| UNITED STATES SECURITIES AND EXCHANGE COMMISSION  WASHINGTON, D.C. 20549  FORM 10-Q

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

**For  the quarterly period ended June 27, 2004**

OR

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

For the transition  period from________to_______

COMMISSION FILE NUMBER  1-3619

----

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

                                                                                                                                                                                                                                                                                                                                                                                                                             |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| DELAWARE  (State of Incorporation)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 13-5315170  (I.R.S. Employer Identification No.) |
| 235 East 42nd Street,  New York, New York  10017  (212) 573-2323  (Registrant's telephone number)

Indicate by check mark whether the registrant (1)  has filed all reports required to be filed by Section 13 or 15(d) of the  Securities Exchange Act of 1934 during the preceding 12 months (or for such  shorter period that the registrant was required to file such reports) and (2)  has been subject to such filing requirements for the past 90 days.

YES    X             NO      

Indicate by check mark whether the registrant is an  accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

YES    X             NO      

At August 4, 2004, 7,550,775,788 shares of  the issuer's common stock were outstanding (voting).

  |

 

 

 

 

 

**FORM 10-Q**

**For theQuarter EndedJune 27, 2004**

**Tableof Contents**

** **

| **PART  I.  FINANCIAL INFORMATION**                                                                                        | Page       |
|--------------------------------------------------------------------------------------------------------------------------------------|------------|
|                                                                                                                                 |       |
| Item 1.                                                                                                                              |       |
|                                                                                                                                 |       |
| Financial Statements:                                                                                                                |       |
|                                                                                                                                 |       |
| Condensed Consolidated  Statement of Operations for the three months and six months ended  June 27, 2004 and June 29, 2003 | 3          |
|                                                                                                                                 |       |
| Condensed Consolidated  Balance Sheet at June 27, 2004 and December 31, 2003                                          | 4          |
|                                                                                                                                 |       |
| Condensed Consolidated  Statement of Cash Flows for the six months ended June 27, 2004 and  June 29, 2003                  | 5          |
|                                                                                                                                 |       |
| Notes to Condensed  Consolidated Financial Statements                                                                                | 6          |
|                                                                                                                                 |       |
| Review Report of  Independent Registered Public Accounting Firm                                                                      | 19         |
|                                                                                                                                 |       |
| Item 2.                                                                                                                              |       |
|                                                                                                                                 |       |
| Management's Discussion  and Analysis of Financial Condition and Results of Operations                                               | 20         |
|                                                                                                                                 |       |
| Item 4.                                                                                                                              |       |
|                                                                                                                                 |       |
| Disclosure Controls and  Procedures                                                                                                  | 42         |
| ** **                                                                                                                           | ** ** |
| **PART  II.  OTHER INFORMATION**                                                                                           | ** ** |
| ** **                                                                                                                           |       |
| Item 1.                                                                                                                              |       |
|                                                                                                                                 |       |
| Legal Proceedings                                                                                                                    | 43         |
|                                                                                                                                 |       |
| Item 2.                                                                                                                              |       |
|                                                                                                                                 |       |
| Changes in Securities,  Use of Proceeds and Issuer                                                                                   | 46         |
| Purchases of Equity  Securities                                                                                                      |       |
|                                                                                                                                 |       |
| Item 6.                                                                                                                              |       |
|                                                                                                                                 |       |
| Exhibits and Reports on  Form 8-K                                                                                                    | 46         |
|                                                                                                                                 |       |
| Signature                                                                                                                            | 48         |
|                                                                                                                                 |       |
| Certifications                                                                                                                       | 51         |

 

**PARTI.  FINANCIAL INFORMATION**

Item 1. Financial Statements

PFIZER INC. ANDSUBSIDIARY COMPANIESCONDENSED CONSOLIDATED STATEMENT OF OPERATIONS(UNAUDITED)
|                                                                                                                                                         |   | Three Months  Ended             |   |                                  | Six Months Ended |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|--------|---------------------------------------|------------------|
| (millions of dollars, except per common share data)                                                                                                          |   | June 27,   2004  |   | June 29,    2003  |             |   | June 27,   2004  |   | June 29,   2003  |
|                                                                                                                                                         |   |                            |   |                                  |             |   |   |   |   |
| Revenues                                                                                                                                                     | $      | 12,274                     | $      | 9,900                            |             | $ | 24,762  | $ | 18,406  |
|                                                                                                                                                         |   |                            |   |                                  |             |   |   |   |   |
| Costs and expenses:                                                                                                                                          |   |                            |   |                                  |             |   |   |   |   |
| Cost of sales                                                                                                                                                |   | 1,752                      |   | 1,980                            |             |   | 3,546  |   | 3,038  |
| Selling, informational  and administrative expenses                                                                                                          |   | 4,258                      |   | 3,744                            |             |   | 8,191  |   | 6,484  |
| Research and development  expenses                                                                                                                           |   | 1,819                      |   | 1,738                            |             |   | 3,469  |   | 3,211  |
| Amortization of  intangible assets                                                                                                                           |   | 830                        |   | 572                              |             |   | 1,653  |   | 576  |
| Merger-related  in-process research and development charges                                                                                                  |   | --                         |   | 5,130                            |             |   | 955  |   | 5,130  |
| Merger-related costs                                                                                                                                         |   | 289                        |   | 285                              |             |   | 536  |   | 377  |
| Other  (income)/deductions-net                                                                                                                               |   | (102)                           |   | (143)                                 |             |   | (145) |   | (220) |
|                                                                                                                                                         |   |                            |   |                                  |             |   |   |   |   |
| Income/(loss)  from continuing operations before provision for taxes on income, minority  interests and cumulative effect of change in accounting principles |   | 3,428                      |   | (3,406)                               |             |   | 6,557  |   | (190) |
|                                                                                                                                                         |   |                            |   |                                  |             |   |   |   |   |
| Provision for taxes on  income                                                                                                                               |   | 582                        |   | 269                              |             |   | 1,390  |   | 1,032  |
|                                                                                                                                                         |   |                            |   |                                  |             |   |   |   |   |
| Minority interests                                                                                                                                           |   | 2                          |   | (1)                                   |             |   | 4  |   | (2) |
|                                                                                                                                                         |   |                            |   |                                  |             |   |   |   |   |
| Income/(loss)  from continuing operations before cumulative effect of change in accounting  principles                                                       |   | 2,844                      |   | (3,674)                               |             |   | 5,163  |   | (1,220) |
|                                                                                                                                                         |   |                            |   |                                  |             |   |   |   |   |
| Discontinued operations:                                                                                                                                     |   |                            |   |                                  |             |   |   |   |   |
| Income from operations  of discontinued businesses and product lines-net of tax                                                                              |   | 17                         |   | --                               |             |   | 30  |   | 38  |
| Gains on sales of  discontinued businesses and product lines-net of tax                                                                                      |   | 2                          |   | 83                               |             |   | 2  |   | 2,285  |
|                                                                                                                                                         |   |                            |   |                                  |             |   |   |   |   |
| Discontinued  operations-net of tax                                                                                                                          |   | 19                         |   | 83                               |             |   | 32  |   | 2,323  |
|                                                                                                                                                         |   |                            |   |                                  |             |   |   |   |   |
| Income/(loss) before  cumulative effect of change in accounting principles                                                                                   |   | 2,863                      |   | (3,591)                               |             |   | 5,195  |   | 1,103  |
|                                                                                                                                                         |   |                            |   |                                  |             |   |   |   |   |
| Cumulative effect of  change in accounting principles-net of tax                                                                                             |   | --                         |   | --                               |             |   | --  |   | (30) |
|                                                                                                                                                         |   |                            |   |                                  |             |   |   |   |   |
| Net income/(loss)                                                                                                                                            | $      | 2,863                      | $      | (3,591)                               |             | $ | 5,195  | $ | 1,073  |
|                                                                                                                                                         |   |                            |   |                                  |             |   |   |   |   |
| Earnings/(loss) per common share - Basic:                                                                                                                    |   |                            |   |                                  |             |   |   |   |   |
| Income/(loss)  from continuing operations before cumulative effect of change in accounting  principles                                                       | $      | .38                        | $      | (.49)                                 |             | $ | .69  | $ | (.18) |
| Discontinued operations:                                                                                                                                     |   |                            |   |                                  |             |   |   |   |   |
| Income from operations  of discontinued businesses and product lines-net of tax                                                                              |   | --                         |   | --                               |             |   | --  |   | --  |
| Gains on sales of  discontinued businesses and product lines-net of tax                                                                                      |   | --                         |   | .01                              |             |   | --  |   | .34  |
| Discontinued  operations-net of tax                                                                                                                          |   | --                         |   | .01                              |             |   | --  |   | .34  |
| Income/(loss) before  cumulative effect of change in accounting principles                                                                                   |   | .38                        |   | (.48)                                 |             |   | .69  |   | .16  |
| Cumulative effect of  change in accounting principles-net of tax                                                                                             |   | --                         |   | --                               |             |   | --  |   | --  |
| Net income/(loss)                                                                                                                                            | $      | .38                        | $      | (.48)                                 |             | $ | .69  | $ | .16  |
|                                                                                                                                                         |   |                            |   |                                  |             |   |   |   |   |
| Earnings/(loss) per common share - Diluted:                                                                                                                  |   |                            |   |                                  |             |   |   |   |   |
| Income/(loss)  from continuing operations before cumulative effect of change in accounting  principles                                                       | $      | .38                        | $      | (.49)                                 |             | $ | .68  | $ | (.18) |
| Discontinued operations:                                                                                                                                     |   |                            |   |                                  |             |   |   |   |   |
| Income from operations  of discontinued businesses and product lines-net of tax                                                                              |   | --                         |   | --                               |             |   | --  |   | --  |
| Gains on sales of  discontinued businesses and product lines-net of tax                                                                                      |   | --                         |   | .01                              |             |   | --  |   | .34  |
| Discontinued  operations-net of tax                                                                                                                          |   | --                         |   | .01                              |             |   | --  |   | .34  |
| Income/(loss) before  cumulative effect of change in accounting principles                                                                                   |   | .38                        |   | (.48)                                 |             |   | .68  |   | .16  |
| Cumulative effect of  change in accounting principles-net of tax                                                                                             |   | --                         |   | --                               |             |   | --  |   | --  |
| Net income/(loss)                                                                                                                                            | $      | .38                        | $      | (.48)                                 |             | $ | .68  | $ | .16  |
|                                                                                                                                                         |   |                            |   |                                  |             |   |   |   |   |
| Weighted average shares  used to calculate earnings/(loss) per common share:                                                                                 |   |                            |   |                                  |             |   |   |   |   |
| Basic                                                                                                                                                        |   | 7,574.1                    |   | 7,453.4                          |             |   | 7,580.2  |   | 6,777.4  |
|                                                                                                                                                         |   |                            |   |                                  |             |   |   |   |   |
| Diluted                                                                                                                                                      |   | 7,664.0                    |   | 7,453.4                          |             |   | 7,671.6  |   | 6,777.4  |
|                                                                                                                                                         |   |                            |   |                                  |             |   |   |   |   |
| Cash dividends paid per common share                                                                                                                         | $      | .17                        | $      | .15                              |             | $ | .34  | $ | .30  |

See accompanying Notes toCondensed Consolidated Financial Statements.

PFIZER INC. ANDSUBISIDARY COMPANIESCONDENSED CONSOLIDATED BALANCE SHEET(UNAUDITED)
| (millions of dollars)                                                              |   | June 27,   2004* |   | Dec. 31,   2003** |
|------------------------------------------------------------------------------------|--------|----------------------------|--------|-----------------------------|
| ASSETS                                                                             |   |                       |   |                        |
| Current Assets                                                                     |   |                       |   |                        |
| Cash and cash  equivalents                                                         | $      | 652                   | $      | 1,520                  |
| Short-term investments                                                             |   | 16,831                |   | 10,432                 |
| Accounts receivable,  less allowance for doubtful accounts: $187 and $185          |   | 9,342                 |   | 8,636                  |
| Short-term loans                                                                   |   | 496                   |   | 391                    |
| Inventories                                                                        |   | 5,863                 |   | 5,699                  |
| Prepaid expenses, taxes  and other                                                 |   | 3,159                 |   | 2,758                  |
| Assets of discontinued  businesses and product lines held for sale                 |   | 342                   |   | 1,241                  |
| Total current assets                                                               |   | 36,685                |   | 30,677                 |
| Long-term investments  and loans                                                   |   | 4,420                 |   | 6,142                  |
| Property, plant and  equipment, less accumulated depreciation: $7,302 and $6,916   |   | 17,299                |   | 18,156                 |
| Goodwill                                                                           |   | 23,258                |   | 22,265                 |
| Identifiable intangible  assets, less accumulated amortization                     |   | 34,031                |   | 35,591                 |
| Other assets, deferred  taxes and deferred charges                                 |   | 4,268                 |   | 3,944                  |
| Total assets                                                                       | $      | 119,961               | $      | 116,775                |
|                                                                               |   |                       |   |                        |
| LIABILITIES AND  SHAREHOLDERS' EQUITY                                              |   |                       |   |                        |
| Current Liabilities                                                                |   |                       |   |                        |
| Short-term borrowings,  including current portion of long-term debt: $921 and $726 | $      | 12,204                | $      | 8,818                  |
| Accounts payable                                                                   |   | 2,480                 |   | 2,587                  |
| Dividends payable                                                                  |   | 1,285                 |   | 1,300                  |
| Income taxes payable                                                               |   | 1,413                 |   | 1,910                  |
| Accrued compensation  and related items                                            |   | 1,599                 |   | 1,740                  |
| Accrued litigation  settlements                                                    |   | 282                   |   | 1,402                  |
| Other current  liabilities                                                         |   | 5,785                 |   | 5,850                  |
| Liabilities of discontinued  businesses and product lines held for sale            |   | 110                   |   | 302                    |
| Total current liabilities                                                          |   | 25,158                |   | 23,909                 |
| Long-term debt                                                                     |   | 6,765                 |   | 5,755                  |
| Pension benefit  obligations                                                       |   | 2,710                 |   | 2,858                  |
| Postretirement benefit  obligations                                                |   | 1,456                 |   | 1,451                  |
| Deferred taxes on  income                                                          |   | 12,767                |   | 13,012                 |
| Other noncurrent  liabilities                                                      |   | 4,400                 |   | 4,413                  |
| Total liabilities                                                                  |   | 53,256                |   | 51,398                 |
|                                                                               |   |                       |   |                        |
| Shareholders' Equity                                                               |   |                       |   |                        |
| Preferred stock                                                                    |   | 205                   |   | 219                    |
| Common stock                                                                       |   | 437                   |   | 435                    |
| Additional paid-in  capital                                                        |   | 67,053                |   | 66,396                 |
| Retained earnings                                                                  |   | 32,003                |   | 29,382                 |
| Accumulated other  comprehensive expense                                           |   | 140                   |   | 195                    |
| Employee benefit trust,  at fair value                                             |   | (1,526)                    |   | (1,898)                     |
| Treasury stock                                                                     |   | (31,607)                   |   | (29,352)                    |
|                                                                               |   |                       |   |                        |
| Total shareholders' equity                                                         |   | 66,705                |   | 65,377                 |
| Total liabilities and shareholders' equity                                         | $      | 119,961               | $      | 116,775                |

 

*    Unaudited.

**  Condensed from audited financialstatements.

See accompanying Notes toCondensed Financial Statements.

PFIZER INC. ANDSUBSIDIARY COMPANIESCONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS(UNAUDITED)
|                                                                                          |   | Six Months Ended                      |
|-----------------------------------------------------------------------------------------------|--------|---------------------------------------|
| (millions of dollars)                                                                         |   | June 27,    2004  |   | June 29,   2003  |
|                                                                                          |   |                                  |   |   |
| Operating  Activities:                                                                        |   |                                  |   |   |
| Net income                                                                                    | $      | 5,195                            | $ | 1,073  |
| Adjustments to reconcile  net income to net cash provided by continuing operating activities: |   |                                  |   |   |
| Cumulative effect of  change in accounting principles                                         |   | --                               |   | 30  |
| Income from operations  of discontinued businesses and product lines                          |   | (30)                                  |   | (38) |
| Depreciation and  amortization                                                                |   | 2,517                            |   | 1,205  |
| Merger-related  in-process research and development charge                                    |   | 955                              |   | 5,130  |
| Charge for fair value  mark-up of acquired inventory                                          |   | --                               |   | 392  |
| Deferred taxes                                                                                |   | (222)                                 |   | 47  |
| Gains on sales of  discontinued businesses and product lines, net of taxes not yet paid       |   | (2)                                   |   | (3,141) |
| Other                                                                                         |   | 463                              |   | (28) |
| Changes in assets and  liabilities (net of businesses acquired and divested)                  |   | (3,702)                               |   | (214) |
|                                                                                          |   |                                  |   |   |
| Net cash provided by continuing operating activities                                          |   | 5,174                            |   | 4,456  |
|                                                                                          |   |                                  |   |   |
| Investing Activities:                                                                         |   |                                  |   |   |
| Purchases of property,  plant and equipment                                                   |   | (961)                                 |   | (1,204) |
| Purchases of short-term  investments                                                          |   | (8,655)                               |   | (8,323) |
| Proceeds from  redemptions of short-term investments                                          |   | 3,242                            |   | 6,805  |
| Purchases of long-term  investments                                                           |   | (712)                                 |   | (843) |
| Proceeds from  redemptions of long-term investments                                           |   | 1,429                            |   | --  |
| Purchases of other  assets                                                                    |   | (411)                                 |   | (308) |
| Proceeds from sales of other  assets                                                          |   | 225                              |   | 189  |
| Acquisition of  businesses, net of cash acquired                                              |   | (1,443)                               |   | --  |
| Proceeds from the sales  of businesses and product lines                                      |   | 575                              |   | 5,587  |
| Cash and cash  equivalents acquired through acquisition of Pharmacia                          |   | --                               |   | 1,789  |
| Other investing  activities                                                                   |   | (59)                                  |   | 141  |
|                                                                                          |   |                                  |   |   |
| Net cash (used in)/provided by investing activities                                           |   | (6,770)                               |   | 3,833  |
|                                                                                          |   |                                  |   |   |
| Financing Activities:                                                                         |   |                                  |   |   |
| Increase in short-term  borrowings-net                                                        |   | 3,360                            |   | 189  |
| Principal payments on short-term  borrowings                                                  |   | (170)                                 |   | (718) |
| Proceeds from issuances  of long-term debt                                                    |   | 1,588                            |   | 621  |
| Principal payments on  long-term debt                                                         |   | (11)                                  |   | (274) |
| Proceeds from common  stock issuances                                                         |   | 37                               |   | 55  |
| Purchases of common  stock                                                                    |   | (2,275)                               |   | (6,422) |
| Cash dividends paid                                                                           |   | (2,562)                               |   | (2,089) |
| Stock option transactions  and other                                                          |   | 749                              |   | 670  |
|                                                                                          |   |                                  |   |   |
| Net cash provided by/(used  in) financing activities                                          |   | 716                              |   | (7,968) |
| Net cash provided by  discontinued operations                                                 |   | --                               |   | 14  |
| Effect of exchange-rate  changes on cash and cash equivalents                                 |   | 12                               |   | (23) |
| Net (decrease)/increase  in cash and cash equivalents                                         |   | (868)                                 |   | 312  |
| Cash and cash  equivalents at beginning of period                                             |   | 1,520                            |   | 1,878  |
|                                                                                          |   |                                  |   |   |
| Cash and cash  equivalents at end of period                                                   | $      | 652                              | $ | 2,190  |
|                                                                                          |   |                                  |   |   |
| Supplemental Cash  Flow Information:                                                          |   |                                  |   |   |
| Cash paid during the  period for:                                                             |   |                                  |   |   |
| Income taxes                                                                                  | $      | 1,853                            | $ | 1,115  |
| Interest                                                                                      |   | 194                              |   | 184  |
| Non-cash transactions:                                                                        |   |                                  |   |   |
| Receivable from sale of  business (received on June 28, 2004)                            | $      | 450                              | $ | --  |
| Acquisition of  Pharmacia, net of transaction costs                                           | $      | --                               | $ | 55,872  |

** **

See accompanying Notes toCondensed Financial Statements.

PFIZER INC. ANDSUBSIDIARY COMPANIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(UNAUDITED)

Note 1:  Basis of Presentation 

We prepared the condensed consolidated financial statements followingthe requirements of the Securities and Exchange Commission (SEC) for interimreporting. As permitted under those rules, certain footnotes or other financialinformation that are normally required by accounting principles generallyaccepted in the United States of America (GAAP) can be condensed or omitted.Balance sheet amounts and operating results for subsidiaries operating outsidethe U.S. are as of and for the three-month and six-month periods ended May 23,2004 and May 25, 2003. 

We have made certain reclassifications to the 2003 condensedconsolidated financial statements to conform to the 2004 presentation. Thesereclassifications include the results of operations, the assets and liabilitiesheld for sale and cash flows related to certain businesses and product linesreported as discontinued operations during the three-month and six-monthperiods ended June 27, 2004 - See Note 12, "DiscontinuedOperations." Amortization of intangible assets (relating primarily tointangible assets acquired in connection with the acquisition of Pharmacia)previously included in *Other(income)/deductions-net*is now presented in *Amortization of intangible assets.* Copromotioncharges and payments for intellectual property rights previously included in *Other (income)/deductions-net* is nowpresented in *Research and developmentexpenses*.

We are responsible for the unaudited financial statements included inthis document. The financial statements include all normal and recurringadjustments that are considered necessary for the fair presentation of ourfinancial position and operating results. 

Revenues, expenses, assets and liabilities can vary during each quarterof the year. Therefore, the results and trends in these interim financialstatements may not be representative of those for the full year. 

The information included in this Quarterly Report on Form 10-Qshould be read in conjunction with the consolidated financial statements andaccompanying notes included in Pfizer's Annual Report on Form 10-K for theyear ended December 31, 2003.

On April 16, 2003 we completed our acquisition of PharmaciaCorporation (Pharmacia) in a stock-for-stock transaction accounted for underthe purchase method of accounting - See Note 3, "PharmaciaAcquisition." Starting at the date of acquisition, April 16, 2003,the Pharmacia assets acquired and liabilities assumed were recorded at theirrespective fair values and our results of operations include Pharmacia'sproduct sales and expenses from the acquisition date. Therefore, our operatingresults for the second quarter and first six months of 2004 reflect the impact ofthe acquisition of Pharmacia throughout each period, as compared to the secondquarter and first six months of 2003 which reflect the impact of theacquisition of Pharmacia from April 16, 2003.

In accordance with Statement of Financial Accounting Standards (SFAS)No. 123, *Accounting for Stock-BasedCompensation*, we elected to account for our stock-based compensationunder Accounting Principles Board Opinion (APB) No. 25, *Accounting for Stock Issued to Employees*.The exercise price of stock options granted equals the market price on the dateof grant. There is no recorded expense related to grants of stock options.

The weighted-average fairvalue per stock option granted was $4.49 for the three months ended June 27,2004, $7.77 for the three months ended June 29, 2003, $6.88 for the sixmonths ended June 27, 2004 and $7.35 for the six months endedJune 29, 2003. We estimated the fair values, as required under GAAP, usingthe Black-Scholes option-pricing model, modified for dividends and using theassumptions below. In the first quarter of 2004, we changed our method ofestimating expected stock price volatility to reflect market-based inputs underemerging stock option valuation considerations. The Black-Scholes model is atrading option-pricing model that neither considers the non-traded nature ofemployee stock options, nor considers the restrictions on trading, the lack oftransferability or the ability of employees to forfeit the options prior toexpiry. If the model adequately permitted considerations of the uniquecharacteristics of employee stock options, the resulting estimate of the fairvalue of the stock options could be different.

 
|                                 | Three Months  Ended             |                            | Six Months Ended |
|--------------------------------------|---------------------------------|---------------------------------|------------------|
|                                 | June 27,   2004  | June 29,   2003  |             | June 27,  2004 |   | June 29,  2003 |
|                                 |                            |                            |             |   |   |   |
| Expected dividend yield              | 2.57%                           | 3.23%                           |             | 2.90% |   | 3.15% |
| Risk-free interest rate              | 2.07%                           | 2.86%                           |             | 3.32% |   | 2.75% |
| Expected stock price volatility      | 20.43%                          | 33.41%                          |             | 22.15% |   | 33.05% |
| Expected term until exercise (years) | 3.26             | 5.74             |             | 5.75    |   | 5.58    |

 

The following tablesummarizes our results for the three-month and six-month periods endedJune 27, 2004 and June 29, 2003 as if we had recorded compensationexpense for the options grants:
|                                                                                                                      |                                                                                                                                                                                                                                                                                                                                           | Three Months  Ended             |   |                            | Six Months Ended |
|---------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------|--------|---------------------------------|------------------|
| (millions of dollars, except per common share data)                                                                       |                                                                                                                                                                                                                                                                                                                                           | June 27,   2004  |   | June 29,   2003  |             |   | June 27,   2004  |   | June 29,   2003  |
|                                                                                                                      |                                                                                                                                                                                                                                                                                                                                           |                            |   |                            |             |   |   |   |   |
| Net income/(loss)  available to common shareholders used in the calculation of basic  earnings/(loss) per common share:   |                                                                                                                                                                                                                                                                                                                                           |                            |   |                            |             |   |   |   |   |
| As reported under GAAP*                                                                                                   | $                                                                                                                                                                                                                                                                                                                                              | 2,862                      | $      | (3,593)                         |             | $ | 5,193  | $ | 1,071  |
| Compensation expense                                                                                                      |                                                                                                                                                                                                                                                                                                                                           | (147)                           |   | (139)                           |             |   | (273) |   | (251) |
| Pro forma                                                                                                                 | $                                                                                                                                                                                                                                                                                                                                              | 2,715                      | $      | (3,732)                         |             | $ | 4,920  | $ | 820  |
|                                                                                                                      |                                                                                                                                                                                                                                                                                                                                           |                            |   |                            |             |   |   |   |   |
| Basic earnings/(loss)  per common share:                                                                                  |                                                                                                                                                                                                                                                                                                                                           |                            |   |                            |             |   |   |   |   |
| As reported under GAAP*                                                                                                   | $                                                                                                                                                                                                                                                                                                                                              | .38                        | $      | (.48)                           |             | $ | .69  | $ | .16  |
| Compensation expense                                                                                                      |                                                                                                                                                                                                                                                                                                                                           | (.02)                           |   | (.02)                           |             |   | (.04) |   | (.04) |
| Pro forma                                                                                                                 | $                                                                                                                                                                                                                                                                                                                                              | .36                        | $      | (.50)                           |             | $ | .65  | $ | .12  |
|                                                                                                                      |                                                                                                                                                                                                                                                                                                                                           |                            |   |                            |             |   |   |   |   |
| Net income/(loss)  available to common shareholders used in the calculation of diluted  earnings/(loss) per common share: |                                                                                                                                                                                                                                                                                                                                           |                            |   |                            |             |   |   |   |   |
| As reported under GAAP*                                                                                                   | $                                                                                                                                                                                                                                                                                                                                              | 2,862                      | $      | (3,592)                         |             | $ | 5,192  | $ | 1,072  |
| Compensation expense                                                                                                      |                                                                                                                                                                                                                                                                                                                                           | (147)                           |   | (139)                           |             |   | (273) |   | (251) |
| Pro forma                                                                                                                 | $                                                                                                                                                                                                                                                                                                                                              | 2,715                      | $      | (3,731)                         |             | $ | 4,919  | $ | 821  |
|                                                                                                                      |                                                                                                                                                                                                                                                                                                                                           |                            |   |                            |             |   |   |   |   |
| Diluted earnings/(loss)  per common share:                                                                                |                                                                                                                                                                                                                                                                                                                                           |                            |   |                            |             |   |   |   |   |
| As reported under GAAP*                                                                                                   | $                                                                                                                                                                                                                                                                                                                                              | .38                        | $      | (.48)                           |             | $ | .68  | $ | .16  |
| Compensation expense                                                                                                      |                                                                                                                                                                                                                                                                                                                                           | (.02)                           |   | (.02)                           |             |   | (.04) |   | (.04) |
| Pro forma                                                                                                                 | $                                                                                                                                                                                                                                                                                                                                              | .36                        | $      | (.50)                           |             | $ | .64  | $ | .12  |
|                                                                                                                      |                                                                                                                                                                                                                                                                                                                                           |                            |   |                            |             |   |   |   |   |
| *                                                                                                                         | Includes stock based compensation expense, net of  related tax effects, of $40 million for the six months ended  June 27, 2004 ($10 million for the three months ended June 27,  2004) and $29 million for the six months ended June 29, 2003  ($20 million for the three months ended June 29, 2003). |
|                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                |                                 |        |                                 |                  |  |  |  |  |  |

Net income available to common shareholders used in the calculation ofbasic earnings per common share represents net income reduced by preferredstock dividends-net of tax and net income available to common shareholders usedin the calculation of diluted earnings per common share represents net incomereduced by the incremental allocation of shares to the Employee Stock OwnershipPlans (ESOPs) acquired as part of the Pharmacia acquisition.

Note 2:  Adoption of New Accounting Standards

On January 1, 2004, we adopted the provisions of FASBInterpretation No. 46R (FIN 46R), *Consolidationof Variable Interest Entities.* FIN 46R replaces the same titledFIN 46 that was issued in January 2003. FIN 46R identifies whenentities must be consolidated**withthe financial statements of a company where the investors in an entity do nothave the characteristics of a controlling financial interest or the entity doesnot have sufficient equity at risk for the entity to finance its activitieswithout additional subordinated financial support. The adoption of FIN 46R didnot have a material impact on our consolidated financial statements. 

Note 3:  Pharmacia Acquisition

A.  Description of Acquisition

On April 16, 2003, Pfizer acquired Pharmacia for a purchase priceof $55,972 million, which included the issuance of approximately1.8 billion shares of Pfizer common stock, 180 million options onPfizer common stock, six thousand shares of Pfizer Series A convertibleperpetual preferred stock (convertible into approximately 15.5 millionshares of Pfizer common stock) and vested share awards, as well as transactioncosts.

The acquisition has been accounted for as a purchase businesscombination. Under the purchase method of accounting, the assets acquired andliabilities assumed from Pharmacia are recorded at the date of acquisition, attheir respective fair values. The consolidated financial statements andreported results of operations of Pfizer issued after completion of theacquisition reflect these values.

B.  Allocationof Purchase Price

The purchase price allocation,which is considered final, is based on an estimate of the fair value of assetsacquired and liabilities assumed.
| (millions of dollars)                                      |   |   |         |
|------------------------------------------------------------|--------|--------|--------------|
|                                                       |   |   |         |
| Book value of net  assets acquired                         |   | $      | 8,795   |
| Less:  existing  goodwill and other intangible assets |   |   | 1,559   |
| Tangible book value of  net assets acquired                |   |   | 7,236   |
| Remaining allocation:                                      |   |   |         |
| Increase inventory to  fair value                          |   |   | 2,939   |
| Increase long-term  investments to fair value              |   |   | 40      |
| Decrease property,  plant and equipment to fair value      |   |   | (317)        |
| Record in-process  research and development charge         |   |   | 5,052   |
| Record identifiable  intangible assets                     |   |   | 37,066  |
| Increase long-term debt  to fair value                     |   |   | (370)        |
| Increase benefit plan  liabilities to fair value           |   |   | (1,471)      |
| Increase other net  assets to fair value                   |   |   | (477)        |
| Restructuring costs  incurred through June 27, 2004   |   |   | (2,182)      |
| Tax adjustments                                            |   |   | (12,947)     |
| Goodwill                                                   |   |   | 21,403  |
| Purchase price                                             |   | $      | 55,972  |

Since ourinterim allocation in the fourth quarter of 2003, the significant revisions to ourestimates relate primarily to fixed assets ($756 million decrease),identifiable intangible assets ($155 million decrease) and tax adjustments($645 million decrease). In addition, we recorded an additional $604 millionin restructuring charges in the first six months of 2004.

The moresignificant revisions to our estimates relating to our initial allocation ofthe purchase price in the second quarter of 2003 include inventory($1,331 million increase), fixed assets ($1,128 million decrease)identifiable intangible assets ($560 million increase) and tax adjustments($986 million decrease). In addition, we recorded an additional $1,415 millionin restructuring charges. 

All of theserevisions reflect our greater understanding of Pharmacia net assets since theacquisition date.

Note 4:  Esperion Therapeutics, Inc. Acquisition

On February 10, 2004, we completed the acquisition of all of theoutstanding shares of Esperion Therapeutics, Inc. (Esperion), abiopharmaceutical company, with no approved products, that is focused on thedevelopment of high-density-lipoprotein (HDL) cholesterol-targeted therapiesfor the treatment of cardiovascular disease, for $1.3 billion in cash(including transaction costs). The acquisition has been accounted for as apurchase business combination. The allocation of the purchase price includesin-process research and development of $920 million, which was expensed,and goodwill of $234 million, which has been allocated to ourpharmaceutical segment. Neither of these items is deductible for tax purposes. 

Note5:  Merger-Related Costs

We incurred the followingmerger-related costs primarily in connection with our acquisition of Pharmaciawhich was completed on April 16, 2003:
|                                      |   | Three Months  Ended             |   |                            | Six Months Ended |
|-------------------------------------------|--------|---------------------------------|--------|---------------------------------|------------------|
| (millions of dollars)                     |   | June 27,   2004  |   | June 29,   2003  |             |   | June 27,   2004  |   | June 29,   2003  |
|                                      |   |                            |   |                            |             |   |   |   |   |
| Integration costs:                        |   |                            |   |                            |             |   |   |   |   |
| Pharmacia                                 | $      | 141                        | $      | 221                        |             | $ | 242  | $ | 301  |
| Other                                     |   | 9                          |   | 11                         |             |   | 12  |   | 20  |
| Restructuring costs:                      |   |                            |   |                            |             |   |   |   |   |
| Pharmacia                                 |   | 134                        |   | 52                         |             |   | 277  |   | 52  |
| Other                                     |   | 5                          |   | 1                          |             |   | 5  |   | 4  |
| Total merger-related  costs - expensed    | $      | 289                        | $      | 285                        |             | $ | 536  | $ | 377  |
| Total merger-related  costs - capitalized | $      | --                         | $      | 767                        |             | $ | 604  | $ | 767  |

Integration costs represent external, incremental costs directlyrelated to an acquisition, including expenditures for consulting and systemsintegration when incurred.

In connection with the acquisition of Pharmacia, Pfizer managementapproved plans throughout 2003 and during the first six months of 2004 torestructure the operations of both legacy Pfizer and legacy Pharmacia toeliminate duplicative facilities and reduce costs. The restructuring of ouroperations as a result of our acquisition of Pharmacia is expected to continuethrough 2005 and include severance, costs of vacating duplicative facilities, contracttermination and other exit costs. Total merger-related expenditures incurredduring 2003-2005 are expected to be about $6.0 billion, on a pre-taxbasis.

*Restructuring Costs Associated withLegacy Pfizer and Legacy Pharmacia - Expensed*

We have recordedrestructuring costs associated with exiting certain activities of legacy Pfizerand legacy Pharmacia (from April 16, 2004), including severance, costs of vacatingduplicative facilities, contract termination and other costs. These costs havebeen recorded as a charge to the results of operations and are included in *Merger-related costs.*The components ofthe restructuring costs associated with the acquisition of Pharmacia, whichwere expensed, follow:
|                        |   | Provisions |   |                                   |   |   |
|-----------------------------|--------|------------|--------|----------------------------------------|--------|--------|
| (millions of dollars)       |   | Year  2003 |   | Six Months  Ended  June 27,  2004 |   | Total  |   | Utilization   Through   June 27,  2004  |   | Reserve*  June 27,  2004 |
|                        |   |       |   |                                   |   |   |   |   |   |   |
| Employee termination  costs | $      | 140        | $      | 149                                    | $      | 289    | $ | 175 | $ | 114 |
| Asset impairments           |   | 21         |   | 114                                    |   | 135    |   | 135 |   | -- |
| Other                       |   | 16         |   | 14                                     |   | 30     |   | 18 |   | 12 |
|                        | $      | 177        | $      | 277                                    | $      | 454    | $ | 328 | $ | 126 |

*Included in *Other currentliabilities.*

Through June 27, 2004, *Employeetermination costs*represent the approved reduction of the legacyPfizer and legacy Pharmacia (from April 16, 2004) work force by 2,570 people,mainly in corporate, manufacturing, distribution, sales and research. Wenotified affected individuals and as of June 27, 2004, 1,890 employeeswere terminated. *Asset impairments*primarilyinclude charges to writedown property, plant and equipment. *Other* primarily includes costs to exitcertain activities of legacy Pfizer and legacy Pharmacia (from April 16,2004).

*Restructuring Costs Associated withLegacy Pharmacia - Capitalized*

We have recorded, throughApril 15, 2004, $2,182 million of restructuring costs associated withemployee terminations and exiting certain activities of legacy Pharmacia. Thesecosts are recognized as liabilities assumed in the purchase businesscombination. Accordingly, the restructuring costs incurred in the first yearafter the acquisition are considered part of the purchase price of Pharmaciaand have been recorded as an increase to goodwill. These restructuring costsalso include costs associated with relocation. Future restructuring costsassociated with legacy Pharmacia will be charged to the results of operations.The components of the restructuring costs capitalized as a cost of the acquisitionof Pharmacia follow:
|                                             |   | Costs Incurred |   |                                        |   |   |
|--------------------------------------------------|--------|----------------|--------|---------------------------------------------|--------|--------|
| (millions of dollars)                            |   | Year  2003     |   | Six Months  Ended  June 27,  2004 |   | Total  |   | Utilization  Through  June 27,  2004 |   | Reserve*  June 27,  2004 |
|                                             |   |           |   |                                        |   |   |   |   |   |   |
| Employee termination  costs                      | $      | 1,289          | $      | 258                                         | $      | 1,547  | $ | 1,390 | $ | 157 |
| Other                                            |   | 289            |   | 346                                         |   | 635    |   | 444 |   | 191 |
|                                             | $      | 1,578          | $      | 604                                         | $      | 2,182  | $ | 1,834 | $ | 348 |
|                                             |   |           |   |                                        |   |   |   |   |   |   |
| * Included in *Other  current liabilities.* |

Through June 27, 2004, *Employeetermination costs*represent the approved reduction of the legacyPharmacia work force by 12,863 people, mainly in corporate, manufacturing,distribution, sales and research. We notified affected individuals and as ofJune 27, 2004, 11,658 employees were terminated. *Employee termination costs*include accruedseverance benefits and costs associated with change-in-control provisions ofcertain Pharmacia employment contracts. *Other*includes costs to exit certain activities of legacy Pharmacia, which in thesecond quarter of 2004 reflects an approximate $500 million downwardrevision related to estimated exit costs.

Note 6:  Inventories

The components ofinventories follow:
| (millions of dollars)       |   | June 27,  2004 |   | Dec. 31,  2003 |
|-----------------------------|--------|---------------------|--------|---------------------|
|                        |   |                |   |                |
| Finished goods              | $      | 2,161               | $      | 2,198               |
| Work-in-process             |   | 2,508               |   | 2,204               |
| Raw materials and  supplies |   | 1,194               |   | 1,297               |
| Total inventories           | $      | 5,863               | $      | 5,699               |

 

Note 7:  Goodwill and Other Intangible Assets

A.  Goodwill

The changes in thecarrying amount of goodwill for the six months ended June 27, 2004, bysegment, follow:
| (millions of dollars)            |   | Pharmaceutical  |   | Consumer   Healthcare  |   | Animal   Health  |   | Other  |   | Total   |
|----------------------------------|--------|----------------------|--------|----------------------------------|--------|----------------------------|--------|-------------|--------|--------------|
|                             |   |                 |   |                             |   |                       |   |        |   |         |
| Balance,  December 31, 2003 | $      | 19,487          | $      | 2,615                       | $      | 78                    | $      | 85     | $      | 22,265  |
| Pharmacia goodwill  adjustments  |   | 816             |   | 155                         |   | (14)                       |   | (1)         |   | 956     |
| Other*                           |   | 74              |   | 9                           |   | 28                    |   | (74)        |   | 37      |
| Balance, June 27,  2004     | $      | 20,377               | $      | 2,779                       | $      | 92                    | $      | 10     | $      | 23,258  |

*Includes additions from acquisitions (primarily Esperion),reclassifications to *Assets of discontinuedbusinesses and product lines held for sale* (including thosesubsequently sold) and the impact of foreign exchange.

Refer to Note 3B *Pharmacia Acquisition:Allocation of Purchase Price*for the primary factors impacting thePharmacia goodwill adjustments.

B.  Intangibles

The components ofidentifiable intangible assets follow:
|                                             |   | Gross Carrying  Amount |   | Accumulated  Amortization |
|--------------------------------------------------|--------|------------------------|--------|---------------------------|
| (millions of dollars)                            |   | June 27,  2004    |   | Dec. 31,  2003       |   | June 27,   2004  |   | Dec. 31,   2003  |
|                                             |   |                   |   |                      |   |   |   |   |
| **Amortized  intangible assets:**                |   |                   |   |                      |   |   |   |   |
| Developed technology  rights                     | $      | 31,760                 | $      | 31,566                    | $ | (4,044) | $ | (2,364) |
| Trademarks                                       |   | 145                    |   | 107                       |   | (89) |   | (68) |
| Other                                            |   | 560                    |   | 583                       |   | (150) |   | (186) |
| Total amortized intangible  assets               |   | 32,465                 |   | 32,256                    |   | (4,283) |   | (2,618) |
| **Unamortized  identifiable intangible assets:** |   |                   |   |                      |   |   |   |   |
| Brands                                           |   | 5,240                  |   | 5,305                     |   | --  |   | --  |
| Trademarks                                       |   | 234                    |   | 266                       |   | --  |   | --  |
| Other                                            |   | 375                    |   | 382                       |   | --  |   | --  |
| Total unamortized  intangible assets             |   | 5,849                  |   | 5,953                     |   | --  |   | --  |
| **Total  identifiable intangible assets**        | $      | 38,314                 | $      | 38,209                    | $ | (4,283) | $ | (2,618) |

Total amortization expense for finite-lived intangible assets was $847 millionand $591 million for the three months ended June 27, 2004 andJune 29, 2003 and $1,690 million and $609 million for the six monthsended June 27, 2004 and June 29, 2003.**Intangible assets that contribute to our ability to sell,manufacture, research, market and distribute are included in *Amortization of intangible assets* as theybenefit multiple business functions. Intangible assets that are associated witha single function are included in *Cost ofsales, Selling, informational and administrative* and *Research and development expenses*, asappropriate.

The annual amortization expense expected for the fiscal years 2004through 2009 is expected to be $3,347 million in 2004, $3,345 million in 2005, $3,238 million in2006, $3,088 million in 2007, $2,573 million in 2008, and$2,364 million in 2009.

Note 8:  Financial Instruments

A.  Long-Term Debt

In February 2004, weissued:
| -      | $750 million senior unsecured notes, due  February 2014, which pay interest semi-annually, beginning on August 15,  2004, at a rate of 4.5%; and |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                       |
| -      | $700 million senior unsecured notes, due March  2007, which pay interest semi-annually, beginning on September 15, 2004,  at a rate of 2.5%.     |

The notes were issued under a $5 billion debt shelf registrationstatement filed with the SEC in November 2002.

B.  Derivative Financial Instruments and HedgingActivities

During the first sixmonths of 2004, we entered into the following incremental or new derivative andhedging activities:

*ForeignExchange Risk*

These foreign exchangefinancial instruments serve to protect net income against the impact of thetranslation into U.S. dollars of certain foreign exchange denominatedtransactions:
| Financial Instrument |   | Hedge Type |   | Hedged Item                          |   | Notional Amount  (millions of dollars)                                       |   | Maturity Date |
|----------------------|--------|------------|--------|--------------------------------------|--------|------------------------------------------------------------------------------|--------|---------------|
|                 |   |       |   |                                 |   |                                                                         |   |          |
| Forward contracts    |   | Cash flow  |   | Euro available-for-sale  investments |   |             $175 |   | Through 2004  |

In addition, forwardcontracts used to offset short-term foreign currency assets and liabilitieswere primarily for intercompany transactions in euros, Japanese yen andAustralian dollars for the first six months ended June 27, 2004.

*InterestRate Risk*

These interest ratederivatives are employed to manage interest rate risk:
| Financial Instrument |                                                                                                                                                                    | Hedge Type                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                             |   |                                                                                    |   |          |
| (1)                  | Serves to reduce exposure to long-term U.S. dollar  interest rates by effectively converting fixed rates associated with  long-term debt obligations to floating rates. |  
There was no material ineffectiveness in any hedging relationshipreported in earnings in the first six months of 2004.

Note 9:  Benefit Plans

The components of netperiodic benefit cost of the U.S. and international pension plans and thepostretirement plans for the three months ended June 27, 2004 andJune 29, 2003 follow:

 

 

Pension Plans

 

 

 

 

U.S. Qualified

 

U.S. Supplemental  (non-qualified)

 

International

 

Postretirement  Plans

(millions of dollars)

 

2004 

 

2003 

 

2004

 

2003

 

2004 

 

2003 

 

2004 

 

2003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

$

73 

$

62 

$

9 

$

10 

$

62 

$

53 

$

10 

$

9 

Interest cost

 

98 

 

90 

 

14 

 

16 

 

72 

 

56 

 

31 

 

30 

Expected return on plan  assets

 

(143)

 

(97)

 

-- 

 

-- 

 

(70)

 

(52)

 

(6)

 

(4)

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service costs

 

4 

 

5 

 

1 

 

1 

 

(1)

 

1 

 

1 

 

3 

Net transition asset

 

-- 

 

-- 

 

-- 

 

-- 

 

(1)

 

-- 

 

-- 

 

-- 

Actuarial losses

 

23 

 

28 

 

9 

 

7 

 

14 

 

9 

 

6 

 

6 

Curtailments and  settlements-net

 

-- 

 

-- 

 

-- 

 

-- 

 

(18)

 

3 

 

-- 

 

-- 

Net periodic benefit  costs

$

55 

$

88 

$

33 

$

34 

$

58 

$

70 

$

42 

$

44 

The component of netperiodic benefit cost of the U.S. and international pension plans and thepost-retirement plans for the six months ended June 27, 2004 and June 29, 2003follow:

 

 

Pension Plans

 

 

 

 

U.S. Qualified

 

U.S. Supplemental  (non-qualified)

 

International

 

Postretirement  Plans

(millions of dollars)

 

2004 

 

2003 

 

2004

 

2003

 

2004 

 

2003 

 

2004 

 

2003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

$

144 

$

108 

$

17 

$

17 

$

130 

$

94 

$

20 

$

14 

Interest cost

 

195 

 

157 

 

29 

 

29 

 

143 

 

96 

 

62 

 

45 

Expected return on plan  assets

 

(286)

 

(172)

 

-- 

 

-- 

 

(141)

 

(93)

 

(11)

 

(4)

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service costs

 

8 

 

9 

 

1 

 

1 

 

4 

 

3 

 

1 

 

6 

Net transition asset

 

-- 

 

-- 

 

-- 

 

-- 

 

1 

 

-- 

 

-- 

 

-- 

Actuarial losses

 

49 

 

57 

 

18 

 

15 

 

27 

 

18 

 

12 

 

11 

Curtailments and  settlements-net

 

-- 

 

1 

 

-- 

 

1 

 

(19)

 

5 

 

-- 

 

1 

Net periodic benefit  costs

$

110 

$

160 

$

65 

$

63 

$

145 

$

123 

$

84

$

73 

We previously disclosedin our consolidated financial statements for the year ended December 31,2003, that we expected to contribute approximately $34 million to our U.S.qualified pension plans, $87 million to our U.S. supplemental (non-qualified)pension plans and $136 million to our U.S. postretirement plans in 2004.The expected contributions to our U.S. qualified pension plans and our U.S.postretirement plans remain unchanged, while we now expect our contributions toour U.S. supplemental (non-qualified) pension plans to be $121 million in2004. International pension and postretirement plans will be funded inaccordance with local regulations.

Note10:  Comprehensive Income

 

 

Three Months  Ended

 

 

Six Months Ended

(millions of dollars)

 

June 27,   2004 

 

 

June 29,   2003 

 

 

June 27,   2004 

 

 

June 29,   2003 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

$

2,863 

 

$

(3,591)

 

$

5,195 

 

$

1,073 

Other comprehensive  income/(expense):

 

 

 

 

 

 

 

 

 

 

 

Holding gain/(loss) on  investment securities arising during period-net of tax

 

35 

 

 

(119)

 

 

183 

 

 

(145)

Reclassification  adjustment-net of tax

 

-- 

 

 

5 

 

 

-- 

 

 

5 

Net income/(loss) on  investment securities

 

35 

 

 

(114)

 

 

183 

 

 

(140)

Currency translation  adjustment and hedges

 

(1,624)

 

 

740 

 

 

(238)

 

 

1,399 

Total other  comprehensive income/(expense)

 

(1,589)

 

 

626 

 

 

(55)

 

 

1,259 

Total comprehensive income/(loss)

$

1,274 

 

$

(2,965)

 

$

5,140 

 

$

2,332 

 

The change in currencytranslation adjustment and hedges included in *Accumulatedother comprehensive expense* for the first six months of 2004 was:

(millions of dollars)

 

2004 

 

 

 

Opening balance

$

632 

Translation adjustment  and hedges

 

(238)

Ending balance

$

394 

Note 11:  Earnings Per Common Share

Basic and dilutedearnings per common share (EPS) were computed using the following common sharedata:

 

 

Three Months  Ended

 

 

Six Months Ended

(millions of dollars)

 

June 27,  2004 

 

June 29,  2003 

 

 

June 27,  2004 

 

June 29,  2003 

 

 

 

 

 

 

 

 

 

 

**EPS  Numerator - Basic:**

 

 

 

 

 

 

 

 

 

Income/(loss) from  continuing operations before cumulative effect of change in accounting  principles

$

2,844 

$

(3,674)

 

$

5,163 

$

(1,220)

 

 

 

 

 

 

 

 

 

 

Less:  Preferred stock dividends - net of  tax

 

1 

 

2 

 

 

2 

 

2 

 

 

 

 

 

 

 

 

 

 

Income/(loss) available  to common shareholders from continuing operations before cumulative effect of  change in accounting principles

 

2,843 

 

(3,676)

 

 

5,161 

 

(1,222)

 

 

 

 

 

 

 

 

 

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

Income from operations  of discontinued businesses and product lines-net of tax

 

17 

 

-- 

 

 

30 

 

38 

Gains on sales of  discontinued businesses and product lines-net of tax

 

2 

 

83 

 

 

2 

 

2,285 

 

 

 

 

 

 

 

 

 

 

Discontinued  operations-net of tax

 

19 

 

83 

 

 

32 

 

2,323 

 

 

 

 

 

 

 

 

 

 

Income/(loss)  available to common shareholders before cumulative effect of change in  accounting principles

 

2,862 

 

(3,593)

 

 

5,193 

 

1,101 

 

 

 

 

 

 

 

 

 

 

Cumulative effect of  change in accounting principles-net of tax

 

-- 

 

-- 

 

 

-- 

 

(30)

 

 

 

 

 

 

 

 

 

 

Net income/(loss)  available to common shareholders

$

2,862 

$

(3,593)

 

$

5,193 

$

1,071 

 

 

 

 

 

 

 

 

 

 

**EPS  Denominator - Basic:**

 

 

 

 

 

 

 

 

 

Weighted average number  of common shares outstanding

 

7,574.1 

 

7,453.4

 

 

7,580.2 

 

6,777.4

 

 

 

 

 

 

 

 

 

 

**EPS  Numerator - Diluted:**

 

 

 

 

 

 

 

 

 

Income/(loss) from  continuing operations before cumulative effect of change in accounting  principles

$

2,844 

$

(3,674)

 

$

5,163 

$

(1,220)

 

 

 

 

 

 

 

 

 

 

Less:  ESOP contribution - net of tax

 

1 

 

1 

 

 

3 

 

1 

 

 

 

 

 

 

 

 

 

 

Income/(loss) available  to common shareholders from continuing operations before cumulative effect of  change in accounting principles

 

2,843 

 

(3,675)

 

 

5,160 

 

(1,221)

 

 

 

 

 

 

 

 

 

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

Income from operations  of discontinued businesses and product lines-net of tax

 

17 

 

-- 

 

 

30 

 

38 

Gains on sales of  discontinued businesses and product lines-net of tax

 

2 

 

83 

 

 

2 

 

2,285 

 

 

 

 

 

 

 

 

 

 

Discontinued  operations-net of tax

 

19 

 

83 

 

 

32 

 

2,323 

 

 

 

 

 

 

 

 

 

 

Income/(loss)  available to common shareholders before cumulative effect of change in  accounting principles 

 

2,862 

 

(3,592)

 

 

5,192 

 

1,102 

 

 

 

 

 

 

 

 

 

 

Cumulative effect of  change in accounting principles-net of tax

 

-- 

 

-- 

 

 

-- 

 

(30)

 

 

 

 

 

 

 

 

 

 

Net income/(loss)  available to common shareholders

$

2,862 

$

(3,592)

 

$

5,192 

$

1,072 

 

 

 

 

 

 

 

 

 

 

**EPS  Denominator - Diluted:**

 

 

 

 

 

 

 

 

 

Weighted average number  of common shares outstanding

 

7,574.1 

 

7,453.4

 

 

7,580.2 

 

6,777.4

Common share  equivalents--stock options, stock issuable under employee compensation plans  and convertible preferred stock

 

89.9 

 

--

 

 

91.4 

 

--

Weighted average number  of common shares outstanding and common share equivalents

 

7,664.0 

 

7,453.4

 

 

7,671.6 

 

6,777.4

Outstanding stock options, representing 280 million shares ofcommon stock during the three-month and six-month periods ended June 27,2004, had exercise prices greater than the average market price of our commonstock. These options were excluded from the computation of diluted EPS for theseperiods because their inclusion would have had an antidilutive effect.

As a result of incurring a loss from continuing operations beforecumulative effect of change in accounting principles during the three-month andsix-month periods ended June 29, 2003, stock options, stock issuable underemployee compensation plans and convertible preferred stock representingequivalents of approximately 687 million shares of common stock outstandingduring the three-month and six-month periods ended June 29, 2003 wereexcluded from the computation of diluted EPS for those periods because theirinclusion would have had an antidilutive effect.

Also, in the diluted computation, income from continuing operations andnet income are reduced by the incremental contribution to the ESOPs, which wereacquired as part of the Pharmacia acquisition. This contribution is theafter-tax difference between the income that the ESOPs would have received inpreferred stock dividends and the dividend on the common shares assumed to havebeen outstanding.

Note 12:  Discontinued Operations

We evaluate ourbusinesses and product lines on an ongoing basis for strategic fit within ouroperations. As a result of our evaluation, in the first three months of 2004,we decided to sell the following businesses and product lines:

-

In January 2004, we agreed to sell our in-vitro  allergy and autoimmune diagnostics testing (Diagnostics) business, formerly  included in the "Corporate/Other" category of our segment  information, for $575 million in cash. The sale was completed on  April 23, 2004. The Diagnostics business was acquired in April 2003 in  connection with our acquisition of Pharmacia. We recorded $153 million  in revenues from this business in 2003.

 

 

-

In March 2004, we  decided to sell our surgical ophthalmic business and in April 2004, we agreed  to sell this business for $450 million in cash. The sale was completed  on June 26, 2004 with the proceeds held in escrow until June 28,  2004 (included in *Prepaid expenses, taxes  and other*at June 27, 2004). The surgical ophthalmic business  was included in our Pharmaceutical segment and became a part of Pfizer in  April 2003 in connection with our acquisition of Pharmacia. We recorded $102  million in revenues from this business in 2003. 

 

 

-

In March 2004, we decided to sell certain non-core  consumer product lines marketed primarily in Europe by our Consumer  Healthcare segment and in May 2004, we agreed to sell these products for 135  million euro (approximately $163 million) in cash. This transaction closed on  June 28, 2004, which is in the third fiscal quarter of 2004. The  majority of these products are small brands, sold in single markets only and  include certain products that became a part of Pfizer in April 2003 in  connection with our acquisition of Pharmacia. We recorded $103 million  in revenues from these products in 2003. 

 

 

-

In March 2004, we  decided to sell certain European generic pharmaceutical businesses. The  European generic businesses were included in our Pharmaceutical segment and  became a part of Pfizer in April 2003, in connection with our acquisition of  Pharmacia. We recorded $94 million in revenues from these businesses in  2003. 

We have included the results of operations of these businesses andproduct lines in discontinued operations for the three-month and six-monthperiods ended June 27, 2004. Due to the timing of our acquisition ofPharmacia in April 2003, the results of operations relating to these businessesand product lines for the three-month and six-month periods ended June 29,2003 were included in our consolidated results of operations from the April 16,2003 acquisition date, except for those relating to certain legacy Pfizernon-core consumer healthcare products which have been included in discontinuedoperations for all periods presented.

The significant assetsand liabilities relating to these businesses and product lines includeintangible assets, goodwill, property, plant and equipment, inventory, accountsreceivable, accrued liabilities and deferred taxes.

In 2003, we sold thefollowing businesses and product lines:

-

In March 2003, we sold the Adams confectionery  products business, formerly part of our Consumer Healthcare segment, for  $4.2 billion in cash. We recognized a gain on the sale of this business  of $3,091 million ($1,824 million net of tax) in the consolidated  statement of operations for the first six months of 2003.

 

 

-

In March 2003, we sold the Schick-Wilkinson Sword  shaving products business, formerly part of our Consumer Healthcare segment,  for $930 million in cash. We recognized a gain on the sale of this  business of $462 million ($262 million net of tax) in the  consolidated statement of operations for the first six months of 2003.

 

 

-

In March 2003, we  sold the oral contraceptives Estrostep and Loestrin, formerly part of our  Pharmaceutical segment, for $197 million in cash with a right to receive  up to $47.3 million contingent on Estrostep retaining market exclusivity  until the expiration of its patent. We recognized a gain on the sale of these  two products of $193 million ($116 million net of tax) in the  consolidated statement of operations for the first six months of 2003. 

 

 

-

In April 2003, we  completed the sale of the hormone replacement therapy femhrt, formerly part  of our Pharmaceutical segment, for $160 million in cash with a right to  receive up to $63.8 million contingent on femhrt retaining market  exclusivity until the expiration of its patent. We recognized a gain on the  sale of this product of $139 million ($83 million net of tax) in the  consolidated statement of operations for the second quarter and first six  months of 2003.

These businesses and product lines are reported as discontinuedoperations in the three-month and six-month periods ended June 29, 2003.

The following amountshave been segregated from continuing operations and reported as discontinuedoperations:

 

 

Three Months  Ended

 

 

Six Months Ended

(millions of dollars)

 

June 27,  2004

 

June 29,  2003

 

 

June 27,  2004

 

June 29,  2003

 

 

 

 

 

 

 

 

 

 

Revenues

$

154

$

253

 

$

304

$

877

 

 

 

 

 

 

 

 

 

 

Pre-tax income

$

25

$

--

 

$

45

$

62

Provision for taxes on  income

 

8

 

--

 

 

15

 

24

Income from operations  of discontinued businesses and product lines-net of tax

 

17

 

--

 

 

30

 

38

Pre-tax gains on sales  of discontinued businesses and product lines

 

3

 

139

 

 

3

 

3,885

Provision for taxes on gains 

 

1

 

56

 

 

1

 

1,600

Gains on sales of  discontinued businesses and product lines-net of tax

 

2

 

83

 

 

2

 

2,285

Discontinued operations-net of tax

$

19

$

83

 

$

32

$

2,323

Note 13:  Segment Information

We operate in thefollowing three business segments:

*Pharmaceutical*

 

 

-

The Pharmaceutical  segment includes treatments for cardiovascular and metabolic diseases,  central nervous system disorders, arthritis and pain, infectious and  respiratory diseases, urogenital conditions, cancer, eye disease, endocrine  disorders and allergies.

* *

* *

*Consumer  Healthcare*

 

 

-

The Consumer Healthcare  segment includes self medications for oral care, upper respiratory health,  tobacco dependence, gastrointestinal health, skin care, eye care and hair  growth.

 

*Animal  Health*

 

 

-

The Animal Health  segment includes treatments for diseases in livestock and companion animals.

We operate several other businesses which include the manufacture ofempty soft-gelatin capsules (Capsugel) and contract manufacturing and bulkpharmaceutical chemicals (Pfizer CentreSource). Due to the size of thesebusinesses, they are grouped into the "Other" category. 

Revenues andprofits/(losses) by segment for the three months ended June 27, 2004 andJune 29, 2003 were as follows:

 

 

 

 

Pharma-

 

Consumer

 

Animal

 

 

 

 

 

 

 

 

 

ceutical

 

Healthcare

 

Health

 

Other

(a)

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

2004

 

 

$10,704

 

$869

 

$484

 

$    217 

 

 

$12,274 

 

2003

 

 

8,602

 

717

 

383

 

198 

 

 

9,900 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment profit/(loss)(b)

2004

 

 

$  4,696

 

$154

 

$  89

 

$(1,511)

(c) (d)

 

$  3,428 

 

2003

 

 

3,372

 

120

 

56

 

(6,954)

(c) (e)

 

(3,406)

Revenues and profits/(losses) by segment for the six months endedJune 27, 2004 and June 29, 2003 were as follows:

 

 

 

 

 

Pharma-

 

Consumer

 

Animal

 

 

 

 

 

 

 

 

 

ceutical

 

Healthcare

 

Health

 

Other

(a)

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

2004

 

 

$21,745

 

$1,673

 

$912

 

$     432 

 

 

$24,762 

 

2003

 

 

16,148

 

1,296

 

652

 

310 

 

 

18,406 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment profit/(loss)(b)

2004

 

 

$10,148

 

$   313

 

$155

 

$(4,059)

(c) (d)

 

$  6,557 

 

2003

 

 

6,856

 

253

 

91

 

(7,390)

(c) (e)

 

(190)

 

(a)

Includes Capsugel, Pfizer CentreSource and  Corporate/Other.

 

 

(b)

Equals income from continuing operations before  provision for taxes on income, minority interests and cumulative effect of  change in accounting principles. For management reporting purposes, certain  costs, including non-cash purchase accounting charges and merger-related  costs, are not included in the results utilized by management to evaluate its  core business.

 

 

(c)

Includes interest income/(expense), corporate  expenses, other income/(expense), certain performance-based compensation  expenses not allocated to the operating segments, non-cash purchase  accounting charges and merger-related costs.

 

 

(d)

*Other*  includes non-cash charges associated with purchase accounting for  acquisitions for the three-month and six-month periods ended June 27,  2004 including acquired in-process research and development and incremental  intangible amortization and other of $824 million and $2,546 million  that were attributable to *Pharmaceutical*,  $2 million and $3 million for *Consumer  Healthcare*, $1 million and $21 million for *Animal Health*and $(7) million and  $8 million for *Other*.

 

 

(e)

*Other*  includes non-cash charges associated with purchase accounting for the three-month  and six-month periods ended June 29, 2003 including acquired in-process  research and development, the sale of acquired inventory written up to fair  value and incremental intangible amortization and other of  $5,776 million that were attributable to *Pharmaceutical*, $90 million for *Consumer Healthcare*, $222 million  for *Animal Health*and $18 million  for *Other*.

 

Revenues for each groupof similar products are as follows:

 

 

Three Months  Ended

 

 

Six Months Ended

(millions of dollars)

 

June 27,  2004

 

June 29,  2003

 

  % Change

 

 

June 27,  2004

 

June 29,  2003

 

  % Change

** **

 

 

 

 

 

 

 

 

 

 

 

 

 

**PHARMACEUTICAL**

 

 

 

 

 

 

 

 

 

 

 

 

 

Cardiovascular and metabolic diseases

$

3,963

$

3,568 

 

11 

 

$

8,217

$

7,096 

 

16 

Central nervous system disorders

 

2,036

 

1,579 

 

29 

 

 

3,983

 

3,189 

 

25 

Arthritis and pain

 

1,146

 

648 

 

77 

 

 

2,322

 

737 

 

215 

Infectious and respiratory diseases

 

1,125

 

902 

 

25 

 

 

2,360

 

1,989 

 

19 

Urology

 

583

 

525 

 

11 

 

 

1,218

 

999 

 

22 

Oncology

 

305

 

200 

 

53 

 

 

548

 

200 

 

175 

Ophthalmology

 

291

 

110 

 

164 

 

 

570

 

110 

 

417 

Endocrine disorders

 

223

 

108 

 

106 

 

 

443

 

108 

 

309 

All other

 

894

 

776 

 

15 

 

 

1,801

 

1,203 

 

50 

Alliance revenue

 

138

 

186 

 

(26)

 

 

283

 

517 

 

(45)

Total Pharmaceutical

 

10,704

 

8,602 

 

24 

 

 

21,745

 

16,148 

 

35 

**CONSUMER  HEALTHCARE**

 

869

 

717 

 

21 

 

 

1,673

 

1,296 

 

29 

**ANIMAL  HEALTH**

 

484

 

383 

 

26 

 

 

912

 

652 

 

40 

**OTHER**

 

217

 

198 

 

10 

 

 

432

 

310 

 

39 

Total revenues

$

12,274

$

9,900 

 

24 

 

$

24,762

$

18,406 

 

35 

 

REVIEW REPORT OFINDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Shareholders and Board of Directors of Pfizer Inc.:

We have reviewed the condensed consolidated balance sheet of PfizerInc. and Subsidiary Companies as of June 27, 2004 and the relatedcondensed consolidated statements of operations for the three-month andsix-month periods ended June 27, 2004 and June 29, 2003 and cashflows for the six-month periods then ended. These condensed consolidatedfinancial statements are the responsibility of the Company's management. 

We conducted our review in accordance with standards established by thePublic Company Accounting Oversight Board (United States). A review of interimfinancial information consists principally of applying analytical procedures tofinancial data and making inquiries of persons responsible for financial andaccounting matters.  It is substantially less in scope than an audit conducted inaccordance with the standards of the Public Company Accounting Oversight Board(United States), the objective of which is the expression of an opinionregarding the financial statements taken as a whole.  Accordingly, we do notexpress such an opinion.

Based on our review, we are not aware of any material modificationsthat should be made to the condensed consolidated financial statements referredto above for them to be in conformity with U.S. generally accepted accountingprinciples.

We have previously audited, in accordance with auditing standards establishedby the Public Company Accounting Oversight Board (United States), theconsolidated balance sheet of Pfizer Inc. and Subsidiary Companies as ofDecember 31, 2003, and the related consolidated statements of operations,shareholders' equity and cash flows for the year then ended (not presentedherein); and in our report dated February 26, 2004, we expressed anunqualified opinion on those consolidated financial statements.  In ouropinion, the information set forth in the accompanying condensed consolidatedbalance sheet as of December 31, 2003, is fairly stated, in all materialrespects, in relation to the consolidated balance sheet from which it has beenderived.

 

KPMG LLP

New York, New YorkAugust 6, 2004

Item 2.  Management's Discussion andAnalysis of Financial Condition and Results of Operations (MD&A)

The components of theCondensed Consolidated Statement of Operations follow:

 

 

Second Quarter

 

 

First Six Months

(millions of dollars, except per common share data)

 

2004 

 

 

2003 

 

% Change 

 

 

2004 

 

 

2003 

 

% Change 

Revenues

$

12,274 

 

$

9,900 

 

24 

 

$

24,762 

 

$

18,406 

 

35 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

1,752 

 

 

1,980 

 

(11)

 

 

3,546 

 

 

3,038 

 

17 

% of revenues

 

14.3 

%

 

20.0 

%

 

 

 

14.3 

%

 

16.5 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, informational  and administrative expenses

 

4,258 

 

 

3,744 

 

14 

 

 

8,191 

 

 

6,484 

 

26 

% of revenues

 

34.7 

%

 

37.8 

%

 

 

 

33.1 

%

 

35.2 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development  expenses

 

1,819 

 

 

1,738 

 

5 

 

 

3,469 

 

 

3,211 

 

8 

% of revenues

 

14.8 

%

 

17.6 

%

 

 

 

14.0 

%

 

17.4 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of  intangible assets

 

830 

 

 

572 

 

45 

 

 

1,653 

 

 

576 

 

187 

% of revenues

 

6.8 

%

 

5.8 

%

 

 

 

6.7 

%

 

3.1 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Merger-related in-process research and development  charge

 

-- 

 

 

5,130 

 

* 

 

 

955 

 

 

5,130 

 

(81)

% of revenues

 

-- 

 

 

51.8 

%

 

 

 

3.9 

%

 

27.9 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Merger-related costs

 

289 

 

 

285 

 

1 

 

 

536 

 

 

377 

 

42 

% of revenues

 

2.4 

%

 

2.9 

%

 

 

 

2.2 

%

 

2.0 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other  (income)/deductions-net

 

(102)

 

 

(143)

 

(29)

 

 

(145)

 

 

(220)

 

(34)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income/(loss) from  continuing operations before provision for taxes on income, minority  interests and cumulative effect of change in accounting principles

 

3,428 

 

 

(3,406)

 

* 

 

 

6,557 

 

 

(190)

 

* 

% of revenues

 

27.9 

%

 

(34.4)

%

 

 

 

26.5 

%

 

(1.0)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for taxes on  income

 

582 

 

 

269 

 

116 

 

 

1,390 

 

 

1,032 

 

35 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective tax rate

 

17.0 

%

 

7.9 

%

 

 

 

21.2 

%

 

541.9 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income/(loss) from  continuing operations before cumulative effect of change in accounting  principles

 

2,844 

 

 

(3,674)

 

* 

 

 

5,163 

 

 

(1,220)

 

* 

% of revenues

 

23.2 

%

 

(37.1)

%

 

 

 

20.9 

%

 

(6.6)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations-net  of tax

 

19 

 

 

83 

 

(77)

 

 

32 

 

 

2,323 

 

(99)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income/(loss) before  cumulative effect of change in accounting principles

 

2,863 

 

 

(3,591)

 

* 

 

 

5,195 

 

 

1,103 

 

371 

% of revenues

 

23.3 

%

 

(36.3)

%

 

 

 

21.0 

%

 

6.0 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative effect of  change in accounting principles-net of tax

 

-- 

 

 

-- 

 

* 

 

 

-- 

 

 

(30)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* 

Net income/(loss)

$

2,863 

 

$

(3,591)

 

* 

 

$

5,195 

 

$

1,073 

 

384 

% of revenues

 

23.3 

%

 

(36.3)

%

 

 

 

21.0 

%

 

5.8 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings/(loss) per  common share - Basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income/(loss) from  continuing operations before cumulative effect of change in accounting  principles

$

.38 

 

$

(.49)

 

* 

 

$

.69 

 

$

(.18)

 

* 

Discontinued  operations-net of tax

 

-- 

 

 

.01 

 

* 

 

 

-- 

 

 

.34 

 

* 

Cumulative effect of  change in accounting principles-net of tax

 

-- 

 

 

-- 

 

-- 

 

 

-- 

 

 

-- 

 

-- 

Net income/(loss)

$

.38 

 

$

(.48)

 

* 

 

$

.69 

 

$

.16 

 

331 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings/(loss) per  common share - Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income/(loss) from  continuing operations before cumulative effect of change in accounting  principles

$

.38 

 

$

(.49)

 

* 

 

$

.68 

 

$

(.18)

 

* 

Discontinued  operations-net of tax

 

-- 

 

 

.01 

 

* 

 

 

-- 

 

 

.34 

 

* 

Cumulative effect of  change in accounting principles-net of tax

 

-- 

 

 

-- 

 

-- 

 

 

-- 

 

 

-- 

 

-- 

Net income/(loss)

$

.38 

 

$

(.48)

 

* 

 

$

.68 

 

$

.16 

 

325 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends paid per  common share

$

.17 

 

$

.15 

 

 

 

$

.34  

 

$

.30 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OVERVIEW

We are a research-based,global pharmaceutical company that discovers, develops, manufactures andmarkets leading prescription medicines for humans and animals, as well as manyof the world's best known consumer healthcare products. We generate revenuethrough the sale of our products, as well as through alliance agreements bycopromoting products discovered by other companies.

*PharmaciaAcquisition*

On April 16, 2003,  weacquired Pharmacia in a stock-for-stock transactionvalued at approximately $56 billion. This transaction wasaccounted for as a purchase business combination under accounting principlesgenerally accepted in the United States of America (GAAP). The results ofoperations discussed below include Pharmacia's product sales and expenses fromthe acquisition date. Therefore, our operating results for the second quarterand first six months of 2004 reflect the impact of the acquisition of Pharmaciathroughout each period, as compared to the second quarter and first six monthsof 2003 which reflect the impact of the acquisition of Pharmacia fromApril 16, 2003.

In connection with theacquisition, we continue to take actions to integrate and restructure thePharmacia operations in order to increase our profitability through costsavings and operating efficiencies. To achieve the savings, we have incurredcertain merger-related expenditures of about $3.7 billion from theacquisition date through June 27, 2004, which are discussed in more detailin the "Costs and Expenses" section. As a result of these activitiesand the combining of operations, it is not possible to provide separate resultsof operations for Pharmacia for the period after the acquisition date.

*EsperionAcquisition*

On February 10, 2004 wecompleted the acquisition of all of the outstanding shares of EsperionTherapeutics, Inc. (Esperion), a biopharmaceutical company, with no approvedproducts, that is focused on the development of high-density-lipoprotein (HDL)cholesterol-targeted therapies for the treatment of cardiovascular disease, for$1.3 billion in cash (including transaction costs). The acquisition hasbeen accounted for as a purchase business combination. The allocation of thepurchase price includes in-process research and development of$920 million, which was expensed, and goodwill of $234 million, whichhas been allocated to our pharmaceutical segment. Neither of these items is deductiblefor tax purposes.

*Other Financial Impacts*

During the first six months of 2004, we decided to sell certainbusinesses and product lines that were primarily acquired in connection withour acquisition of Pharmacia because they do not fit within our strategic plan.Specifically, in January 2004, we agreed to sell our in-vitro allergy andautoimmune diagnostics testing business for $575 million in cash (closedon April 23, 2004). In March 2004, we decided to sell our surgicalophthalmic business which, in April 2004, we agreed to sell for$450 million in cash (closed on June 26, 2004). In March 2004, wedecided to sell certain non-core consumer healthcare products primarilymarketed in Europe which, in May 2004, we agreed to sell for 135 million euro(approximately $163 million) in cash. This transaction closed on June 28,2004, which is in the third fiscal quarter of 2004. In addition, inMarch 2004 we decided to sell certain European generic businesses. All ofthese businesses and product lines are reported as discontinued operations inthe three-month and six-month periods ended June 27, 2004 and in thecomparable prior periods where applicable.

During the first sixmonths of 2003, we sold the Adams confectionery business, the Schick-WilkinsonSword shaving products business and certain women's health product lines, whichin the aggregate, increased net income by $2,285 million after tax. Thesedivestitures are reported as discontinued operations in the three-month andsix-month periods ended June 27, 2003.

In the first six monthsof 2003, we incurred non-cash charges, which reduced net income by$30 million after tax in connection with our January 1, 2003 adoption ofStatement of Financial Accounting Standards (SFAS) No. 143, *Accounting for Asset Retirement Obligations*.This charge was reported as a cumulative effect of a change in accountingprinciple.

REVENUES

Revenues increased 24% in the second quarter and 35% in the first sixmonths of 2004, as compared to the prior year periods.

The revenue increase was primarily due to the inclusion of Pharmaciaresults (the second quarter and the first six months of 2003 only reflected2 1/2 months of domestic and 1 1/2 months of internationalPharmacia product sales), strong performances by a number of our in-lineproducts and newly launched products across major businesses and regions andthe weakening of the U.S. dollar relative to many other currencies. Elevenproducts--Lipitor, Norvasc, Zoloft, Celebrex, Neurontin, Zithromax, Viagra,Diflucan, Zyrtec, Bextra and Xalatan/Xalcom--each achieved revenues of morethan half a billion dollars in the first six months of 2004.

Changes in foreign exchange rates increased revenues in the secondquarter of 2004 by $418 million or 4.2% and increased revenues in thefirst six months of 2004 by $854 million or 4.6% compared to the sameperiods in 2003. The foreign exchange impact on the second quarter and firsthalf of 2004 revenue growth, relative to the same periods last year, isassociated with legacy Pfizer revenues only and primarily reflects theweakening of the U.S. dollar against major currencies. The revenues of legacyPharmacia products, recorded from the acquisition date of April 16, 2003, aretreated as incremental volume and do not have a foreign exchange impact.

On January 2, 2004 we increased the published prices for certainU.S. pharmaceutical products. The impact of price increases on revenues was notsignificant in the second quarter and first six months of 2004 compared to theprior year periods.

The second quarter of 2003 was the first period to include revenueassociated with the sale of legacy Pharmacia products. Pharmacia trade stockinglevels in the U.S. began the second quarter of 2003 at a little over 2 months onhand. The harmonization of legacy Pharmacia's trade-inventory practices withthose of legacy Pfizer resulted in the reduction of trade inventories over thecourse of the second quarter and negatively impacted revenues by approximately$300 million in the second quarter and first six months of 2003. Theharmonization of Pharmacia's trade-inventory practice was essentially completedduring the third quarter of 2003. Such harmonization of trade-inventorypractices with those of legacy Pfizer negatively impacted revenues byapproximately $500 million in fiscal 2003.

Pfizer's policy relating to the supply of pharmaceutical inventory atdomestic wholesalers, and in major international markets, is to maintainstocking levels under one month on average and to keep monthly levelsconsistent from year to year based on patterns of utilization. Pfizer hashistorically been able to closely monitor these customer stocking levels bypurchasing information from our customers directly or by obtaining other thirdparty information. Pfizer believes its data sources to be directionallyreliable, but cannot verify its accuracy. Further, as Pfizer does not controlthis third party data, we cannot be assured of continuing access. Unusualbuying patterns and utilization are promptly investigated.

The loss of patent protection with respect to any of our majorproducts, including those described in the Legal Proceedings section, couldhave a material adverse effect on our projected revenues and net income.

*Sales Rebates, Discounts andIncentives*

As is typical in the pharmaceutical industry, our gross product salesare subject to a variety of deductions, primarily representing rebates anddiscounts to government agencies, wholesalers and managed care organizations.These deductions represent estimates of the related liabilities and, as such,judgment is required when estimating the impact of these sales deductions ongross sales for a reporting period.  If our estimates are notrepresentative of actual settlement, our results could be materially affected.

Historically, our adjustments to actual have not been material; on aquarterly basis, they generally have been less than 0.5% of pharmaceutical netsales and can result in a net increase to income or a net decrease to income.The sensitivity of our estimates can vary by program, type of customer andgeographic location. However, estimates associated with U.S. Medicaid andContract Rebates are most at risk for material adjustment because of theextensive time delay between the recording of the accrual and its ultimatesettlement, an interval that can range up to one year. Because of this timelag, in any given quarter, our adjustments to actual will incorporate revisionsof several prior quarters.

Specifically:

-

In the U.S., we record provisions for Medicaid and  Contract rebates based upon our actual experience ratio of rebates paid and  actual prescriptions written within a respective period. We apply the  experience ratio to the respective period's sales to determine the rebate  accrual and related expense. This experience ratio is evaluated regularly to  ensure that the historical trends are as current as practicable. As  appropriate, we will adjust the ratio to better match our current experience or  our expected future experience. In assessing this ratio, we consider current  contract terms, such as changes in formulary status and discount rates.  Periodically, we adjust the accrual based upon actual payments made for  rebates. If our ratio is not indicative of future experience, our results  could be affected.

 

** **

-

Deductions for Chargebacks (discounts to federal  government agencies) closely approximate actual as we settle these deductions  generally within 2-3 weeks of incurring the liability.

 

** **

-

Outside of the U.S., the majority of our rebates are  contractual or legislatively-mandated and our estimates are based on actual  invoiced sales within each period; both of these elements help to reduce the  risk of variations in the estimation process. Some European countries base  their rebates on the government's unbudgeted pharmaceutical spending and we  use an estimated allocation factor against our actual invoiced sales to  project the expected level of reimbursement. We obtain third party  information that helps us to monitor the adequacy of these accruals. If our  estimates are not indicative of actual unbudgeted spending, our results could  be affected.

 

** **

-

We generally record sales incentives as a reduction  of revenues at the time the related revenues are recorded or when the  incentive is offered, whichever is later. We estimate the cost of our sales  incentives based on our historical experience with similar incentives  programs.

Revenues by Country 

Revenues by country forthe second quarter and first six months of 2004  and the changes from the prioryear were as follows:

 

 

Second Quarter

(millions of dollars)

 

2004

 

% of  Revenues

 

 

2003

 

% of  Revenues

 

% Change

 
 

 

 

 

 

 

 

 

 

 

 

 

 
United States

$

6,595

 

53.7

 

$

5,832

 

58.9

 

13

 
Japan

 

821

 

6.7

 

 

569

 

5.7

 

44

 
All other

 

4,858

 

39.6

 

 

3,499

 

35.4

 

39

 
Consolidated

$

12,274

 

100.0

 

$

9,900

 

100.0

 

24

 
 

 

 

First Six Months

(millions of dollars)

 

2004

 

% of  Revenues

 

 

2003

 

% of  Revenues

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

United States

$

13,744

 

55.5

 

$

11,265

 

61.2

 

22

Japan

 

1,549

 

6.3

 

 

1,043

 

5.7

 

49

All other

 

9,469

 

38.2

 

 

6,098

 

33.1

 

55

Consolidated

$

24,762

 

100.0

 

$

18,406

 

100.0

 

35

 

Revenues by Segment

Revenues by segment and the changes from the prior year were asfollows:

 

 

Second Quarter

 

 

First Six Months

(millions of dollars)

 

2004

 

% of  Revenues

 

2003

 

% of  Revenues

 

%  Change

 

 

2004

 

% of  Revenues

 

2003

 

% of  Revenues

 

%  Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pharmaceutical

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

$

5,886

 

48.0

$

5,154

 

52.1

 

14 

 

$

12,348

 

49.9

$

10,036

 

54.5

 

23

International

 

4,818

 

39.2

 

3,448

 

34.8

 

40 

 

 

9,397

 

37.9

 

6,112

 

33.2

 

54

Worldwide

 

10,704

 

87.2

 

8,602

 

86.9

 

24 

 

 

21,745

 

87.8

 

16,148

 

87.7

 

35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer Healthcare

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

421

 

3.4

 

411

 

4.2

 

3 

 

 

838

 

3.4

 

788

 

4.3

 

6

International

 

448

 

3.7

 

306

 

3.0

 

46 

 

 

835

 

3.4

 

508

 

2.8

 

65

Worldwide

 

869

 

7.1

 

717

 

7.2

 

21 

 

 

1,673

 

6.8

 

1,296

 

7.1

 

29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Animal Health

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

217

 

1.8

 

187

 

1.9

 

16 

 

 

416

 

1.7

 

316

 

1.7

 

32

International

 

267

 

2.1

 

196

 

2.0

 

36 

 

 

496

 

2.0

 

336

 

1.8

 

47

Worldwide

 

484

 

3.9

 

383

 

3.9

 

26 

 

 

912

 

3.7

 

652

 

3.5

 

40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

71

 

0.5

 

80

 

0.7

 

(13)

 

 

142

 

0.5

 

125

 

0.7

 

14

International

 

146

 

1.3

 

118

 

1.3

 

25 

 

 

290

 

1.2

 

185

 

1.0

 

55

Worldwide

 

217

 

1.8

 

198

 

2.0

 

10 

 

 

432

 

1.7

 

310

 

1.7

 

39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

$

12,274

 

100.0

$

9,900

 

100.0

 

24 

 

$

24,762

 

100.0

$

18,406

 

100.0

 

35

Pharmaceutical

Worldwide revenues of thePharmaceutical segment follow:

 

 

Second Quarter

 

 

First Six Months

(millions of dollars)

 

2004

 

2003

 

% Change

 

 

2004

 

2003

 

% Change

** **

 

 

 

 

 

 

 

 

 

 

 

 

 

**PHARMACEUTICAL**

 

 

 

 

 

 

 

 

 

 

 

 

 

Cardiovascular and metabolic diseases

$

3,963

$

3,568

 

11 

 

$

8,217

$

7,096

 

16 

Central nervous system disorders

 

2,036

 

1,579

 

29 

 

 

3,983

 

3,189

 

25 

Arthritis and pain

 

1,146

 

648

 

77 

 

 

2,322

 

737

 

215 

Infectious and respiratory diseases

 

1,125

 

902

 

25 

 

 

2,360

 

1,989

 

19 

Urology

 

583

 

525

 

11 

 

 

1,218

 

999

 

22 

Oncology

 

305

 

200

 

53 

 

 

548

 

200

 

175 

Ophthalmology

 

291

 

110

 

164 

 

 

570

 

110

 

417 

Endocrine disorders

 

223

 

108

 

106 

 

 

443

 

108

 

309 

All other

 

894

 

776

 

15 

 

 

1,801

 

1,203

 

50 

Alliance revenue

 

138

 

186

 

(26)

 

 

283

 

517

 

(45)

Total Pharmaceutical

$

10,704

$

8,602

 

24 

 

$

21,745

$

16,148

 

35 

 

Revenue information forseveral of our major pharmaceutical products follow:

 

 

Second Quarter

 

First Six Months

Product

Primary Indications

millions  of dollars

 

% Change   from 2003 

 

millions  of dollars

 

% Change   from 2003 

 

 

 

 

 

 

 

 

 

**Cardiovascular  and  metabolic diseases:**

 

 

 

 

 

 

 

 

Lipitor

Reduction of LDL  cholesterol 

$2,363

 

17 

 

$4,860

 

18 

Norvasc

Hypertension

1,032

 

3 

 

2,173

 

9 

Accupril/Accuretic

Hypertension/Congestive  heart failure

153

 

2 

 

344

 

8 

Cardura

Hypertension/Benign  prostatic hyperplasia

161

 

15 

 

309

 

12 

Caduet

Reduction of LDL  cholesterol and hypertension

2

 

-- 

 

30

 

-- 

**Central  nervous   system disorders:**

 

 

 

 

 

 

 

 

Zoloft

Depression and anxiety  disorders

789

 

25 

 

1,599

 

15 

Neurontin

Epilepsy and  neuropathic pain

782

 

32 

 

1,478

 

22 

Geodon

Schizophrenia

110

 

49 

 

198

 

31 

Xanax/Xanax XR

Anxiety/Panic disorders

86

 

33 

 

171

 

167 

Aricept*

Alzheimer's disease

74

 

28 

 

145

 

29 

Relpax

Migraine headaches

38

 

321 

 

67

 

64 

**Arthritis  and pain:**

 

 

 

 

 

 

 

 

Celebrex

Arthritis pain and  inflammation

728

 

112 

 

1,497

 

303 

Bextra

Arthritis pain and  inflammation

275

 

49 

 

545

 

195 

**Infectious  and  respiratory diseases:**

 

 

 

 

 

 

 

 

Zithromax

Bacterial infections

370

 

18 

 

837

 

(3)

Diflucan

Fungal infections

285

 

9 

 

588

 

7 

Vfend

Fungal infections

71

 

53 

 

135

 

66 

Zyvox

Bacterial infections

110

 

163 

 

207

 

396 

**Urology:**

 

 

 

 

 

 

 

 

Viagra

Erectile dysfunction

389

 

(7)

 

805

 

(10)

Detrol/Detrol LA

Overactive bladder

182

 

85 

 

389

 

295 

**Oncology:**

 

 

 

 

 

 

 

 

Camptosar

Metastatic colorectal  cancer

147

 

32 

 

239

 

114 

Ellence

Breast cancer

88

 

117 

 

167

 

314 

**Ophthalmology:**

 

 

 

 

 

 

 

 

Xalatan/Xalcom

Glaucoma

291

 

164 

 

570

 

417 

**Endocrine  disorders:**

 

 

 

 

 

 

 

 

Genotropin

Replacement of human  growth hormone

180

 

102 

 

360

 

303 

**All  other:**

 

 

 

 

 

 

 

 

Zyrtec

Allergies

306

 

(10)

 

605

 

(4)

**Alliance  revenue**:**

 

 

 

 

 

 

 

 

Aricept, Spiriva, Rebif and Mirapex

Alzheimer's disease  (Aricept), chronic obstructive pulmonary disease (Spiriva), multiple  sclerosis (Rebif), Parkinson's disease (Mirapex)

138

 

(26)

 

283

 

(45)

 

 

 

 

 

 

 

 

 

*

Represents direct sales  under license agreement with Eisai Co., Ltd.

 
**

Alliance revenue in  2003 included Celebrex and Bextra under copromotion agreements with Pharmacia  prior to the merger.

 
**Selected Product Updates:**

*Lipitor*

Lipitor is the best-selling treatment for lowering cholesterol and thebest-selling pharmaceutical product of any kind in the world.  With a 43%share and 10.7% growth in total prescriptions in the U.S. lipid-lowering marketin May 2004, Lipitor continues to gain wide physician and patient acceptancebased on its ability to bring the vast majority of patients to targetcholesterol goals across the full dosing range, with an excellent safetyprofile. In addition, despite Crestor launches in the U.K., Canada, theNetherlands, and recently in the U.S., Lipitor continues to post double-digitsales growth, including 11% sales growth in the U.S. in the second quarter of2004, compared to the same period in 2003.

There continues to be an opportunity for further growth of thecholesterol-lowering market. Of the tens of millions of Americans that are inneed of medical therapy for high cholesterol, only one third are actuallyreceiving treatment. Worldwide, millions of people with high cholesterol arenot diagnosed, not treated, or treated with a dose inadequate to achievecholesterol goals. Evolving treatment guidelines continue to encourage the useof statin therapy.

*Norvasc*

Norvasc is the fourth-largest-selling drug in the world. The slowerrate of growth compared to earlier quarters is attributable in part to patentexpirations throughout the E.U., except for Italy, France, Sweden, andSwitzerland.

*Zoloft*

Zoloft, the most-prescribed SSRI in the U.S., has proven efficacy,safety, and tolerability in treating mood and anxiety disorders and is approvedfor the broadest range of such disorders of any antidepressant. This breadth ofcoverage is important from a clinical perspective, as these mental disordersare widespread and evidence significant co-morbidity.

In March 2004, the FDA informed Pfizer that it was requesting aclass-labeling change for all antidepressants regarding the need for closeobservation of all patients being treated with antidepressants, includingadults and children, for clinical worsening, for the emergence of suicidality,and for the emergence of a variety of other symptoms that may represent aprecursor to suicidality, "regardless of the role antidepressants may havein the emergence of suicidal ideation/attempts in patients takingantidepressants." Depression is a serious public-health problem thatcarries an inherent risk of suicide. Pfizer agrees that all patients sufferingfrom depression should be closely monitored for suicidal behavior and supportsFDA's statement that no causal effect has been found between antidepressant useand suicidal behavior as it related to Zoloft.

*Neurontin*

Neurontin has been approved in more than 60 markets for treatment of arange of neuropathic-pain conditions. Pfizer is focusing both on educationalinitiatives targeted at improving the management of neuropathic pain andefforts to ensure that Neurontin is effectively prescribed and that therecommended dose of 1,800 mg per day is achieved over a period of15 days. To support these efforts, new 600 mg and 800 mg scoredtablets were introduced in the first quarter of 2004, making it easier for thepatient to achieve the recommended dose of 1,800 mg/day. Since the launchof the scored tablets and our focus on the recommended dose of 1,800 mg/day, wehave seen increases in tablet sales and increases in the number of physiciansof all specialities (primary-care physicians, neurologists, and painspecialists) prescribing 1,800 mg/day.

*Celebrex*

Celebrex is the No. 1 COX-2-specific inhibitor in the world,having the broadest range of approved indications. It provides strong efficacy,excellent tolerability, and a proven safety profile in providing relief for thepain and inflammation of osteoarthritis, rheumatoid arthritis, acute pain, andprimary dysmenorrhea. In May 2004, European regulators completed a safetyreview and reaffirmed the use of COX-2-specific inhibitors such as Celebrex ina broad range of patients.

*Bextra*

In May 2004, Bextra achieved a 10.2% share of new prescriptions in theU.S. NSAID market and European regulators completed a safety review andreaffirmed the use of COX-2-specific inhibitors such as Bextra in a broad rangeof patients.****Additional Bextrastudies in acute pain for a U.S. supplemental filing were completed in thesecond quarter of 2004.

*Zithromax*

The decrease in sales compared to the first six months of 2003 isprimarily due to a weak respiratory infection season in the U.S. during thefirst quarter. Zithromax is the leading branded antibiotic in all adult and pediatricindications in the U.S.

*Diflucan*

Diflucan sales were adversely impacted by the entry of generic oralfluconazole products after Diflucan lost patent protection in much of Europe in2003 as well as in Japan, the U.K., and Germany. In the U.S., the FDA grantedDiflucan six months of market exclusivity through July 29, 2004, as aresult of pediatric testing. Sales in the U.S. are expected to be adverselyimpacted by the loss of market exclusivity after July 29, 2004.

*Viagra*

The decrease in sales compared to the same periods in 2003 reflects theimpact from the launch of two competitors in the U.S. market. On a globalbasis, the erectile-dysfunction market continues to grow at an impressive rateof nearly 25 percent. We believe this reflects the significant number ofmen who are suffering with this condition and can be helped by Viagra. Given Viagra'sleading market share of 73 percent on a worldwide basis, it clearlyremains the world's therapeutic standard in its category, with an excellenttrack record of safety and efficacy, and is well positioned to take advantageof continued growth in the erectile-dysfunction market.

In April, Pfizer implemented the Value Card savings program for Viagrato provide benefit to current Viagra patients and to help prompt undiagnosedmen to seek treatment. After enrolling in the program, men who pay cash fortheir prescriptions or who are only partly reimbursed for their prescriptionscan get a seventh free prescription after filling and paying for six, for theportion of their prescription paid for in cash. To date, more than 54,000 menhave enrolled in the Value Card program.

*Xalatan/Xalcom*

Xalatan, a prostaglandin indicated for the treatment of open-angleglaucoma and ocular hypertension, is the No. 1 prescribed glaucomamedication in all promoted markets, including the U.S., Europe, and Japan. Itis the first and only prostaglandin with a first-line indication for thetreatment of elevated eye pressure. Xalcom consists of Xalatan with the betablocker timolol. Future Xalatan/Xalcom global sales growth is expected to comethrough market expansion. While the U.S. glaucoma market has been experiencinglow unit growth, about one third of diagnosed glaucoma patients are untreated.In addition, only 10-15% of ocular-hypertensive patients (a high-risk group fordeveloping glaucoma) are currently being treated in the U.S. Severalcomparative clinical trials and recent European Glaucoma Society guidelinessupport Xalatan use in newly treated patients before less efficacious and/orpoorly tolerated therapies.

*Zyrtec*

The decrease in sales compared to the same period in 2003 was due tothe 18% decline in year-to-date new prescriptions in the antihistamine marketdue to the availability of multiple over-the-counter (OTC) branded and private-labelloratadine products since December 2002. Zyrtec remains the only prescriptionantihistamine with a syrup formulation and, as of March 2004, became the onlyprescription antihistamine with a chewable formulation as well.

Consumer Healthcare

Revenues of our ConsumerHealthcare business follow:

 

 

Second Quarter

 

 

First Six Months

(millions of dollars)

 

2004

 

2003

% Change

 

 

2004

 

2003

% Change

 

 

 

 

 

 

 

 

 

 

 

 

Consumer Healthcare

$

869

$

717

21

 

$

1,673

$

1,296

29

The increase in consumerhealthcare revenues in the second quarter and first six months of 2004, ascompared to the prior year periods, was primarily due to the inclusion ofPharmacia products as well as:

-

the 28% increase in the second quarter and 20%  increase in the first six months of 2004 in sales of Listerine mouthwash,  which benefited from the recent U.S. launch of Natural Citrus flavor; and

 

 

-

the favorable impact of the weakening of the U.S.  dollar against major currencies

Animal Health

Revenues of our AnimalHealth business were as follows:

 

 

Second Quarter

 

 

First Six Months

(millions of dollars)

 

2004

 

2003

% Change

 

 

2004

 

2003

% Change

 

 

 

 

 

 

 

 

 

 

 

 

Livestock products

$

288

$

222

30

 

$

553

$

367

51

Companion animal products

 

196

 

161

22

 

 

359

 

285

26

Total Animal Health

$

484

$

383

26

 

$

912

$

652

40

The increase in animal health revenues in the second quarter and firstsix months of 2004 as compared with the prior year periods was primarily due tothe inclusion of Pharmacia products, which are reflected in both productcategories, and the favorable impact of the weakening of the U.S. dollaragainst major currencies.

Despite the impact of thebovine spongiform encephalopathy issue (mad cow disease), livestock productrevenues increased 30% in the second quarter of 2004 and 51% in the first sixmonths of 2004, as compared with the prior year periods, with key performanceas follows:

-

Cattle biologicals grew 60% in the second quarter of  2004 and 39% in the first six months of 2004 over the prior year periods  driven by the launch of Spirovac (for the prevention of bacterial infection  of the reproductive tract) in the first quarter of last year in the U.S., and  a new claim for BoviShield (protects pregnant cows and fetal and nursing  calves against viral diseases) launched in the U.S. during the fourth quarter  of last year

 

 

-

Performance also reflects the launch of Draxxin (for  treatment of respiratory disease in cattle and swine) in Europe during the  first quarter of 2004

partially offset by:

-

a decline in Swine vaccine of 2% in the second  quarter of 2004 and 6% in the first six months of 2004, as compared with  prior year periods, due to competitive market conditions in the U.S.

Companion animal productrevenues increased 22% in the second quarter of 2004 and 26% in the first sixmonths of 2004, as compared with the prior year periods, with key brandperformance as follows: 

-

Revolution (for protection against fleas and  heartworm) sales grew 26% in the second quarter of 2004 and 31% in the first  six months of 2004 due to increased promotional efforts (especially for cats)  throughout our markets

 

 

-

Clavamox/Synulox (an antibiotic for dogs and cats)  sales grew 22% in the second quarter and the first six months of 2004 due to  increased promotional activities in the U.S.

 

 

-

Rimadyl (for relief of arthritis pain and for  post-operative pain in dogs) sales grew 14% in the second quarter of 2004 and  17% in the first six months of 2004 due to increased promotional efforts  throughout our markets and the launch of an injectable form in the U.S.

COSTS AND EXPENSES

Cost of Sales

Cost of sales decreased 11% in the second quarter of 2004 and increased17% in the first six months of 2004 as compared with the prior year periods,while revenues increased 24% in the second quarter of 2004 and 35% in the firstsix months of 2004.

The change in cost ofsales was primarily driven by the impact of purchase accounting on the 2003income statement. Consistent with purchase accounting, Pharmacia's assets,including inventory, were recorded on the Pfizer balance sheet at fair value in2003. As the inventory was sold, subsequent to the acquisition date, the incomestatement reflected the fair market value step-up of the inventory whichtotaled $392 million for the second quarter and first six months of 2003. Salesof this inventory were completed by the end of 2003.

Cost of sales in thesecond quarter of 2004, relative to the same period in 2003, was impacted byfavorable effects from foreign exchange, in addition to increasedmerger-related synergies relative to the comparable period in the prior year,and the revaluation of inventory to current standards, partially offset byhigher product costs attributable to legacy Pharmacia products.

Cost of sales in thefirst six months of 2004 (which includes legacy Pharmacia's product portfoliofor the entire period) relative to the same period in 2003, was also impactedby increased merger-related synergies relative to the comparable period in theprior year and the revaluation of inventory to current standards, offset byhigher product costs attributable to legacy Pharmacia products and, to a lesserextent, the unfavorable effects from foreign exchange.

After accounting forthese factors, the growth in cost of sales was comparable to the growth insales in both the second quarter and first six months of 2004.

Selling, Informational and Administrative Expenses

Selling, informational and administrative expenses (SI&A) increased14% in the second quarter of 2004 and 26% in the first six months of 2004, as comparedwith the prior year periods, mainly due to the inclusion of Pharmacia-SI&Arelated activities and enhanced product support, partially offset by costsynergies from Pharmacia-related restructuring activities. Marketing expensesof our pharmaceutical products increased 20% in the second quarter of 2004 and 31%in the first six months of 2004 and included costs for supporting new productintroductions and increased promotion due to new product competition largelyoffset by the realization of merger synergies.

Research and Development Expenses

Research and development (R&D) expenses increased 5% in the secondquarter of 2004 and 8% in the first six months of 2004, as compared with theprior year periods. Year over year growth for second quarter and first halfR&D spending is attributable to the inclusion of Pharmacia-relatedactivities and increased support of the advanced-stage development portfoliopartially offset by cost synergies from Pharmacia related restructuringactivities.

R&D expense also includes copromotion charges and payments forintellectual property rights of $13 million in the second quarter andfirst six months of 2004 and $25 million in the second quarter and$280 million in the first six months of 2003.

*ProductDevelopments*

We continue to invest inR&D to provide future sources of revenue through the development of newproducts, as well as through additional uses for existing in-line and allianceproducts. We have a broad and deep pipeline of medicines in development. Sixnew products  (Inspra, Caduet, Lyrica (pregabalin), Exubera, Daxas and Macugen)were recently approved or are undergoing regulatory review in the U.S. and/or EuropeanUnion (E.U.). In addition, in May 2004, we launched both Spiriva, which isbeing copromoted by Pfizer and the product's discoverer Boehringer Ingelheim,and Caduet in the U.S. We have launched, or intend to launch, these products innew markets once regulatory approvals are received. However, there are noassurances as to when, or if, we will receive regulatory approval for these orany of our other new products.

Certain significantregulatory actions by, and filings pending with, the FDA follow:

**RecentFDA Approvals:**

**Product**

**Indication**

** **

**Date  Approved**

 

 

 

 

Lipitor

Prevention of  cardiovascular disease by reducing heart attack risk in people with normal to  mildly elevated cholesterol levels

 

August 2004

 

 

 

 

Zyvox

Use in multi-drug resistant  Streptococcus pneumonia infections in patients with community-acquired or  nosocomial pneumonia

 

June 2004

 

 

 

 

Camptosar IV

Use in children

 

June 2004

 

 

 

 

Zyrtec

Chewable tablets for  treatment of seasonal and perennial allergic rhinitis and chronic idiopathic  urticaria in children aged two years and older

 

March 2004

 

 

 

 

Viracept

Use in children with  HIV

 

March 2004

 

 

 

 

Caduet

Single product that  combines cholesterol-lowering and anti-hypertensive medications in Lipitor  and Norvasc

 

January 2004

 

 

 

 

Diflucan

Use in children to  treat fungal infections

 

January 2004

 

 

 

 

Spiriva

Chronic obstructive  pulmonary disease

 

January 2004

 

 

 

 

Zithromax

Acute bacterial  sinusitis

 

January 2004

** **

**Pending U.S. New Drug Applications(NDAs) and Supplemental Filings:**

**Product**

**Indication**

** **

**Date  Submitted**

 

 

 

 

Macugen

VEGF inhibitor for  macular degeneration

 

June 2004

 

 

 

 

Vfend

Treatment for invasive  candidiasis and candidemia

 

March 2004

 

 

 

 

Fragmin

Use in oncology  patients to reduce cardiac toxicity associated with chemotherapy

 

March 2004

 

 

 

 

Depo-Provera

Subcutaneous  formulations to treat endometriosis

 

December 2003

 

Subcutaneous  formulation for contraception

 

June 2003

 

 

 

 

Bextra

Migraine

 

November 2003

 

 

 

 

Lyrica (pregabalin)

Neuropathic pain,  add-on epilepsy, and generalized anxiety disorder

 

October 2003

 

 

 

 

Geodon

Acute mania in bipolar  disorder

 

October 2003

 

Oral suspension dosage  form

 

September 2002

 

 

 

 

Cardura XL

Benign prostatic  hyperplasia (enlarged prostate)

 

April 2001

 

 

 

 

 

 

 

 

**Other  Regulatory Approvals and Filings:**

 

 

 

 

 

 

**Product/Compound  in Development**

**Description  of Event**

**Date  Approved**

 

**Date  Submitted**

** **

** **

** **

 

** **

Geodon

Oral suspension  dosage form approved in 10 E.U. states

June 2004

 

**--**

 

 

 

 

** **

Lyrica (pregabalin)

Received  marketing approval in the E.U.

July 2004

 

**--**

 

 

 

 

** **

Zithromax

Received  approval in Japan for treatment of sexually transmitted disease

May 2004

 

--

 

 

 

 

 

Neurontin

Filings  submitted in Japan for epilepsy

--

 

April 2004

 

 

 

 

 

Inspra

Received  marketing approval in The Netherlands

March 2004

 

--

 

 

 

 

 

Caduet

Received  marketing approval in Brazil

February 2004

 

--

 

 

 

 

 

Vfend

Approval of a  powder for oral suspension (POS) formulation was granted in the E.U.

February 2004

 

--

 

 

 

 

 

Exubera

Filing submitted  in the E.U.

--

 

February 2004

 

 

 

 

 

Daxas (roflumilast)

Filing submitted  in the E.U.

--

 

February 2004

 

**Ongoing or planned clinical trialsfor additional uses and dosage forms for our products include:**

**Product**

**Indication**

 

 

Viagra

Pulmonary arterial  hypertension in both children and adults

 

 

Celebrex

Sporadic adenomatous  polyposis--a precancerous condition caused by growths in the intestines

 

Bladder cancer

 

Barrett's esophagus--a  precancerous condition caused by repeated damage from stomach acid  regurgitation

 

Actinic keratosis--a  precancerous skin growth caused by overexposure to sunlight

 

Ankylosing  spondylitis--an inflammation of the spine

 

Chronic lower back pain

 

 

Bextra

Acute pain, including  gout

 

 

Zithromax

Sustained release  Zithromax (bacterial infections)

 

Cystic fibrosis

 

Drug resistant malaria  (combination with chloroquine)

 

 

Vfend

Candidemia in  non-neuropenic patients

 

Fungal infections in immuno-compromised patients

 

 

Camptosar IV

Adjuvant colorectal  cancer

 

Gastric cancer

 

 

Xalatan (new  formulation)

Ocular hypertension

Other key drug candidates continue to advance inlate-stage development or regulatory review, including: 

-

lasofoxifene, a selective estrogen modulator for  osteoporosis;

 

 

-

indiplon, in development with Neurocrine  Biosciences, Inc. for treatment of insomnia;

 

 

-

Dynastat, the injectable prodrug of valdecoxib, for  treatment of acute pain; 

 

 

-

Daxas, in co-development with Altana for chronic  obstructive pulmonary disease and asthma;

 

 

-

SU-11248, an angiogenesis inhibitor for treatment of  gastrointestinal stromal tumors, renal carcinoma, and other cancers;

 

 

-

edotecarin for colorectal cancer and glioma (brain  tumor);

 

 

-

capravirine, a non-nucleotide reverse transcriptase  inhibitor for treatment of HIV;

 

 

-

varenicline, a mechanistically novel treatment for  smoking cessation; 

 

 

-

torcetrapib/Lipitor, the next-generation treatment  for atherosclerosis;

 

 

-

asenapine for schizophrenia and bipolar disorder,  under co-development with Akzo Nobel's Organon healthcare unit; and

 

 

-

Zithromax-chloroquine for treatment of malaria

In July 2004, we ceased the clinical development of sumanirole, acompound under investigation for the treatment of Parkinson's disease.

Additional product-related programs are in various stages of discoveryand development.

MERGER-RELATED IN-PROCESS RESEARCH AND DEVELOPMENTCHARGES

We recorded a charge of $955 million in the first six months of2004 based on our estimate of the portion of the purchase price allocated toin-process research and development, which included $920 million forEsperion and $35 million for two animal health businesses. 

In the second quarter and first six months of 2003, we recorded acharge of $5,130 million for the preliminary estimate of the portion ofthe Pharmacia purchase price allocated to in-process research and development. Thepreliminary estimate was subsequently revised to $5,052 million for theyear ended December 31, 2003.

A project-by-project valuation was performed by third party valuationspecialists to determine the fair value of research and development projectsthat were in-process, but not yet completed. 

MERGER-RELATED COSTS

We incurred the followingmerger-related costs primarily in connection with our acquisition of Pharmaciawhich was completed on April 16, 2003:

 

 

Three Months  Ended

 

 

Six Months Ended

(millions of dollars)

 

June 27,   2004 

 

June 29,   2003 

 

 

June 27,   2004 

 

June 29,   2003 

 

 

 

 

 

 

 

 

 

 

Integration costs:

 

 

 

 

 

 

 

 

 

Pharmacia

$

141 

$

221 

 

$

242 

$

301 

Other

 

9 

 

11 

 

 

12 

 

20 

Restructuring costs:

 

 

 

 

 

 

 

 

 

Pharmacia

 

134 

 

52 

 

 

277 

 

52 

Other

 

5 

 

1 

 

 

5 

 

4 

Total merger-related  costs - expensed

$

289 

$

285 

 

$

536 

$

377 

Total merger-related  costs - capitalized

$

-- 

$

767 

 

$

604 

$

767 

Integration costs represent external, incremental costs directlyrelated to an acquisition including expenditures for consulting and systemsintegration when incurred.

Restructuring costs represent costs associated with asset write-offs,exit activities, employee termination costs and certain relocation costs.

Cost synergies resulting from the acquisition of Pharmacia totaled morethan $1.7 billion in the first six months of 2004 and are expected to beabout $3.5 billion in full-year 2004 and about $4 billion in fullyear 2005. Synergies stem from a broad range of sources, including astreamlined organization, reduced operating expenses and procurement savings.

In connection with the acquisition of Pharmacia, Pfizer managementapproved plans throughout 2003 and during the first six months of 2004 torestructure the operations of both legacy Pfizer and legacy Pharmacia toeliminate duplicative facilities and reduce costs. The restructuring of ouroperations as a result of our acquisition of Pharmacia is expected to continuethrough at least 2005 and is expected to include severance, costs of vacatingduplicative facilities, contract termination and other exit costs. Totalmerger-related expenditures (income statement and balance sheet) incurredduring 2003-2005 to achieve these synergies are expected to be about$6.0 billion, on a pre-tax basis.

*Restructuring Costs Associated withLegacy Pfizer and Legacy Pharmacia - Expensed*

During the first six months of 2004, we recorded $277 million ofrestructuring costs associated with exiting certain activities of legacy Pfizerand legacy Pharmacia (from April 16, 2004), including severance, costs of vacatingduplicative facilities, contract termination and other exit costs. ThroughJune 27, 2004, we have recorded, in total, $454 million ofrestructuring costs and at June 27, 2004, liabilities for restructuringcosts incurred but not paid totaled $126 million and are included in *Other current liabilities*.

The majority of the restructuring costs are related to employeeterminations. Through June 27, 2004, employee termination costs totaling $289 million($149 million recorded in the first six months of 2004) represent theapproved reduction of the legacy Pfizer and legacy Pharmacia (fromApril 16, 2004) work force by 2,570 employees, mainly in corporate,manufacturing, distribution, sales and research. We notified affectedindividuals and 1,890 employees were terminated as of June 27, 2004.

*Restructuring Costs Associated withLegacy Pharmacia - Capitalized*

During the first six months of 2004 (through April 15, 2004), werecorded $604 million of restructuring costs associated with employeeterminations and exiting certain activities of legacy Pharmacia. These costswere recognized as liabilities assumed in the purchase business combination.Accordingly, the restructuring costs incurred in the first year after theacquisition are considered part of the purchase price of Pharmacia and havebeen recorded as an increase to goodwill. Through June 27, 2004, we haverecorded, in total, $2,182 million of restructuring costs and atJune 27, 2004 (which includes an approximate $500 million downwardrevision related to estimated exit costs in the second quarter of 2004),liabilities for restructuring costs incurred but not paid totaled $348 millionand are included in *Other currentliabilities*. Future restructuring costs associated with legacyPharmacia will be charged to the results of operations.

The majority of the restructuring costs are related to employeeterminations. Through June 27, 2004, employee termination costs totaling $1,547 million($258 million recorded in the first six months of 2004) represent theapproved reduction of the legacy Pharmacia work force by 12,863 employeesmainly in corporate, manufacturing, distribution, sales and research. Wenotified affected individuals and 11,658 employees were terminated as ofJune 27, 2004. Employee termination costs include accrued severancebenefits and costs associated with change-in-control provisions of certainPharmacia employment contracts. 

Restructuring charges are recorded when specific decisions to exitactivities are approved and incurred. Reductions to our estimates ofrestructuring charges relating to legacy Pharmacia that were originallyrecorded as goodwill will be recorded as an adjustment to goodwill. Increasesto the estimates of completing the currently approved restructuring plans orcosts related to new restructuring initiatives relating to legacy Pharmaciasubsequent to April 15, 2004 will be recorded in our results of operations.

TAXES ON INCOME

The estimated effective tax rate (ETR) used in calculating full-year2004 income from continuing operations before cumulative effect of change inaccounting principles is 19.7%. The projected full-year 2004 ETR is lower thanthe 49.7% ETR related to our 2003 income from continuing operations beforecumulative effect of change in accounting principles primarily due to thedecreased merger-related in-process research and development charges, which arenot deductible.

DISCONTINUED OPERATIONS

We evaluate our businesses and product lines on an ongoing basis forstrategic fit within our operations. As a result of our evaluation, in thefirst six months of 2004, we either sold or decided to sell the followingbusinesses and product lines:

-

In January 2004, we agreed to sell our in-vitro  allergy and autoimmune diagnostics testing (Diagnostics) business, formerly  included in the "Corporate/Other" category of our segment  information, for $575 million in cash. The sale was completed on  April 23, 2004. The Diagnostics business was acquired in April 2003 in  connection with our acquisition of Pharmacia. We recorded $153 million  in revenues from this business in 2003.

 

 

-

In March 2004, we  decided to sell our surgical ophthalmic business and in April 2004, we agreed  to sell this business for $450 million in cash. The sale was completed  on June 26, 2004 with the proceeds held in escrow until June 28,  2004 (included in *Prepaid expenses, taxes  and other*at June 27, 2004). The surgical ophthalmic business  was included in our Pharmaceutical segment and became a part of Pfizer in  April 2003 in connection with our acquisition of Pharmacia. We recorded $102  million in revenues from this business in 2003. 

 

 

-

In March 2004, we decided to sell certain non-core  consumer product lines marketed primarily in Europe by our Consumer  Healthcare segment and in May 2004, we agreed to sell these products for 135  million euro (approximately $163 million) in cash. This transaction closed on  June 28, 2004, which is in the third fiscal quarter of 2004. The  majority of these products are small brands, sold in single markets only and  include certain products that became a part of Pfizer in April 2003 in  connection with our acquisition of Pharmacia. We recorded $103 million  in revenues from these products in 2003. 

 

 

 

-

In March 2004, we  decided to sell certain European generic pharmaceutical businesses. The  European generic businesses were included in our Pharmaceutical segment and  became a part of Pfizer in April 2003, in connection with our acquisition of  Pharmacia. We recorded $94 million in revenues from these businesses in  2003. 

We have included the results of operations of these businesses andproduct lines in discontinued operations for the three-month and six-monthperiods ended June 27, 2004. Due to the timing of our acquisition ofPharmacia in April 2003, the results of operations relating to these businessesand product lines for the three-month and six-month periods ended June 29,2003 were included in our consolidated results of operations from April 16,2003, the acquisition date, except for those relating to certain legacy Pfizernon-core consumer healthcare products which have been included in discontinuedoperations for all periods presented.

The significant assetsand liabilities relating to these businesses and product lines includeintangible assets, goodwill, property, plant and equipment, inventory, accountsreceivable, accrued liabilities and deferred taxes.

In 2003, we sold thefollowing businesses and product lines:

-

In March 2003, we sold  the Adams confectionery products business, formerly part of our Consumer  Healthcare segment, for $4.2 billion in cash. We recognized a gain on  the sale of this business of $3,091 million ($1,824 million net of  tax) in the consolidated statement of operations for the first six months of  2003.

 

 

-

In March 2003, we sold the Schick-Wilkinson Sword  shaving products business, formerly part of our Consumer Healthcare segment,  for $930 million in cash. We recognized a gain on the sale of this  business of $462 million ($262 million net of tax) in the  consolidated statement of operations for the first six months of 2003.

 

 

-

In March 2003, we sold the oral contraceptives  Estrostep and Loestrin, formerly part of our Pharmaceutical segment, for  $197 million in cash with a right to receive up to $47.3 million  contingent on Estrostep retaining market exclusivity until the expiration of  its patent. We recognized a gain on the sale of these two products of  $193 million ($116 million net of tax) in the consolidated  statement of operations for the first six months of 2003.

 

 

-

In April 2003, we completed the sale of the hormone  replacement therapy femhrt, formerly part of our Pharmaceutical segment, for  $160 million in cash with a right to receive up to $63.8 million  contingent on femhrt retaining market exclusivity until the expiration of its  patent. We recognized a gain on the sale of this product of $139 million ($83  million net of tax) in the consolidated statement of operations for the  second quarter and first six months of 2003.

These businesses and product lines are reported as discontinued operationsin the three-month and six-month periods ended June 29, 2003.

The following have beensegregated from continuing operations and reported as discontinued operations:

 

 

Three Months  Ended

 

 

Six Months Ended

(millions of dollars)

 

June 27,  2004

 

June 29,  2003

 

 

June 27,  2004

 

June 29,  2003

 

 

 

 

 

 

 

 

 

 

Revenues

$

154

$

253

 

$

304

$

877

 

 

 

 

 

 

 

 

 

 

Pre-tax income

$

25

$

--

 

$

45

$

62

Provision for taxes on  income

 

8

 

--

 

 

15

 

24

Income from operations  of discontinued businesses and product lines-net of tax

 

17

 

--

 

 

30

 

38

Pre-tax gains on sales  of discontinued businesses and product lines

 

3

 

139

 

 

3

 

3,885

Provision for taxes on gains 

 

1

 

56

 

 

1

 

1,600

Gains on sales of  discontinued businesses and product lines-net of tax

 

2

 

83

 

 

2

 

2,285

Discontinued operations-net of tax

$

19

$

83

 

$

32

$

2,323

ADJUSTED INCOME

General Description of Adjusted Income Measure

Adjusted Income is an alternative view of performance used bymanagement and we believe that investors' understanding of our performance isenhanced by disclosing this performance measure. The company reports AdjustedIncome in order to portray the results of our major operations--the discovery,development, manufacture, marketing, and sale of prescription medicines forhumans and animals, as well as our over-the-counter products, prior toconsidering certain income statement elements. We have defined Adjusted Incomeas net income before discontinued operations, the cumulative effect of changesin accounting principles, significant impacts of purchase accounting foracquisitions, merger-related costs and certain significant items. The AdjustedIncome measure is not and should not be viewed as a substitute for US GAAP NetIncome.

The Adjusted Incomemeasure is an important internal measurement for Pfizer; we analyze thecompany's performance on this basis:

-

Senior management receives a monthly analysis of the  operating results of our businesses that is prepared on an Adjusted Income  basis;

 

 

-

The annual budgets of our businesses are prepared on  an Adjusted Income basis; and

 

 

-

Compensation elements associated with business  performance are determined on an Adjusted Income basis.

Despite the importance of this measure to management in goal-settingand performance measurement, we stress that Adjusted Income is a non-GAAPfinancial measure that has no standardized meaning prescribed by US GAAP and,therefore, has limits in its usefulness to investors. Because of itsnon-standardized definition, Adjusted Income (unlike US GAAP Net Income) maynot be comparable with the calculation of similar measures for other companies.Adjusted Income is presented solely to permit investors to more fullyunderstand how management assesses the performance of our company. 

We also recognize that, as an internal measure of performance, theAdjusted Income measure has limitations and we do not restrict our performancemanagement process solely to this metric. We use other specifically-tailoredtools designed to ensure the highest levels of performance in the company. Forexample, our Research and Development organization has productivity targets,upon which its effectiveness is measured.

Purchase Accounting Adjustments

Adjusted Income is calculated prior to considering significantpurchase-accounting impacts, such as those related to our acquisitions ofPharmacia and Esperion. These impacts can include charges for purchasedin-process research and development, the incremental charge to cost of salesfrom the sale of acquired inventory that was written up to fair value, and theincremental charges related to the amortization of finite-lived intangibleassets for the increase to fair value. 

Certain of the purchase accounting adjustments associated with abusiness combination, such as the amortization of intangibles, may occur overseveral years, but this presentation provides an alternative view of ourperformance that is used by management to internally assess businessperformance. We believe that this presentation provides management andinvestors an alternative view of our business results by giving parity tointernally-developed intangible assets and acquired intangible assets.

Merger-Related Costs

Adjusted Income is calculated prior to considering integration andrestructuring costs associated with business combinations because these costsare unique to each transaction.

The integration and restructuring costs associated with a businesscombination may occur over several years but the material, negative financialimpact of the item typically ends within three years of the transaction. Somerestructuring and integration activities are not fully within the control ofthe company. For example, due to the highly regulated nature of thepharmaceutical business, the closure of excess facilities can take severalyears as all manufacturing changes are subject to extensive validation andtesting and must be approved by the FDA.

We believe that viewing income prior to considering these chargesprovides investors with a useful additional perspective because the significantcosts incurred in a business combination result primarily from the need toeliminate duplicate assets, activities or employees--a natural result ofacquiring a fully-integrated set of activities. For this reason, we believethat the costs incurred to convert disparate systems, to close duplicativefacilities or to eliminate duplicate positions (for example, in the context ofa business combination) can be viewed differently from those costs incurred inother, more normal, business contexts.

Discontinued Operations

Adjusted Income is calculated prior to considering gains or losses onthe sale of businesses and product lines included in discontinued operations aswell as the related results of operations. We believe that this presentation ismeaningful to investors because, while we review our businesses and productlines on an ongoing basis for strategic fit with our operations, we do notbuild or run our businesses with an intent to sell them.

Certain Significant Items

Adjusted Income is calculated prior to considering certain significantitems. Certain significant items represent substantive, unusual items that areevaluated on an individual basis. For example, charges related to certainlitigation matters relating to the settlement of legal matters as opposed to thenormal, ongoing defense costs of the company would be considered a certainsignificant item.

Reclassification

In 2004, in response to a change in Pfizer's business strategy, werevised our basis for Adjusted Income such that we no longer consider certainitems in Adjusted Income. For example, copromotion charges and payments forintellectual-property rights for unapproved products being developed by thirdparties and the operational contribution of divestitures are no longerpresented in an alternative manner from US GAAP. We have revised our previous2003 basis for Adjusted Income to conform to the 2004 presentation.

A reconciliation betweennet income, as reported under GAAP, and Adjusted Income follows:

 

 

Second Quarter

 

 

First Six Months

(millions of dollars)

 

2004 

 

2003 

% Incr./  (Decr.)

 

 

2004 

 

2003 

% Incr./  (Decr.)

 

 

 

 

 

 

 

 

 

 

 

 

Reported net  income/(loss)

$

2,863 

$

(3,591)

* 

 

$

5,195 

$

1,073 

384 

Discontinued operations-net  of tax

 

(19)

 

(83)

(77)

 

 

(32)

 

(2,323)

(99)

Cumulative effect of  change in accounting principles-net of tax

 

-- 

 

--

* 

 

 

-- 

 

30 

* 

Purchase accounting  adjustments-net of tax

 

523 

 

5,840 

(91)

 

 

2,036 

 

5,840 

(65)

Merger-related  costs-net of tax

 

224 

 

178 

26 

 

 

351 

 

234 

50 

Certain significant  items-net of tax

 

20 

 

-- 

-- 

 

 

40 

 

-- 

-- 

Adjusted Income

$

3,611 

$

2,344 

54 

 

$

7,590 

$

4,854 

56 

 

 

 

 

 

 

 

 

 

 

 

 

*Calculation not  meaningful.

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted income as shownabove excludes the following items:

 

 

Second Quarter

 

 

First Six Months

(millions of dollars)

 

2004 

 

2003 

 

 

2004 

 

2003 

 

 

 

 

 

 

 

 

 

 

*Discontinued  operations, pre-tax:*

 

 

 

 

 

 

 

 

 

Income from operations  of discontinued businesses and product lines(a)

$

(25)

$

-- 

 

$

(45)

$

(62)

Gains on sales of  discontinued businesses and product lines(a)

 

(3)

 

(139)

 

 

(3)

 

(3,885)

Total discontinued  operations pre-tax

 

(28)

 

(139)

 

 

(48)

 

(3,947)

Income taxes

 

9 

 

56 

 

 

16 

 

1,624 

*Total  discontinued operations-net of tax*

 

(19)

 

(83)

 

 

(32)

 

(2,323)

*Cumulative  effect of change in accounting principles-net of tax*

 

-- 

 

-- 

 

 

-- 

 

30 

*Purchase  accounting adjustments, pre-tax:*

 

 

 

 

 

 

 

 

 

In-process research and  development(b)

 

-- 

 

5,130 

 

 

955 

 

5,130 

Intangible amortization  and other(c)

 

820 

 

584 

 

 

1,623 

 

584 

Sale of acquired  inventory written up to fair value(d)

 

-- 

 

392 

 

 

-- 

 

392 

Total purchase  accounting adjustments, pre-tax

 

820 

 

6,106 

 

 

2,578 

 

6,106 

Income taxes

 

(297)

 

(266)

 

 

(542)

 

(266)

*Total  purchase accounting adjustments-net of tax*

 

523 

 

5,840 

 

 

2,036 

 

5,840 

*Merger-related  costs, pre-tax:*

 

 

 

 

 

 

 

 

 

Integration  costs--Pharmacia(e)

 

141 

 

221 

 

 

242 

 

301 

Integration  costs--Other(e)

 

9 

 

11 

 

 

12 

 

20 

Restructuring  charges--Pharmacia(e)

 

134 

 

52 

 

 

277 

 

52 

Restructuring  charges--Other(e)

 

5 

 

1 

 

 

5 

 

4 

Total merger-related  costs, pre-tax

 

289 

 

285 

 

 

536 

 

377 

Income taxes

 

(65)

 

(107)

 

 

(185)

 

(143)

*Total  merger-related costs-net of tax*

 

224 

 

178 

 

 

351 

 

234 

*Certain  significant items, pre-tax*

 

 

 

 

 

 

 

 

 

Operating results of divested  legacy Pharmacia research facility(f)

 

32 

 

-- 

 

 

64 

 

-- 

Total certain  significant items, pre-tax

 

32 

 

-- 

 

 

64 

 

-- 

Income taxes

 

(12)

 

-- 

 

 

(24)

 

-- 

*Total  certain significant items,-net of tax*

 

20 

 

-- 

 

 

40 

 

-- 

*Total  discontinued operations, cumulative effect of change in accounting  principle,  purchase accounting adjustments, merger-related costs and certain  significant items-net of tax*

  $

748 

$

5,935 

 

$

2,395 

$

3,781 

* *

 

 

 

 

 

 

 

 

 

(a)

Included in *Discontinued  operations-net of tax*

(b)

Included in *Merger-related  in-process research and development charges*

 
(c)

Included primarily in *Amortization of Intangible Assets*

 
(d)

Included in *Cost  of sales*

 
(e)

Included in *Merger-related  costs*

 
(f)

Included in *Research  and development expenses*

 
 

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

Our net financial assetposition was as follows:

(millions of dollars)

 

June 27,  2004

 

Dec. 31,  2003

 

 

 

 

 

Financial assets:

 

 

 

 

Cash and cash  equivalents

$

652

$

1,520

Short-term investments

 

16,831

 

10,432

Short-term loans

 

496

 

391

Long-term investments  and loans

 

4,420

 

6,142

Total financial assets

$

22,399

$

18,485

Debt:

 

 

 

 

Short-term borrowings

$

12,204

$

8,818

Long-term debt

 

6,765

 

5,755

Total debt

$

18,969

$

14,573

Net financial assets

$

3,430

$

3,912

We rely largely on operating cash flow, short-term commercial paperborrowings and long-term debt to provide for the working capital needs of ouroperations, including our R&D activities. Our short-term and long-terminvestments consist primarily of high quality, liquid investment-grade debtsecurities. Wherever possible, cash management is centralized and intercompanyfinancing is used to provide working capital to our operations. Where localrestrictions prevent intercompany financing, working capital needs are metthrough operating cash flows and/or external borrowings.

Our short-term borrowings are rated P1 by Moody's Investors Service(Moody's) and A-1+ by Standard & Poor's (S&P). Also, our long-term debthas been rated Aaa by Moody's and AAA by S&P for more than 17 years.Moody's and S&P are the major corporate debt-rating organizations. Oursuperior credit ratings are primarily based on our diversified productportfolio, our strong operating cash flows and our substantial financialassets. Our access to short-term financing at favorable rates would be affectedby a substantial downgrade in our credit ratings.

We have available lines of credit and revolving-credit agreements witha group of banks and other financial institutions. We maintain cash balancesand short-term investments in excess of our commercial paper borrowings andhave access to $2.9 billion of lines of credit, of which $2.4 billionexpire within one year. Of these lines of credit, $2.5 billion are unused,of which our lenders have committed to loan us $1.0 billion at ourrequest.

At June 27, 2004, we had the ability to borrow approximately$3.0 billion by issuing debt securities under our $5 billion debtshelf registration statement filed with the SEC in November 2002.

In February 2004, weissued the following debt under our debt shelf registration, which is being usedfor current general corporate purposes, including the refinancing of existingdebt:

-

$750 million senior unsecured notes, due February  2014, which pay interest semi-annually, beginning on August 15, 2004, at a  rate of 4.5%; and

 

 

-

$700 million senior unsecured notes, due March 2007,  which pay interest semi-annually, beginning on September 15, 2004, at a rate  of 2.5%

 

Selected measures ofliquidity and capital resources:

 

 

June 27,  2004

 

Dec. 31,  2003

 

 

 

 

 

Cash and cash  equivalents and short-term investments and loans (millions of dollars)

$

17,979

$

12,343

 

 

 

 

 

Working capital (millions of dollars)*

$

11,527

$

6,768

 

 

 

 

 

Current ratio**

 

1.46:1

 

1.28:1

 

 

 

 

 

Shareholders' equity per common share***

$

8.83

$

8.63

 

 

 

 

 

 

 

*

Working capital includes assets and liabilities of  discontinued businesses and product lines held for sale at June 27, 2004  and December 31, 2003.

 

 

**

Current ratio is the proportion of current assets to  current liabilities.

 

 

***

Represents total shareholders' equity divided by the  actual number of common shares outstanding (which excludes treasury shares  and those held by our employee benefit trust).

The increase in workingcapital from December 31, 2003 to June 27, 2004 primarily reflects:

-

cash from current period operations

 

 

-

cash proceeds from long-term debt issuances under  our existing debt shelf registration -- $1,450 million

 

 

-

net cash proceeds from sale of long-term  investments -- $717 million

 

 

-

  an increase in accounts receivable which reflects consistent business trends

partially offset by:

-

purchases of property, plant and equipment -- $961 million

 

 

-

net cash paid to acquire Esperion and two animal  health businesses -- $1,443 million

 
 

 

-

purchases of our common stock -- $2,275 million

 

 

-

cash dividends on common and preferred stock -- $2,562 million

Net Cash Provided by Operating Activities

During the first six months of 2004, net cash provided by continuingoperating activities was $5,174 million, as compared to$4,456 million in the 2003 period. The increase in net cash provided byoperating activities was primarily due to current period income fromoperations, net of non-cash items, which reflects the increased revenuesattributable to Pharmacia products for the first six months of 2004 compared torecording sales of Pharmacia products from the April 16th 2003acquisition date, offset by a related increase in accounts receivable as well asan increase in income taxes paid, primarily due to the timing of payments, and$1,120 million in payments, in 2004, for litigation settlements relating toRezulin and Neurontin that were accrued in 2003.

In the cash flow statement, *Other*includes adjustments for non-cash items such as valuation adjustments.

Net Cash (Used in)/Provided by Investing Activities

During the first sixmonths of 2004, net cash used in investing activities was $6,770 million,compared to net cash provided by investing activities of $3,833 million inthe 2003 period. The increase in net cash used in investing activities in 2004was primarily attributable to:

-

an increase in net purchases of short-term and  long-term investments (an increase of $2,335 million)

 

 

-

net cash paid of $1,443 million relating to the  acquisition of Esperion and two animal health businesses compared to cash and  cash equivalents acquired in the Pharmacia acquisition of $1,789 million  (an increase of $3,232 million)

 

 

-

a decrease in the proceeds from the sales of  businesses and product lines (an increase of $5,012 million)

offset by:

-

a decrease in purchases of property, plant and  equipment (a decrease of $243 million)

Net Cash Provided by/(Used in) Financing Activities

During the first sixmonths of 2004 net cash provided by financing activities was $716 million,as compared to net cash used in financing activities of $7,968 million inthe 2003 period. The increase in net cash provided by financing activities in2004 was primarily attributable to:

-

an increase in net borrowings (an increase of $4,949 million)  due primarily to an increase in short-term borrowings of $3,360 million  and issuance, in February 2004, of $1,450 million in senior unsecured  notes under our existing debt shelf registration

 

 

-

a decrease in common share purchases of $4,147 million  as compared to the first six months of 2003 under our share-purchase programs

offset by:

-

an increase in cash dividends paid of $473 million  as compared to the first six months of 2003 due to an increase in the  dividend as well as a larger number of shares outstanding during the first  six months of 2004 resulting from the acquisition of Pharmacia in April 2003.

In December 2003, we announced a new $5 billion share-purchaseprogram, which we expect to be completed by the end of 2004 and which will befunded from operating cash flows. During the first six months of 2004, wepurchased 63.1 million shares of common stock at a total cost of $2.3 billionunder this program.

*Off-Balance Sheet Arrangements*

Legacy Pharmacia guaranteed certain transactions in which Monsanto, itsformer agricultural subsidiary, is involved. These guarantees continued afterPfizer's acquisition of Pharmacia and at June 27, 2004 includedapproximately $228 million of bank notes with maturities not later than2004 and $5 million of environmental guarantees, which are required untilMonsanto can obtain certain approvals.

Certain of our copromotion agreements include additional provisionsthat give our alliance partners the right to negotiate for, or in some cases toobtain, under certain financial conditions, copromotion rights in specifiedcountries with respect to certain of the Company's products.

OUTLOOK

Although Pfizer operates in an increasingly challenging businessenvironment, our unparalleled product portfolio, unequalled operationalcapabilities, and substantial financial depth and flexibility provide theCompany with a strong platform for growth in 2004. We revised our full-year2004 revenue estimate from $54 billion to between $52.5 billion and $53 billionto reflect market conditions and foreign-exchange impacts. Through increasedproductivity and synergies and a lower anticipated effective tax rate, wecontinue to expect to achieve our full-year targets for Adjusted Income of$16.3 billion and adjusted diluted EPS of $2.13, and our 2004 estimates for GAAPnet income have been revised from $11.9 billion to $12.1 billion and for GAAPdiluted EPS from $1.55 to $1.58. The achievement of these targets is subject tothe cautionary factors that may affect future results. The changes in our 2004 GAAPnet income and diluted EPS estimates relate primarily to the timing ofmerger-related costs. Although expectations have not changed regarding theoverall level of merger-related expenditures that will be incurred this year,there has been a revision as to the amount that will be recorded on the balancesheet (an adjustment to the Pharmacia purchase price) and the amount recordedon the statement of income. The differences between GAAP net income andAdjusted Income and between GAAP diluted EPS and adjusted diluted EPS areattributable to projected incremental purchase-accounting-related intangibleamortization/fixed asset depreciation of $2.2 billion, or $.29 per share,merger-related costs of $1.0 billion, or $.13 per share, andin-process research and development expenses for Esperion and two animal healthbusiness acquisitions of $955 million, or $.13 per share. We plan tospend about $7.6 billion on R&D during 2004. 

Our estimates for both GAAP net income and Adjusted Income for 2004exclude the contributions of prospective divestitures and include milestonepayments to development partners.

CAUTIONARY FACTORS THAT MAY AFFECT FUTURE RESULTS

Our disclosure andanalysis in this report, including but not limited to the information discussedin the Outlook section above, contain forward-looking information about ourcompany's financial results and estimates, business prospects and products inresearch that involve substantial risks and uncertainties. From time to time,we also may provide oral or written forward-looking statements in othermaterials we release to the public. Forward-looking statements give our currentexpectations or forecasts of future events. You can identify these statementsby the fact that they do not relate strictly to historic or current facts. Theyuse words such as "anticipate," "estimate,""expect," "project," "intend," "plan,""believe," "will," and other words and terms of similarmeaning in connection with any discussion of future operating or financialperformance. In particular, these include statements relating to futureactions, prospective products or product approvals, future performance orresults of current and anticipated products, sales efforts, expenses, interestrates, foreign exchange rates, the outcome of contingencies, such as legalproceedings, and financial results. Among the factors that could cause actualresults to differ materially are the following:

-

the success of research and development activities 

 

 

-

decisions by regulatory authorities regarding  whether and when to approve our drug applications as well as their decisions  regarding labeling and other matters that could affect the commercial  potential of our products

 

 

-

the speed with which regulatory authorizations,  pricing approvals, and product launches may be achieved

 

 

-

competitive developments affecting our current  growth products

 

 

-

the ability to successfully market both new and  existing products domestically and internationally

 

 

-

difficulties or delays in manufacturing

 

 

-

trade buying patterns

 

 

-

the ability to meet generic and branded competition  after the loss of patent protection for our products

 

 

-

trends toward managed care and health care cost  containment

 

 

-

possible U.S. legislation or regulatory action  affecting, among other things, pharmaceutical pricing and reimbursement,  including Medicaid and Medicare and involuntary approval of prescription  medicines for over-the-counter use

 

 

-

the potential impact of the Medicare Prescription  Drug Improvement and Modernization Act of 2003

 

 

-

legislation or regulations in markets outside the  U.S. affecting product pricing, reimbursement or access

 

 

-

contingencies related to actual or alleged  environmental contamination

 

 

-

legal defense costs, insurance expenses, settlement  costs and the risk of an adverse decision or settlement related to product  liability, patent protection, government investigations, ongoing efforts to  explore various means for resolving asbestos litigation and other legal  proceedings

 

 

-

the company's ability to protect its patents and  other intellectual property both domestically and internationally

 

 

-

interest rate and foreign currency exchange rate  fluctuations

 

 

-

governmental laws and regulations affecting domestic  and foreign operations, including tax obligations

 

 

-

changes in generally accepted accounting principles

 

 

-

any changes in business, political and economic  conditions due to the threat of future terrorist activity in the U.S. and  other parts of the world, and related U.S. military action overseas

 

 

-

growth in costs and expenses

 

 

-

changes in our product mix

 

 

-

the impact of acquisitions, divestitures,  restructurings, product withdrawals and other unusual items, including our  ability to integrate and to obtain the anticipated results and synergies from  our acquisition of Pharmacia 

We cannot guarantee that any forward-looking statement will berealized, although we believe we have been prudent in our plans andassumptions. Achievement of future results is subject to risks, uncertaintiesand inaccurate assumptions. Should known or unknown risks or uncertaintiesmaterialize, or should underlying assumptions prove inaccurate, actual resultscould vary materially from past results and those anticipated, estimated orprojected. Investors should bear this in mind as they consider forward-lookingstatements.

We undertake no obligation to publicly update forward-lookingstatements, whether as a result of new information, future events or otherwise.You are advised, however, to consult any further disclosures we make on relatedsubjects in our Forms 10-Q, 8-K and 10-K reports to the Securities and ExchangeCommission. Our Form 10-K filing for the 2003 fiscal year listed variousimportant factors that could cause actual results to differ materially fromexpected and historic results. We note these factors for investors as permittedby the Private Securities Litigation Reform Act of 1995. Readers can find themin Item 1 of that filing under the heading " Factors That May AffectFuture Results." We incorporate that section of that Form 10-K in thisfiling and investors should refer to it. You should understand that it is notpossible to predict or identify all such factors. Consequently, you should notconsider any such list to be a complete set of all potential risks oruncertainties.

Legal Proceedings and Contingencies

We and certain of our subsidiaries are involved in various patent,product liability, consumer, commercial, environmental, and tax litigations andclaims; government investigations; and other legal proceedings that arise fromtime to time in the ordinary course of our business. We do not believe any ofthem will have a material adverse effect on our financial position. Litigationis inherently unpredictable, and excessive verdicts do occur. Although webelieve we have valid defenses in these matters, we could in the future incurjudgments or enter into settlements of claims that could have a material adverseeffect on our results of operations in any particular period.

Patent claims include challenges to the coverage and/or validity of ourpatents on various products or processes. Although we believe that we havevalid defenses to these challenges with respect to all our material patents,there can be no assurance as to the outcome of these matters, and a loss in anyof these cases could result in a loss of patent protection for the drug atissue, which could lead to a significant loss of sales of that drug and couldmaterially affect future results of operations.

Item 4.  Disclosure Controls and Procedures

As of the end of the period covered by this report, we carried out anevaluation, under the supervision and with the participation of our principalexecutive officer and principal financial officer, of the effectiveness of thedesign and operation of our disclosure controls and procedures. Based on thisevaluation, our principal executive officer and principal financial officerconcluded that our disclosure controls and procedures are effective in alertingthem in a timely manner to material information required to be disclosed in ourperiodic reports filed with the SEC.

There have been no changes in our internal control over financialreporting during the most recent fiscal quarter that have materially affected,or are reasonably likely to materially affect, our internal control overfinancial reporting.

FORM 10-Q

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

Certain legal proceedings in which we are involved are discussed inNote 20 to the consolidated financial statements included in our 2003 FinancialReport; Part I, Item 3, of our Annual Report on Form 10-K for the year endedDecember 31, 2003; and Part II, Item 1, of our Quarterly Report on Form 10-Qfor the quarter ended March 28, 2004. The following discussion is limited torecent developments concerning our legal proceedings and should be read inconjunction with those earlier Reports. Unless otherwise indicated, allproceedings discussed in those earlier Reports remain outstanding.

**Patent Matters**

Xalatan (latanoprost)

As previously reported, in November 2001, a generic manufacturernotified Pharmacia that it had filed an abbreviated new drug application withthe FDA seeking approval to market a product containing latanoprost, whichPharmacia markets as Xalatan. In December 2001, Pharmacia filed suit againstthe generic manufacturer in the U.S. District Court for the District of NewJersey alleging infringement of various patents relating to latanoprost thatare held by or licensed to Pharmacia. The generic manufacturer admittedinfringement but claimed that these patents are invalid and unenforceable.

On July 6, 2004, the court held that two of the three patents in suitare valid, infringed and enforceable, and it issued an injunction blocking saleof the generic product until the expiration of the later-expiring patent inMarch 2011. The generic manufacturer has appealed the decision with respect tothese two patents.

The third patent, which also expires in March 2011, was heldunenforceable as a result of Pharmacia's failure to submit certain informationto the United States Patent Office.  We have appealed the decision with respectto the third patent. However, even if we do not prevail as to that patent,generic lantanoprost cannot be sold until March 2011 by virtue of the DistrictCourt's ruling with regard to the enforceability of the other two patents. 

Accupril (quinapril)

As previously reported, in January 1999, a generic manufacturer filedan abbreviated new drug application with the FDA seeking approval to marketquinapril (Accupril). In March 1999, Warner-Lambert filed a patent infringementsuit against the generic manufacturer in the U.S. District Court for theDistrict of New Jersey. In October 2003, the court granted our motions forsummary judgment with respect to the validity of our patent and theinfringement of the patent by the generic manufacturer. On June 29, 2004,following the trial on the remaining issues, the court held that our patent isvalid, infringed and enforceable, and it issued an injunction blocking approvalby the FDA of the generic manufacturer's drug application until the February2007 expiration of our patent. In a separate but related decision, the courtdenied the generic manufacturer's motion to add counterclaims to the effectthat the assertion of our patent rights with respect to Accupril constitutes aviolation of state and federal antitrust laws. The generic manufacturer hasindicated that it intends to appeal these decisions.  

In addition, prior to the June 29, 2004 decisions referred to above,several purported class actions were filed in various federal and state courtsasserting similar antitrust claims under federal and state antitrust anddeceptive practices laws.  Those actions have been voluntarily dismissedwithout prejudice.

Neurontin (gabapentin)

As previously reported, Warner-Lambert brought patent infringementsuits in various federal courts against several generic manufacturers that havefiled abbreviated new drug applications with the FDA asserting the invalidityand non-infringement of our gabapentin (Neurontin) low-lactam patent. Thesesuits have been consolidated for pre-trial purposes in the U.S. District Courtfor the District of New Jersey. 

The 30-month stay of FDA approval triggered by our infringementlawsuits has expired. The FDA has granted final approval and awarded 180 daysof marketing exclusivity for generic gabapentin to one of the genericmanufacturers. However, on July 26, 2004, the U.S. Court of Appeals for theDistrict of Columbia issued an order staying that approval pendingconsideration by the court of a challenge to the FDA's decision not to approveother generic products until the expiration of the 180-day exclusivity period.Arguments on this matter are scheduled for December 6, 2004. Any launches ofgeneric gabapentin products, whether during or after any 180-day exclusivityperiod, would still be subject to our patent which expires in 2017.

**Product Liability Matters**

Asbestos

As of June 30, 2004: (i) approximately 171,100 claims naming Pfizerand/or Quigley Company, Inc. (which is a subsidiary of Pfizer) and numerousother defendants were pending in various federal and state courts seekingdamages for alleged asbestos exposure and exposure to other allegedly hazardousmaterials, and (ii) approximately 139,100 claims naming American OpticalCorporation (which is a former subsidiary of Warner-Lambert) and numerous otherdefendants were pending in various federal and state courts seeking damages foralleged asbestos exposure and exposure to other allegedly hazardous materials.We are actively engaged in defending, and will continue to explore variousmeans to resolve, these claims. Resolution of these claims by settlement with asubstantial number of claimants could have a material effect on our periodresults.

Lipitor

In July and August 2004, actions were filed against Pfizer in variousfederal courts purportedly on behalf of nationwide classes and a Californiastatewide class consisting of persons who have purchased or used Lipitor.Plaintiffs seek damages for personal injury, medical monitoring and a refund ofamounts paid for Lipitor. Separately, we also are defending several individualactions that allege personal injury from the use of Lipitor.

Hormone-Replacement Therapy

Pfizer Inc., Pharmacia Corporation (a direct, wholly owned subsidiaryof Pfizer Inc.), Pharmacia & Upjohn, Inc. (an indirect, wholly ownedsubsidiary of Pfizer Inc.) and Greenstone Ltd. (an indirect, wholly ownedsubsidiary of Pfizer Inc.), along with several other pharmaceuticalmanufacturers, have been named as defendants in a number of  lawsuits invarious federal and state courts alleging personal injury resulting from theuse of certain estrogen and progestin medications prescribed for women to treatthe symptoms of menopause. The federal court cases have been transferred to amulti-district litigation in the U.S. District Court for the Eastern Districtof Arkansas for consolidated pre-trial proceedings. One of the suits, in whichPfizer and Greenstone have been named, is a purported nationwide class action;the other suits are individual or multi-plaintiff actions. Plaintiffs in thesesuits allege a variety of personal injuries, including breast cancer, strokeand heart disease. All of the suits are in preliminary stages. The casesagainst Pfizer, Pharmacia, Pharmacia & Upjohn and Greenstone involve theproducts femhrt (which Pfizer divested in 2003), Provera, Ogen, Depo-Estradioland Activella, all of which remain approved by the FDA for use in the treatmentof menopause. 

**Commercial Matters**

Neurontin

As we announced on May 13, 2004, all of the previously reported federaland state governmental investigations as well as the civil qui tam("whistleblower") lawsuit concerning the promotion of Neurontin byWarner-Lambert have been resolved. The resolution received final court approvalon June 7, 2004. The investigations and the qui tam lawsuit related toWarner-Lambert's activities prior to Pfizer's acquisition of Warner-Lambert inJune 2000. Warner-Lambert pleaded guilty to two counts of violating the federalFood, Drug and Cosmetic Act and paid a criminal fine of $240 million, civildamages of $152 million and civil penalties of $38 million. 

In addition to the foregoing, a number of civil suits, includingpurported class actions, have been filed on behalf of private parties invarious federal and state courts alleging claims arising from the promotion andsale of Neurontin. The plaintiffs in the purported class actions seek torepresent nationwide and certain statewide classes consisting of  persons,including individuals, health insurers, employee benefit plans and otherthird-party payors, who purchased or reimbursed patients for the purchase ofNeurontin that allegedly was used for indications other than those approved bythe FDA. We also are defending a number of product liability claims andlawsuits alleging injury from ingesting Neurontin.

Zoloft

In July 2004, a purported representative action on behalf of allCalifornia residents was filed against the Company in Los Angeles SuperiorCourt. The plaintiff alleges that the Company engaged in various practicesrelating to Zoloft in violation of California law, including false andmisleading advertising and marketing, and seeks damages in an unspecifiedamount and injunctive relief. In a related matter, in July 2004 we received anotice, from the same law firm involved in the purported representative action,of an intention to bring another claim against the Company alleging violationsof the California Consumers Legal Remedies Act resulting from the Company'salleged failure to adequately warn California consumers of the alleged risk ofreactions upon withdrawal from Zoloft. The notice indicated that civilpenalties in an unspecified amount, punitive damages and injunctive relief willbe sought in connection with this claim. We also are defending a number ofproduct liability actions in various jurisdictions that allege injury caused bythe use of Zoloft.

**Other Matters**

Monsanto-Related Matters

As previously reported, in December 2003, Solutia Inc.("Solutia") filed an action in the U.S. Bankruptcy Court for theSouthern District of New York seeking a determination that Pharmacia ratherthan Solutia is responsible for an estimated $475 million in health carebenefits for certain Solutia retirees. A similar action was filed in May 2004in the same Bankruptcy Court against Pharmacia and Monsanto Company ("NewMonsanto") by a committee appointed to represent Solutia retirees in theBankruptcy Court proceedings. Pharmacia intends to vigorously defend theseactions. Pursuant to an indemnification agreement with Pharmacia, New Monsantowill be responsible for the costs and expenses and any judgment or settlementamounts in these actions.

Celebrex

As previously reported, in April and May 2003, several purported classaction complaints were filed in the U.S. District Court for the District of NewJersey by persons who claim to have been purchasers of publicly traded securitiesof Pharmacia during the period from April 17, 2000 through August 22, 2001. Theoriginal defendants in these actions were Pharmacia and certain former officersof Pharmacia. The complaints allege that the defendants violated federalsecurities laws by misrepresenting the safety of Celebrex. Several of the casesfurther allege that all of the individual defendants breached fiduciary dutiesby virtue of their alleged conduct concerning Celebrex. Pursuant to an amendedconsolidated complaint, these cases have been consolidated for pre-trialpurposes and Pfizer has been added as a defendant.

As previously reported, Pfizer and Pharmacia were defendants in twopurported class actions filed in the U.S. District Court for the District ofNew Jersey in January and July 2002 alleging that the companies misrepresentedand over-promoted Celebrex in violation of the New Jersey Consumer Fraud Actand that they misled the FDA to obtain approval of Celebrex. On December 2,2003, one of these two actions was dismissed without prejudice. On June 15,2004, the court in the other action granted defendants' motion for summaryjudgment and dismissed the claims.

Environmental Matters

In April 2004, we received a letter from the Nebraska Department ofEnvironmental Quality (NDEQ) proposing a civil penalty in the amount of$350,000 to settle certain alleged violations of Nebraska's hazardous wasteregulations at our Lincoln, Nebraska manufacturing facility.  The allegedviolations, set forth in two Notices of Violation, relate to the allegedimproper disposal of a small amount of hazardous waste during the period1997-2003.   The Notices of Violation arose out of a voluntaryself-disclosure that we made to the NDEQ in 2003.  We are reviewing theproposed penalty and preparing our response to the NDEQ. Corrective actionshave been developed and implemented.  

**Tax Matters**

The Internal Revenue Service (IRS) has completed and closed its auditsof Pfizer Inc.'s tax returns through 1998 and Warner-Lambert Company through1998. The IRS is currently conducting audits of Pfizer Inc.'s tax returns forthe years 1999 through 2001 and Warner-Lambert Company for the years 1999through the date of merger (June 19, 2000). With respect to PharmaciaCorporation (formerly known as Monsanto Company), the IRS is in the process ofcompleting and closing all audits through 1999 and has commenced the audit ofthe tax returns for the years 2000 through 2002.

We believe that ouraccruals for tax liabilities are adequate for all open years.

 

Item 2.

Changes in Securities,  Use of Proceeds and Issuer

 

Purchases of Equity  Securities

This table provides certain information with respectto our purchases of shares of the Company's Common Stock:

Issuer Purchases of Equity Securities*

 

 

Period

Total Number  of      Shares Purchased      During Fiscal      Second Quarter**

Average  Price      Paid per Share      During Fiscal      Second Quarter**

Total Number  of    Shares Purchased as    Part of Publicly    Announced Plan    Since Inception*

Approximate  Dollar    Value of Shares that    May Yet Be Purchased    Under the Plan*

Balance as of March 28, 2004

 

 

25,850,000  

$4,050,735,904  

March 29, 2004 through April 30, 2004

1,717,166    

$36.49    

27,500,000  

$3,990,477,134  

May 1, 2004 through May 31, 2004

10,412,605    

$35.71    

37,900,000  

$3,619,146,589  

June 1, 2004 through June 27, 2004

26,340,948    

$35.46    

64,167,500  

$2,687,545,757  

Total

38,470,719    

$35.58    

64,167,500  

 

 

 

 

 

 

*

On December 15, 2003, the Company announced  that the Board of Directors authorized the purchase of up to $5 billion  of the Company's Common Stock (the "2003 Stock Purchase Plan").  Such purchases are expected to be completed by the end of 2004.

 

 

**

In addition to purchases under the 2003 Stock  Purchase Plan, this column reflects the following transactions during the  fiscal second quarter of 2004: (i) the deemed surrender to the  Company of 111,511 shares of Common Stock to pay the exercise price and  to satisfy tax withholding obligations in connection with the exercise of employee  stock options, (ii) the surrender to the Company of 1,381 shares  of Common Stock to satisfy tax withholding obligations in connection with the  vesting of restricted stock issued to employees; and (iii) the  open-market purchase by the trustee of 40,327 shares of Common stock in  connection with the reinvestment of dividends paid on Common Stock held in  trust for employees who were granted awards under the Company's current or  previous Performance-Contingent Share Award plans and who deferred receipt of  such awards.

 

Item 6.

Exhibits and Reports on  Form 8-K

 

 

 

 

(a)

Exhibits

 

 

 

 

 

 

 

1)  Exhibit 12

-

Ratio of Earnings to Fixed Charges and Ratio of  Earnings to Fixed Charges and Preferred Stock Dividends

 

 

 

 

 

2)  Exhibit 15

-

Accountants' Acknowledgment

 

 

 

 

 

3)  Exhibit 31.1

-

Certification by the Chief Executive Officer  Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

 

 

 

 

4)  Exhibit 31.2

-

Certification by the Chief Financial Officer  Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

 

 

 

 

5)  Exhibit 32.1

-

Certification by the Chief Executive Officer  Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906  of the Sarbanes-Oxley Act of 2002

 

 

 

 

 

6)  Exhibit 32.2

-

Certification by the Chief Financial Officer Pursuant  to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the  Sarbanes-Oxley Act of 2002

 

 

 

 

 

(b)

Reports on Form 8-K

 

 

 

We filed a report on Form 8-K during the second  quarter ended June 27, 2004 on the following date for the purpose specified:  On  April 20, 2004, to report our financial results for the first quarter  ended March 28, 2004.

 

PFIZER INC. ANDSUBSIDIARY COMPANIES

SIGNATURE

Under the requirements ofthe Securities Exchange Act of 1934, this report was signed on behalf of the Registrantby the authorized person named below.

 

 

Pfizer Inc.

 

 

(Registrant)

 

 

 

 

 

 

Dated:  August 6, 2004

 

/s/ Loretta  V. Cangialosi

 

 

 

 

 

Loretta V.  Cangialosi, Vice President, Controller  (Principal Accounting Officer and  Duly Authorized Officer)

 

Exhibit 12

PFIZER INC. ANDSUBSIDIARY COMPANIESRATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO FIXEDCHARGES AND PREFERRED STOCK DIVIDENDS

 

 

Six  Months  Ended  June 27,

 

 

Year Ended  December 31,

(in millions, except  ratios)

 

2004

 

 

2003

 

2002

 

2001

 

2000

 

1999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Determination of  earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing  operations before provision for taxes on income, minority interests and  cumulative effect of change in accounting principles

$

6,557

 

$

3,246

$

11,766

$

9,963

$

5,471

$

6,945

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Minority interests

 

4

 

 

3

 

6

 

14

 

13

 

5

Adjusted income

 

6,553

 

 

3,243

 

11,760

 

9,949

 

5,458

 

6,940

Fixed charges

 

243

 

 

491

 

365

 

359

 

478

 

463

Total earnings as  defined

$

6,796

 

$

3,734

$

12,125

$

10,308

$

5,936

$

7,403

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (a)

$

131

 

$

270

$

251

$

266

$

381

$

364

Preferred stock  dividends (b)

 

6

 

 

10

 

--

 

--

 

--

 

--

Rents (c)

 

106

 

 

211

 

114

 

93

 

97

 

99

Fixed charges

 

243

 

 

491

 

365

 

359

 

478

 

463

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

7

 

 

20

 

28

 

56

 

46

 

40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

$

250

 

$

511

$

393

$

415

$

524

$

503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to  fixed charges

 

27.2

 

 

7.3

 

30.9

 

24.8

 

11.3

 

14.7

All financial data for2004 and 2003 reflect our in-vitro allergy and autoimmune diagnostics testingbusiness, European generic businesses and surgical ophthalmic business as wellas for 2004, 2003, 2002, 2001 and 2000 certain non-core consumer healthcareproducts (primarily marketed in Europe) which have been presented indiscontinued operations beginning in the three months ended March 28,2004.

All financial data for2003, 2002, 2001 and 2000 reflect our confectionery, shaving and fish-careproducts businesses as well as the Estrostep, Loestrin and femhrt women'shealth product lines as discontinued operations. 

We have not restatedperiods prior to 2000 for these discontinued operations because the data arenot available. After we reorganized our financial systems due to the mergerwith Warner-Lambert Company, the level of detail necessary to develop financialinformation for these discontinued operations for periods prior to 2000 was nolonger available.

(a)

Interest expense includes amortization of debt  premium, discount and expenses.

 

 

(b)

Preferred stock dividends are from our Series A  convertible perpetual preferred stock held by an Employee Stock Ownership  Plan assumed in connection with our acquisition of Pharmacia.

 

 

(c)

Rents included in the computation consist of  one-third of rental expense which we believe to be a conservative estimate of  an interest factor in our leases, which are not material.

Exhibit 15

ACCOUNTANTS'ACKNOWLEDGMENT

To the Shareholders and Board of Directors of Pfizer Inc.:

We hereby acknowledge our awareness of the incorporation by referenceof our report dated August 6, 2004, included within the Quarterly Reporton Form 10-Q of Pfizer Inc. for the quarter ended June 27, 2004, in thefollowing Registration Statements:

- Form S-8 dated October 27, 1983 (File No. 2-87473),

- Form S-8 dated March 22, 1990 (File No. 33-34139),

- Form S-8 dated January 24, 1991 (File No. 33-38708),

- Form S-8 dated November 18, 1991 (File No.33-44053),

- Form S-3 dated May 27, 1993 (File No. 33-49629),

- Form S-8 dated May 27, 1993 (File No. 33-49631),

- Form S-8 dated May 19, 1994 (File No. 33-53713),

- Form S-8 dated October 5, 1994 (File No. 33-55771),

- Form S-3 dated November 14, 1994 (File No.33-56435),

- Form S-8 dated December 20, 1994 (File No.33-56979),

- Form S-8 dated March 29, 1996 (File No. 33-02061),

- Form S-8 dated September 25, 1997 (File No.333-36371),

- Form S-8 dated April 24, 1998 (File No. 333-50899), 

- Form S-8 dated April 22, 1999 (File No. 333-76839), 

- Form S-8 dated June 19, 2000 (File No. 333-90975),

- Form S-8 dated June 19, 2000 (File No. 333-39606),

- Form S-8 dated June 19, 2000 (File No. 333-39610),

- Form S-3 dated October 20, 2000 (File No.333-48382),

- Form S-8 dated April 27, 2001 (File No. 333-59660), 

- Form S-8 dated April 27, 2001 (File No. 333-59654),

- Form S-3 dated October 30, 2002 (File No.333-100853),

- Form S-3 dated December 26, 2002 (File No.33-56435),

- Form S-8 dated April 16, 2003 (File No. 333-104581),

- Form S-8 dated April 16, 2003 (File No. 333-104582),

- Form S-8 dated November 18, 2003 (File No.333-110571),

- Form S-8 dated December 18, 2003 (File No.333-111333), and

- Form S-8 dated April 26, 2004 (File No.333-114852).

Pursuant to Rule 436(c) under the Securities Act of 1933, such reportis not considered a part of a registration statement prepared or certified byan accountant or a report prepared or certified by an accountant within themeaning of Sections 7 and 11 of that Act.

KPMG LLP

New York, New YorkAugust 6, 2004

**Exhibit31.1**

** **

**CERTIFICATIONBY THE CHIEF EXECUTIVE OFFICER PURSUANT TOSECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Henry A. McKinnell,certify that:

1.

I have reviewed this report on Form 10-Q of Pfizer  Inc.;

 

 

2.

Based on my knowledge, this report does not contain  any untrue statement of a material fact or omit to state a material fact  necessary to make the statements made, in light of the circumstances under  which such statements were made, not misleading with respect to the period  covered by this report;

 

 

3.

Based on my knowledge, the financial statements, and  other financial information included in this report, fairly present in all  material respects the financial condition, results of operations and cash  flows of the registrant as of, and for, the periods presented in this report;

 

 

4.

The registrant's other certifying officer and I are  responsible for establishing and maintaining disclosure controls and  procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the  registrant and have:

 

 

 

a)

Designed such disclosure controls and procedures, or  caused such disclosure controls and procedures to be designed under our  supervision, to ensure that material information relating to the registrant,  including its consolidated subsidiaries, is made known to us by others within  those entities, particularly during the period in which this report is being  prepared;

 

 

 

b)

Evaluated the effectiveness of the registrant's  disclosure controls and procedures and presented in this report our  conclusions about the effectiveness of the disclosure controls and  procedures, as of the end of the period covered by this report based on such  evaluation; and

 

 

 

c)

Disclosed in this report any change in the  registrant's internal control over financial reporting that occurred during  the registrant's most recent fiscal quarter that has materially affected, or  is reasonably likely to materially affect, the registrant's internal control  over financial reporting; and

 

 

5.

The registrant's other certifying officer and I have  disclosed, based on our most recent evaluation of internal control over  financial reporting, to the registrant's auditors and the audit committee of  the registrant's board of directors (or persons performing the equivalent  functions):

 

 

 

a)

All significant deficiencies and material weaknesses  in the design or operation of internal control over financial reporting which  are reasonably likely to adversely affect the registrant's ability to record,  process, summarize and report financial information; and

 

 

 

b)

Any fraud, whether or not material, that involves  management or other employees who have a significant role in the registrant's  internal control over financial reporting.

 

 

 

 

Date:  August 6, 2004

 

/s/ Henry A. McKinnell

Henry A. McKinnell  Chairman of the Board  and Chief Executive Officer

 

**Exhibit31.2**

**CERTIFICATIONBY THE CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, David L. Shedlarz,certify that:

1.

I have reviewed this report on Form 10-Q of Pfizer  Inc.;

 

 

2.

Based on my knowledge, this report does not contain  any untrue statement of a material fact or omit to state a material fact  necessary to make the statements made, in light of the circumstances under  which such statements were made, not misleading with respect to the period  covered by this report;

 

 

3.

Based on my knowledge, the financial statements, and  other financial information included in this report, fairly present in all  material respects the financial condition, results of operations and cash  flows of the registrant as of, and for, the periods presented in this report;

 

 

4.

The registrant's other certifying officer and I are  responsible for establishing and maintaining disclosure controls and  procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the  registrant and have:

 

 

 

a)

Designed such disclosure controls and procedures, or  caused such disclosure controls and procedures to be designed under our  supervision, to ensure that material information relating to the registrant,  including its consolidated subsidiaries, is made known to us by others within  those entities, particularly during the period in which this report is being  prepared;

 

 

 

b)

Evaluated the effectiveness of the registrant's  disclosure controls and procedures and presented in this report our  conclusions about the effectiveness of the disclosure controls and  procedures, as of the end of the period covered by this report based on such  evaluation; and

 

 

 

c)

Disclosed in this report any change in the  registrant's internal control over financial reporting that occurred during  the registrant's most recent fiscal quarter that has materially affected, or  is reasonably likely to materially affect, the registrant's internal control  over financial reporting; and

 

 

5.

The registrant's other certifying officer and I have  disclosed, based on our most recent evaluation of internal control over  financial reporting, to the registrant's auditors and the audit committee of  the registrant's board of directors (or persons performing the equivalent  functions):

 

 

 

a)

All significant deficiencies and material weaknesses  in the design or operation of internal control over financial reporting which  are reasonably likely to adversely affect the registrant's ability to record,  process, summarize and report financial information; and

 

 

 

b)

Any fraud, whether or not material, that involves  management or other employees who have a significant role in the registrant's  internal control over financial reporting.

Date:  August 6, 2004

 

/s/ David L. Shedlarz

David L. Shedlarz  Executive Vice President and  Chief Financial Officer

 

**Exhibit32.1**

**Certificationby the Chief Executive Officer Pursuant to 18 U. S. C. Section 1350, as AdoptedPursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

Pursuant to 18 U. S. C. Section 1350, I, Henry A. McKinnell, herebycertify that, to the best of my knowledge, the Quarterly Report of Pfizer Inc.on Form 10-Q for the quarter ended June 27, 2004 (the "Report") fullycomplies with the requirements of Section 13(a) or Section 15(d) of theSecurities Exchange Act of 1934, and that the information contained in thatReport fairly presents, in all material respects, the financial condition andresults of operations of Pfizer Inc.

 

/s/ Henry A.McKinnell             Henry A. McKinnellChairman of the Board and Chief Executive OfficerAugust 6, 2004

This certification accompanies this Report on Form 10-Q pursuant toSection 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to theextent required by such Act, be deemed filed by the Company for purposes ofSection 18 of the Securities Exchange Act of 1934, as amended (the"Exchange Act"). Such certification will not be deemed to beincorporated by reference into any filing under the Securities Act of 1933, asamended, or the Exchange Act, except to the extent that the Companyspecifically incorporates it by reference.

**Exhibit32.2**

**Certificationby the Chief Financial Officer Pursuant to 18 U. S. C. Section 1350, as AdoptedPursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

Pursuant to 18 U. S. C. Section 1350, I, David L. Shedlarz, herebycertify that, to the best of my knowledge, the Quarterly Report of Pfizer Inc.on Form 10-Q for the quarter ended June 27, 2004 (the "Report") fullycomplies with the requirements of Section 13(a) or Section 15(d) of theSecurities Exchange Act of 1934, and that the information contained in thatReport fairly presents, in all material respects, the financial condition andresults of operations of Pfizer Inc. 

/s/ David L.Shedlarz            David L. ShedlarzExecutive Vice President and Chief Financial OfficerAugust 6, 2004

This certification accompanies this Report on Form 10-Q pursuant toSection 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to theextent required by such Act, be deemed filed by the Company for purposes ofSection 18 of the Securities Exchange Act of 1934, as amended (the"Exchange Act").  Such certification will not be deemed to beincorporated by reference into any filing under the Securities Act of 1933, asamended, or the Exchange Act, except to the extent that the Companyspecifically incorporates it by reference.

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