND

 

Money Market Fund

 

59,000,354

 

59,000,354 

MFO BGI EQTY INDEX  "T" FD

 

Com. Coll. fund:  15,385,997 units 

 

406,743,486

 

502,352,811 

MFO BGI EXTD MKT EQTY  INDEX "K" FD

 

Com. Coll. fund:  4,042,584 units 

 

86,825,951

 

108,664,658 

MFO CAP GUARDIAN INTL  NON-US EQTY

 

Com. Coll. Fund:  11,875,855 units 

 

133,579,787

 

154,861,156 

MFO BGI INTERMEDIATE  GOVERNMENT CREDIT BOND FUND 

 

Com. Coll. Fund:  14,849,665 units

 

221,963,115

 

240,861,565 

**Total  Common/Collective Trusts**

 

 

**$**

**908,112,693**

**$**

**1,065,740,544 **

** **

 

 

 

 

 

 

**Registered  Investment Companies**

 

 

 

 

 

 

MFO AMER BALANCED FD INC  CAP OPEN END FD

 

Mutual fund:  52,298 units 

 

788,665

 

904,234 

MFO AMERN CENTY ULTRA  INV FD

 

 Mutual fund:  74,545 units 

 

1,889,228

 

1,986,624 

MFO DODGE & COX  STOCK FD OPEN END FD

 

Mutual fund:  1,169,265 units 

 

112,328,295

 

133,038,924 

MFO NEUBERGER &  BERMAN GUARDIAN EQTY FD

 

Mutual fund:  93,377 units 

 

1,410,771

 

1,336,219 

MFO TEMPLETON FDS INC  FGN FD CL A

 

Mutual fund:  50,718 units 

 

469,596

 

539,634 

**Total  Registered Investment Companies**

 

 

**$**

**116,886,555**

**$**

**137,805,635 **

 

 

 

 

 

 

 

**Guaranteed  Investment Contracts - insurance companies:**

 

 

 

 

 

 

John  Hancock Mutual Life Ins. Co. - Contract No. GAC-14500

 

Interest  rate: 5.90%

 

** **

 

** **

 

 

Maturity  date: 02/10/2004

**$**

**9,254,908**

**$**

**9,254,908 **

 

 

 

 

** **

 

** **

**Synthetic Investment Contracts**

 

 

 

** **

 

** **

Monumental  Life Ins. Co ABS Insurance Contract 

 

Wrapper Contract

 

** **

 

** **

Contract No. MDA00349TR

 

Global Wrap

 

** **

 

(4,093,852)

 

 

Total Contract Value

 

** **

 

74,163,716 

 

 

Interest rate: 6.38%

$

70,069,864

 

70,069,864 

 

 

 

 

 

 

 

Rabobank  Nederland (1 contract)

 

Wrapper Contract

 

 

 

 

Contract  No. UpJ060101

 

Global Wrap

 

 

 

 (4,093,862)

 

 

Total Contract Value

 

 

 

74,163,716 

 

 

Interest rate: 6.38%

 

70,069,854

 

70,069,854 

 

 

 

 

 

 

 

UBS  AG (1 contract)

 

 

 

 

 

 

Contract No. 3080

 

Wrapper Contract

 

 

 

 

 

 

Global Wrap

 

 

 

(4,093,985)

 

 

Total Contract Value

 

 

 

74,163,716 

 

 

Interest rate: 6.38%

 

70,069,731

 

70,069,731 

 

 

 

 

 

 

 

West  Deutsche Landesbank (1 contract)

 

Wrapper Contract

 

 

 

 

Contract No. WLB6218

 

Global Wrap

 

 

 

(4,093,852)

 

 

Total Contract Value

 

 

 

74,163,716 

 

 

Interest rate: 6.38%

 

70,069,864

 

70,069,864 

 

 

 

 

 

 

 

AEGON Global Wrap

 

Wrapper Contract

 

 

 

 (19,358,990)

Contract No. CDA0003TR

 

Global Wrap

 

 

 

405,378,645 

 

 

Total Contract Value

 

386,019,655

 

386,019,655 

 

 

Blended Interest Rate: 5.58%

 

 

 

 

 

 

 

 

 

 

 

**Total  Synthetic Investment Contracts - Contract Value**

 

 

**$**

**666,298,968**

**$**

**666,298,968 **

** **

 

 

 

** **

 

** **

Self-Directed Brokerage  Account

 

 

**$**

** **

**$**

**9,894,174 **

 

 

 

 

** **

 

 

***Participant Loans**

 

4,739 Loans,

 

** **

 

 

 

 

Interest rate: 4.00% - 10.5%

 

** **

 

 

 

 

Maturity date range:      11/28/2003 - 12/31/2013

**$**

**30,803,007**

**$**

**30,803,007 **

 

 

 

 

** **

 

** **

**Grand  Total**

 

 

**$**

**2,457,925,934**

**$**

**3,182,197,295 **

** **

 

 

 

** **

 

** **

***** Party-in-Interest

 

 

 

** **

 

** **

See accompanyingreport of independent registered pubic accounting firm.

**SCHEDULE IIPHARMACIA SAVINGS PLANSCHEDULE H, 4j - SCHEDULE OF REPORTABLE TRANSACTIONSDecember 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 Corporation*

 

Common stock; 54 purchases

$

71,617,083

$

--

$

71,617,083

$

71,617,083

$

--

 

 

 

 

 

 

 

 

 

 

 

 

 

Pfizer Corporation*

 

Common stock; 129 sales

$

--

$

123,091,415

$

88,416,238

$

123,091,415

$

34,675,177

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*party-in-interest

See accompanying reportof independent registered pubic accounting firm.

**SIGNATURE**

 

Pursuant to the requirements of the Securities Exchange Act of 1934,the members of the Administrative Committee have duly caused this annual reportto be signed on its behalf by the undersigned thereunto duly authorized.

 

PHARMACIA SAVINGS PLAN

 

By:  /s/ David L. Shedlarz               

 

 

 

David L. Shedlarz*Executive Vice President and  Chief Financial Officer, Pfizer Inc.  Chair, Administrative Committee - U.S. Plans*

 

**Date:  June 25, 2004**

**Exhibit23.1**

** **

**CONSENTOF INDEPENDENT REGISTERED PUBIC ACCOUNTING FIRM**

** **

Tothe Administrative Committee Pharmacia Savings Plan: 

Weconsent to incorporation by reference in the Registration Statement onForm S-8 dated April 16, 2003 (File No. 333-104582) of our reportdated June 25, 2003, relating to the statement of net assets available for planbenefits of the Pharmacia Savings Plan as of December 31, 2003 and 2002,and the related statement of changes in net assets available for plan benefitsfor the years then ended, which report appears in the December 31, 2003annual report on Form 11-K of the Pharmacia Savings Plan. 

 

 

/s/ KPMG LLP 

New York, New York June 28, 2004

** **

 

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