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:          |
|               |                                                                                                  |
|               | **PFIZER  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**                                                |

 

**PFIZERSAVINGS PLANINDEX**
| ** **                                                                                                 |   |
|------------------------------------------------------------------------------------------------------------|--------|
| ** **                                                                                                 | Page   |
| **FINANCIAL STATEMENTS**                                                                                   |   |
| Report of Independent Registered Public Accounting  Firm                                                   | 3      |
| Statement of Net Assets  Available for Plan Benefits as of December 31, 2003                          | 4      |
| Statement of Net Assets  Available for Plan Benefits as of December 31, 2002                          | 5      |
| Statement of Changes in  Net Assets Available for Plan Benefits for the year ended December 31,  2003 | 6      |
| Statement of Changes in  Net Assets Available for Plan Benefits for the year ended December 31,  2002 | 7      |
| Notes to Financial Statements                                                                              | 8      |
| ** **                                                                                                 |   |  
**SCHEDULES**

 

 
Schedule H, Line 4i - Schedule of Assets (Held at  End of Year) 

13

 
Schedule  H, Line 4j - Schedule of Reportable Transactions

15

Signature

16

** **

 

**EXHIBITS**

 

23

--

Consent of Independent Registered Public Accounting  Firm

17

** **

** **

**REPORTOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

 

To the Savings Plan CommitteePfizer Savings Plan:

 

We have audited theaccompanying statements of net assets available for plan benefits of the PfizerSavings Plan (the Plan) as of December 31, 2003 and 2002, and the relatedstatements of changes in net assets available for plan benefits for the yearsthen ended. These financial statements are the responsibility of the Plan'smanagement. Our responsibility is to express an opinion on these financialstatements based on our audits. 

We conducted our auditsin accordance with the standards of the Public Company Accounting OversightBoard (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, thefinancial statements referred to above present fairly, in all materialrespects, the net assets available for plan benefits as of December 31,2003 and 2002, and the changes in net assets available for plan benefits forthe years then ended, in conformity with accounting principles generallyaccepted in the United States of America.

Our audits were performedfor the purpose of forming an opinion on the basic financial statements takenas a whole. The supplemental schedule H, line 4i - schedule of assets (held atend of year) as of December 31, 2003 and schedule H, line 4j - schedule ofreportable transactions, for the year ended December 31, 2003 arepresented for the purpose of additional analysis and are not a required part ofthe basic financial statements but are supplementary information required bythe Department of Labor's Rules and Regulations for Reporting and Disclosureunder the 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 auditsof 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

KPMG LLP

New York, New YorkJune 25, 2004

**PFIZER SAVINGS PLANSTATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITSDecember 31, 2003(thousands of dollars)**

** **

 

** **

**Fund Information**

 

**Total **

**Nonparticipant  Directed**

**Participant   Directed **

**Loan  Fund**

Investments,  at fair value:

 

 

 

 

Pfizer  Inc. common stock

$3,661,700 

$1,966,764

$1,694,936 

$         -- 

Mutual  funds

1,111,771 

3,754

1,108,017 

-- 

Bond  funds

216,297 

--

216,297 

-- 

Fixed  income fund

247,381 

--

247,381 

-- 

 

5,237,149 

1,970,518

3,266,631 

-- 

Investments,  at cost which approximates fair value:

 

 

 

 

Loans  to participants

65,277 

--

-- 

65,277 

Short-term  securities

19,296 

--

19,296 

 

 

 

 

 

 

Total  investments

5,321,722 

1,970,518

3,285,927 

65,277 

 

 

 

 

 

Contributions  receivable:

 

 

 

 

Participant

6,899 

--

6,899 

-- 

Employer

2,931 

2,931

 

 

 

 

 

 

 

Interest  receivable

2,345 

--

2,345 

-- 

 

 

 

 

 

Investment  management fees  payable--Note 7

(44)

--

(44)

-- 

 

 

 

 

 

Net  assets available for plan benefits--Note 9

$5,333,853 

$1,973,449

$3,295,127 

$65,277 

 

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

**PFIZERSAVINGS PLANSTATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITSDecember 31, 2002(thousands of dollars)**

** **

 

** **

**Fund Information**

 

**Total **

**Nonparticipant  Directed**

**Participant   Directed **

**Loan  Fund**

Investments,  at fair value:

 

 

 

 

Pfizer  Inc. common stock

$3,394,968 

$1,788,280

$1,606,688 

$         --

Mutual  funds

701,522 

--

701,522 

--

Bond  funds

250,151 

--

250,151 

--

Fixed  income fund

   231,134 

--

   231,134 

     --

 

4,577,775 

1,788,280

2,789,495 

 

Investments,  at cost which approximates fair value:

 

 

 

 

Loans  to participants

65,480 

--

-- 

65,480

Short-term  securities

17,830 

--

   17,830 

     --

 

 

 

 

 

Total  investments

4,661,085 

1,788,280

2,807,325 

65,480

 

 

 

 

 

Contributions  receivable:

 

 

 

 

Participant

6,536 

--

6,536 

--

Employer

2,798 

2,798

-- 

--

 

 

 

 

 

Receivable  for securities sold

4,283 

--

4,283 

--

 

 

 

 

 

Interest  receivable

2,847 

--

2,847 

--

 

 

 

 

 

Payable  for securities  purchased

(5,016)

--

(5,016)

--

 

 

 

 

 

Investment  management fees payable--Note 7

 (40)

--

 (40)

--

 

 

 

 

 

Net  assets available for plan benefits--Note 9

$4,672,493 

$1,791,078

$2,815,935 

$65,480

 

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

**PFIZERSAVINGS****PLANSTATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITSYear Ended December 31, 2003(thousands of dollars**)

 

 

** **

**Fund  Information**

 

**Total **

**Nonparticipant   Directed **

**Participant   Directed **

**Loan   Fund **

Net  investment income:

 

 

 

 

Pfizer  Inc. common stock dividends

$      64,301 

$      33,919 

$      30,382 

$        -- 

Interest  and dividend income from other investments

25,997 

391 

25,606 

-- 

Interest  income from loans to participants

4,251 

301 

3,950 

-- 

 

94,549 

34,611 

59,938 

 

Investment  management fees--Note 7

(472)

-- 

(472)

-- 

 

94,077 

34,611 

59,466 

-- 

Net  appreciation in fair value of investments--Note 8

743,152 

271,458 

471,694 

-- 

 

837,229 

306,069 

531,160 

-- 

Contributions:

 

 

 

 

Participant

250,208 

-- 

250,208 

-- 

Employer

108,614 

108,614 

-- 

 

Transfers  out of Plan, net--Note 3

(133,137)

(56,253)

(74,904)

(1,980)

Withdrawals--Note 9

(401,554)

(176,403)

(222,384)

(2,767)

Loan  transaction transfers, net

-- 

344 

(4,888)

4,544 

 

(175,869)

(123,698)

(51,968)

(203)

Net  increase/(decrease)

661,360 

182,371 

479,192 

(203)

Net  assets available for plan benefits--Note 9:

 

 

 

 

Beginning  of year

4,672,493 

1,791,078 

2,815,935 

65,480 

End  of year

$5,333,853 

$1,973,449 

$3,295,127 

$65,277 

 

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

 

**PFIZERSAVINGS****PLANSTATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITSYear Ended December 31, 2002(thousands of dollars**)

 

 

** **

**Fund  Information**

 

**Total **

**Nonparticipant   Directed **

**Participant   Directed **

**Loan   Fund **

Net  investment income:

 

 

 

 

Pfizer  Inc. common stock dividends

$   59,210 

$    31,094 

$   28,116 

$    -- 

Interest  and dividend income from other investments

25,196 

1 

25,195 

-- 

Interest  income from loans to participants

     4,909 

       419 

     4,490 

     -- 

 

89,315 

31,514 

57,801 

-- 

Investment  management fees--Note 7

      (424)

        -- 

    ** ** (424)

     -- 

 

    88,891 

    31,514 

    57,377 

     -- 

Net  depreciation in fair value of investments--Note 8

(1,270,887)

(582,046)

(688,841)

-- 

 

(1,181,996)

(550,532)

(631,464)

-- 

Contributions:

 

 

 

 

Participant

237,855 

-- 

237,855 

-- 

Employer

101,449 

101,449 

-- 

-- 

Transfers  into Plan--Note 3

1,862,128 

799,344 

1,048,783 

14,001 

Withdrawals--Note 9

(478,409)

(210,879)

(265,320)

(2,210)

Loan  transaction transfers, net

        -- 

       762 

    (6,008)

  5,246 

 

 1,723,023 

   690,676 

 1,015,310 

 17,037 

Net  increase

541,027 

140,144 

383,846 

17,037 

Net  assets available for plan benefits--Note 9:

 

 

 

 

Beginning  of year

 4,131,466 

 1,650,934 

 2,432,089 

 48,443 

End  of year

$4,672,493 

$1,791,078 

$2,815,935 

$65,480 

 

See Notes to FinancialStatements which are an integral part of these financial statements.
****
**PFIZERSAVINGS PLANNOTES TO FINANCIAL STATEMENTSDecember 31, 2003 and 2002**

**Note 1**--**Descriptionof the Plan**

*General* -- The Pfizer Savings Plan (the Plan),originally adopted as the Pfizer Savings and Investment Plan (PSIP) byPfizer Inc. (the "Company") in 1965, is a defined contributionplan. Participation in the Plan is open to any employee who is included withina group or class designated by the Company, as set forth in the Plan document,and any affiliate (Associate Companies) which, with the consent of the Company,adopts the Plan. The Plan is subject to the provisions of the Employee RetirementIncome Security Act of 1974, as amended.

EffectiveFebruary 1, 2002, certain participants of the Warner Lambert Savings andStock Plan (WLSSP) and all the participants of the Agouron Pharmaceuticals,Inc. 401(k) plan (Agouron 401(k)), both Company plans, were transferred intothe Plan.  Simultaneously, the Plan changed its name from the PSIP. On August1, 2003 the remaining participants of the WLSSP, the Lititz union participants,were transferred, along with the remaining assets and liabilities, into thePlan. As a result, on this date the WLSSP was merged into the Plan.

The following is ageneral description of certain provisions of the Plan. Participants shouldrefer to the Plan document for more complete information.

*Contributions* -- Participants may make contributionson an after‐tax basis and/or on a before‐tax basis (that is, chooseto reduce their compensation and have the Company contribute such amount to thePlan on their behalf). Contributions are subject to certain restrictions underthe Internal Revenue Code of 1986, as amended. Contributions of up to 3% ofcompensation are matched 100% by the Company and the next 3% are matched 50%.Employee contributions in excess of 6% are not matched. Participants who areeligible employees are permitted to roll over into the Plan eligible distributionsfrom other qualified employer sponsored savings plans and conduit IRAs.

*InvestmentOptions --*

**NonparticipantDirected Fund***--*The Company contributes to one fund:

 

 

 

Pfizer Match Fund

--

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

** **

**Participant  Directed Funds**  -- Each participant in the Plan elects to have his or her contributions  invested in any one or any combination of the following nineteen investment  funds:

 

(a)

Intermediate Treasury  Index Fund*

(b)

S&P 500 Index Fund*

(c)

Company Stock Fund 

(d)

T. Rowe Price Fixed Income Fund

(e)

T. Rowe Price Value Fund

(f)

Fidelity Low Price Stock Fund

(g)

Fidelity Dividend Growth Fund

(h)

Fidelity Growth Company Fund

(i)

Fidelity Mid Cap Stock Fund

(j)

T. Rowe Price Small Cap Stock Fund

(k)

Fidelity Overseas Fund

(l)

T. Rowe Price Health  Sciences Fund

(m)

Fidelity Select  Technology Fund

(n)

Fidelity Freedom Income  Fund

(o)

Fidelity Freedom 2000  Fund

(p)

Fidelity Freedom 2010  Fund

(q)

Fidelity Freedom 2020  Fund

(r)

Fidelity Freedom 2030  Fund

(s)

Fidelity Freedom 2040  Fund

 

 

*  Northern  Trust sponsored fund.

The trustee of the Plan,The Northern Trust Company, manages investments in its sponsored funds andtherefore, is deemed a related party.  The Plan's trust agreement provides thatany portion of any of the investment funds may, pending its permanentinvestment or distribution, be invested in short‐term investments. 

*Eligibilityand Vesting* --Generally, the domestic employees of the Company, except certain employees whoare either covered by a collective bargaining agreement and have not negotiatedto participate in the Plan, or employed by a unit not designated forparticipation in the Plan, are eligible to enroll in the Plan on their date ofhire. Generally, participants are immediately vested in the full value of theiraccount (i.e., participant's and employer's contributions).

*Loans**toParticipants*-- Plan participants are permitted to borrow againsttheir vested account balance. The minimum amount a participant may borrow is$1,000 and the maximum amount is the lesser of 50% of the vested accountbalance reduced by any current outstanding loan balance, or $50,000, reduced bythe highest outstanding loan balance in the preceding 12 months. 

Under the terms of thePlan, loans must be repaid within five years, unless the funds are used topurchase a primary residence. Primary residence loans must be repaid over 6 to15 years at the participant's option. The interest rate on all loans isbased on the prime rate plus 1%. Interest paid by the participant is creditedto the participant's account. 

*BenefitPayments*-- Uponseparation from service, retirement or disability, a participant generally mayelect to receive a lump sum distribution currently or at any time up to thelater of 13 months after termination or age 65, subject to theprovisions of the Plan.  In the event of a participant's death, a spousebeneficiary generally may elect payment currently or defer payments until thelater of 13 months from the date of death or when the participant wouldhave reached age 65.  A nonspouse beneficiary generally may defer payment upuntil 13 months from the date of death.

*Withdrawals* --Participants in the Plan may makewithdrawals from their account balances subject to the provisions of the Plan. 

*PlanTermination* --The Company expects to continue the Plan indefinitely, but reserves the rightto amend, suspend or discontinue it in whole or in part at any time by actionof the Company's Board of Directors. In the event of termination of the Plan,each participant shall be entitled to the full value of his or her accountbalance as though he or she had retired as of the date of such termination. Nopart of the invested assets established pursuant to the Plan will at any timerevert to the Company.

**Note 2-- Summary of Significant Accounting Policies**

*Basisof Accounting* --The financial statements of the Plan are prepared on the accrual basis ofaccounting. For treatment of benefits payable, refer to Note 9.

*Use ofEstimates* -- Thepreparation of financial statements in conformity with accounting principlesgenerally accepted in the United States of America requires the planadministrator to make estimates and assumptions that affect the reportedamounts of assets and liabilities at the date of the financial statements, andthe reported amounts of increases and decreases to net assets during thereporting period.  Actual results could differ from those estimates.

*InvestmentValuation* --Company common stock is valued at the closing market price on the last businessday of the year. Bond funds are recorded at fair value based on market ordealer quotes on the last business day of the year. Fixed income funds andmutual funds are recorded at fair value based on the closing market prices ofthe underlying investments of the respective fund as of the last business dayof the year. Loans to participants, which are subject to various interestrates, and short‐term securities are recorded at cost which approximatesfair value. Short-term securities primarily consist of U.S. Governmentsecurities.

*Riskand Uncertainties --*Investment securities, including Pfizer Inc. common stock, are exposedto various risks, such as interest rate, market and credit risks. Due to thelevel of risk associated with certain investment securities, it is possiblethat changes in their values could occur in the near term and such changescould materially affect the amounts reported in the Statement of Net AssetsAvailable for Plan Benefits and the Statement of Changes in Net AssetsAvailable for Plan Benefits.

*SecurityTransactions* --Purchases and sales of securities are reflected on a trade‐date basis.

*NetAppreciation/(Depreciation) in Fair Value of Investments* -- Net appreciation/(depreciation) infair value of investments includes realized and unrealized gains and losses.Realized gains and losses on sales of investments represents the differencebetween the net proceeds and the cost of the investments (average cost if lessthan the entire investment is sold). Unrealized gains and losses of investmentsrepresents the difference between the cost of the investments and their fairvalue at the end of the year. Additionally, it reflects the reversal of theunrealized gains and losses as of the end of the prior year. 

*LoanFund** --* The Loan fund maintains participantloan activity. Interest earned on participant loans is not included in thisfund.

*NetInvestment Income*-- Dividend income is recorded on the ex‐dividend date. Interest incomeis recorded as earned. Interest income from participant loans is recorded bythe Trustee as earned in the nonparticipant and participant directed funds inthe same proportion as the original loan issuance.

**Note 3**--**Transfers Into and Out Of the Plan**

In December 2002 theCompany sold the Tetra fish care products business and in March 2003 theCompany sold the Adams confectionary business and Schick-Wilkinson Swordshaving products business. As a result, in 2003, net assets of Planparticipants who were employees of these businesses in the amount of $180,934were transferred out of the Plan. 

On August 1, 2003, netassets in the amount of $47,797 of the remaining participants of the WLSSP, theLititz union participants, were transferred into the Plan.

On February 1, 2002,most of the assets of the WLSSP and all the assets of another Company plan, theAgouron 401(k) plan, totaling $1,862,128 were transferred into the Plan tocreate one harmonized savings plan for all eligible employees of the Company. 

**Note 4**--**TaxStatus of the Plan**

The Internal RevenueService has determined and informed the Company by letter dated January 2,2004 that the Plan and related trust are designed in accordance with theapplicable sections of the Internal Revenue Code. The Plan has been amendedsince receiving the determination letter and a request was submitted onMarch 31, 2004 for an updated determination letter. The Plan administratorand the Plan's legal and tax counsel believe that the Plan is designed and iscurrently being operated in material compliance with all the applicablerequirements. Accordingly, no provision has been made for federal income taxes.

Contributions made to thePlan by the Company, including pre‐tax contributions made on theparticipants' behalf and any appreciation on all funds in the participants'accounts, are not taxable to the participants under current federal income taxlaw while these amounts remain in the Plan. 

**Note 5-- Plan Administration**

The Savings PlanCommittee of the Plan monitors and reports on the selection and termination ofthe trustee and investment managers and on the investment activity andperformance.

**Note 6-- Significant Investments**

The following investmentsrepresent 5% or more of the Plan's net assets available for plan benefits.

 

(thousands  of dollars)

**December 31, 2003**

**December 31, 2002**

 

 

 

Pfizer  Inc. common stock*

$3,661,700

$3,394,968

S&P  500 Index Fund

355,295

271,960

Intermediate  Treasury Index Fund

--

250,151

 

 

*

Includes nonparticipant directed  55,668,370 shares and participant directed 47,974,424 shares at  December 31, 2003 and nonparticipant directed 58,497,858 shares and  participant directed 52,557,677 shares at December 31, 2002.

**Note 7**-- **AdministrativeCosts**

Except for certain membertransfer costs and the investment management fees, all costs and expenses ofadministering the Plan are paid by the Company. 

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

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

 

(thousands of dollars)

**Years ended December 31,**

 

**2003 **

**2002 **

 

 

 

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

 

 

Pfizer  Inc. common stock*

$506,517 

$(1,105,053)

Mutual  funds

241,807 

(174,606)

Bond  funds

(5,172)

8,772 

 

$743,152 

$(1,270,887)

 

 

 

*

Includes realized gains from the  disposal of Company common stock of $135,171 in 2003 and $147,567  in  2002 related to shares distributed in kind to participants who withdrew from  the Plan as a result of retirement or termination.

** **

**Note 9**--**Withdrawals and Reconciliation with Form 5500**

For financial statementpurposes, participant withdrawals and distributions are recorded when paidrather than when processed and approved for payment. Therefore, the net assetsavailable for plan benefits as of December 31, 2003 and 2002 do notreflect a reduction for the following benefits payable to participants who hadrequested withdrawals as of December 31, but were not distributed untilthe subsequent year: 

 

(thousands of dollars)

**December 31,  2003**

**December 31,  2002**

 

 

 

Nonparticipant directed fund

$  62

$  644

Participant directed funds

163

   656

Loan fund

4

--

 

$229

$1,300

For the purposes ofForm 5500, such withdrawals and distributions are recorded when processedand approved for payment. Therefore, benefits payable to participants who haverequested withdrawals are reported as benefit expense on Form 5500 forthose years. 

** **

**SCHEDULE IPFIZER SAVINGS PLANSCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)December 31, 2003(thousands of dollars)**

 

 

**Interest  Rate**

**Maturity  Date**

**Number  of  Shares or  Units**

**Cost**

**Fair Value**

**Nonparticipant Directed**

 

 

 

 

 

Pfizer  Inc.* Common Stock

 --

--

55,668,370

$446,013

$1,966,764

Northern  Trust* S&P 500 Equity Fund

 

 

1,309

3,617

3,754

Total  nonparticipant directed investments

 

 

 

$449,630

$1,970,518

 

 

 

 

 

 

**Participant Directed**

** **

** **

** **

** **

** **

Pfizer Inc.* Common Stock

 --

--

47,974,424

$509,458

$1,694,936

 

 

 

 

 

 

Intermediate Treasury Index Fund:

 

 

 

 

 

U.S.  Treasury Bond

10.000%

5/15/2010

1,000,000

1,197

1,113

U.S.  Treasury Notes

3.250%

8/15/2007

7,500,000

7,625

7,650

U.S.  Treasury Notes

3.000%

11/15/2007

6,300,000

6,378

6,354

U.S.  Treasury Notes

3.625%

5/15/2013

4,000,000

4,059

3,845

U.S.  Treasury Notes

4.250%

8/15/2013

6,200,000

6,056

6,208

U.S.  Treasury Notes

3.125%

9/15/2008

4,000,000

4,023

3,998

U.S.  Treasury Notes

1.625%

10/31/2005

8,000,000

7,962

7,988

U.S.  Treasury Notes

4.250%

11/15/2013

4,000,000

4,008

3,996

U.S.  Treasury Notes

1.625%

1/31/2005

3,200,000

3,195

3,212

U.S.  Treasury Notes

5.500%

2/15/2008

1,700,000

1,787

1,874

U.S.  Treasury Notes

7.500%

2/15/2005

5,000,000

5,589

5,345

U.S.  Treasury Notes

6.500%

2/15/2010

2,000,000

2,150

2,324

U.S.  Treasury Notes

5.000%

2/15/2011

4,000,000

4,019

4,296

U.S.  Treasury Notes

3.000%

2/15/2008

7,200,000

7,243

7,233

U.S.  Treasury Notes

1.625%

4/30/2005

9,000,000

9,043

9,027

U.S.  Treasury Notes

6.625%

5/15/2007

8,500,000

8,947

9,620

U.S.  Treasury Notes

4.375%

5/15/2007

4,000,000

4,273

4,236

U.S.  Treasury Notes

6.000%

8/15/2009

5,400,000

6,031

6,116

U.S.  Treasury Notes

5.750%

8/15/2010

6,000,000

6,316

6,728

U.S.  Treasury Notes

2.375%

8/15/2006

6,000,000

5,967

6,032

U.S.  Treasury Notes

2.000%

8/31/2005

7,500,000

7,555

7,548

U.S.  Treasury Notes

1.500%

2/28/2005

7,500,000

7,498

7,517

U.S.  Treasury Notes

6.500%

10/15/2006

6,000,000

6,396

6,683

U.S.  Treasury Notes

3.875%

2/15/2013

4,500,000

4,560

4,405

U.S.  Treasury Notes

1.250%

5/31/2005

6,000,000

5,937

5,984

U.S.  Treasury Notes

2.000%

5/15/2006

3,500,000

3,536

3,501

U.S.  Treasury Notes

3.500%

11/15/2006

8,000,000

7,744

8,269

U.S.  Treasury Notes

4.000%

11/15/2012

5,000,000

4,971

4,952

U.S.  Treasury Notes

4.750%

11/15/2008

6,000,000

5,726

6,423

U.S.  Treasury Notes

4.875%

2/15/2012

5,900,000

6,175

6,248

U.S.  Treasury Notes

5.000%

8/15/2011

4,000,000

4,048

4,281

U.S.  Treasury Notes

5.625%

2/15/2006

4,500,000

4,941

4,850

U.S.  Treasury Notes

5.750%

11/15/2005

6,000,000

6,360

6,442

U.S.  Treasury Notes

6.125%

8/15/2007

3,700,000

4,064

4,141

U.S.  Treasury Notes

6.500%

8/15/2005

6,200,000

6,353

6,689

U.S.  Treasury Notes

6.750%

5/15/2005

8,500,000

9,180

9,112

U.S.  Treasury Notes

6.875%

5/15/2006

7,000,000

7,259

7,782

U.S.  Treasury Notes

5.625%

5/15/2008

2,000,000

2,188

2,215

U.S.  Treasury Bond

9.125%

5/15/2009

2,000,000

2,273

2,060

 

 

 

 

212,632

216,297

The  Northern Trust Company*, Government Short-Term Investment Fund

--

--

799,400

799

799

Total Bond Funds

 

 

 

$213,431

$217,096

 

* Party-in-interest 

See accompanying reportof independent registered public accounting firm.

**SCHEDULEIPFIZER SAVINGS PLANSCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)December 31, 2003(thousands of dollars)**

** **

 

**Interest    Rate  **

**Maturity     Date  **

**Number  of  Shares or     Units  **

**  Cost   **

**Fair Value**

**Participant Directed   (continued)**

 

 

 

 

 

 

 

 

 

 

 

Mutual  Funds:

 

 

 

 

 

The  Northern Trust Company*, S&P 500 Equity Index Fund

--

--

123,430

$308,555

$351,541

T.  Rowe Price, Value Fund

--

--

4,643,055

84,357

92,907

T.  Rowe Price, Small Cap Stock Fund

--

--

3,023,533

75,377

84,598

T.  Rowe Price, Health Sciences Fund

--

--

1,416,866

25,313

28,266

Fidelity  Low Price Stock Fund

--

--

3,858,334

112,114

134,965

Fidelity  Dividend Growth Fund

--

--

1,898,445

48,497

51,828

Fidelity  Growth Company Fund

--

--

2,003,596

94,391

100,320

Fidelity  Mid Cap Stock Fund

--

--

2,797,434

56,502

60,341

Fidelity  Overseas Fund

--

--

1,584,240

41,229

49,793

Fidelity  Select Technology Fund

--

--

822,608

43,053

49,431

Fidelity  Freedom Income Fund

--

--

611,856

6,652

6,785

Fidelity  Freedom 2000 Fund

--

--

630,081

7,205

7,422

Fidelity  Freedom 2010 Fund

--

--

3,014,348

37,512

39,247

Fidelity  Freedom 2020 Fund

--

--

1,726,770

20,544

22,483

Fidelity  Freedom 2030 Fund

--

--

1,328,698

15,528

17,207

Fidelity  Freedom 2040 Fund

--

--

1,439,606

9,922

10,883

Total  Index Mutual Funds

 

 

 

$986,751

$1,108,017

 

 

 

 

 

 

Fixed  Income Fund:

 

 

 

 

 

T.  Rowe Price, Fixed Income Fund - Guaranteed Investment Contracts

--

--

247,381,093

$  247,381

$  247,381

T.  Rowe Price, Fixed Income Fund - Short-Term Investment Fund

 

 

1,869,515

18,497

18,497

Total  fixed income fund

 

 

 

$  265,878

$  265,878

Total  participant directed investments

 

 

 

$1,975,518

$3,285,927

 

 

 

 

 

 

Loans to participants* (8,593 loans)

4% to 10.5%

1/2/2004 to 12/15/2018

 

$65,277

$65,277

* Party-in-interest

See accompanying reportof independent registered public accounting firm.

**SCHEDULEIIPFIZER SAVINGS PLANSCHEDULE H, LINE 4j - SCHEDULE OF REPORTABLE TRANSACTIONSYear Ended December 31, 2003(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 -39 purchases

$

175,649

$

--

$

175,649

$

175,649

$

--

 

 

 

 

 

 

 

 

 

 

 

 

 

Pfizer Inc.* (1)

 

Common  stock -120 sales

$

--

$

193,850

$

58,679

$

193,850

$

135,171

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

Party-in-interest

 
(1)

Dispositions represent sales of stock and shares  distributed in kind to members who withdraw from the Plan on retirement or  termination.

 
** **

See accompanying reportof independent registered public accounting firm.

** **
****
**SIGNATURE**

 

**ThePlan.**  Pursuantto the requirements of the Securities Exchange Act of 1934, the members of theSavings Plan Committee have duly caused this annual report to be signed on itsbehalf by the undersigned thereunto duly authorized.

 

PFIZER SAVINGS PLAN

 

By:  /s/ David L. Shedlarz      

 

 

 

David L. Shedlarz*Executive Vice President and  Chief Financial Officer, Pfizer Inc.  Chair, Savings Plan Committee*

 

Date:  June 25,2004

 

**EXHIBIT 23**

**CONSENTOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

** **

To the Savings Plan CommitteePfizer Savings Plan:

 

We consent to the incorporationby reference in the Registration Statement on Forms S‐8 datedOctober 5, 1994 (File No. 33‐55771) and June 19, 2000(File No. 333-39610) of our report dated June 25, 2004, relatingto the statements of net assets available for plan benefits of the PfizerSavings Plan as of December 31, 2003 and 2002, and the related statementsof changes in net assets available for plan benefits for each of the years thenended, which report appears in the December 31, 2003 annual report onForm 11‐K of the Pfizer Savings Plan.

 

/s/ KPMG LLP

 

 

New York, New YorkJune 28, 2004 |