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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
(XXXX ONE)
/X/ ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 (FEE REQUIRED)
For the fiscal year ended December 31, 1995
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 (NO FEE REQUIRED)
For the transition period from ... to ...
Commission file number 1-3619
A. FULL TITLE OF THE PLAN AND THE ADDRESS OF THE PLAN, IF DIFFERENT FROM THAT
OF THE ISSUER NAMED BELOW:
PFIZER SAVINGS AND INVESTMENT PLAN
B. NAME OF ISSUER OF THE SECURITIES HELD PURSUANT TO THE PLAN AND THE ADDRESS
OF ITS PRINCIPAL EXECUTIVE OFFICES:
PFIZER INC.
000 XXXX 00XX XXXXXX
XXX XXXX, XXX XXXX 00000
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--------------------------------------------------------------------------------
PFIZER SAVINGS AND INVESTMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE
FOR PLAN BENEFITS
DECEMBER 31, 1995
(THOUSANDS OF DOLLARS EXCEPT UNIT VALUES)
NON-PARTICIPANT
DIRECTED
--------------- PARTICIPANT DIRECTED
COMPANY COMMON ------------------------------------------------------
TOTAL STOCK FUND FUND A FUND B FUND C FUND D LOAN FUND
---------- --------------- ---------- ---------- ---------- ------- ---------
Investments, at fair value:
Pfizer Inc. common stock:
Company Common
Stock Fund, 10,451,382 shares, cost
$132,164; Fund C, 10,048,630 shares,
cost $180,795........................... $1,291,501 $ 658,437 $ -- $ -- $ 633,064 $ -- $ --
Intermediate Treasury Bond Fund, The
Northern Trust Company, cost $137,223..... 140,002 140,002 -- -- -- --
Collective Stock Index Fund, The Northern
Trust Company, cost $59,403............... 110,014 -- 110,014 -- -- --
Investment contracts with insurance
companies, at contract value................ 41,089 -- 41,089 -- -- -- --
Investments, at cost which approximates fair
value:
Loans to participants...................... 31,707 -- -- -- -- -- 31,707
Cash and short-term securities............. 16,056 90 94 -- 69 15,803 --
---------- --------------- ---------- ---------- ---------- ------- ---------
Total investments........................ 1,630,369 658,527 181,185 110,014 633,133 15,803 31,707
Interest receivable.......................... 2,608 2 2,525 1 1 79 --
Contributions receivable from employers,
including amounts collected from
employees................................... 8,338 2,554 1,788 1,492 2,143 361 --
---------- --------------- ---------- ---------- ---------- ------- ---------
1,641,315 661,083 185,498 111,507 635,277 16,243 31,707
Payables arising from securities purchased... (54) -- (1) (40) (13) -- --
---------- --------------- ---------- ---------- ---------- ------- ---------
Net assets available for plan benefits --
Note 8...................................... $1,641,261 $ 661,083 $ 185,497 $ 111,467 $ 635,264 $16,243 $31,707
---------- --------------- ---------- ---------- ---------- ------- ---------
---------- --------------- ---------- ---------- ---------- ------- ---------
Number of units outstanding at end of year... 34,575,800 16,345,905 8,249,272 33,396,661 1,472,371
Unit Value -- Note 1......................... $18.96 $11.29 $13.40 $18.91 $10.69
See Notes to Financial Statements which are an integral part of these financial
statements.
1
PFIZER SAVINGS AND INVESTMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE
FOR PLAN BENEFITS
DECEMBER 31, 1994
(THOUSANDS OF DOLLARS EXCEPT UNIT VALUES)
NON-PARTICIPANT
DIRECTED
--------------- PARTICIPANT DIRECTED
COMPANY COMMON ------------------------------------------------------
TOTAL STOCK FUND FUND A FUND B FUND C FUND D LOAN FUND
---------- --------------- ---------- ---------- ---------- ------- ---------
Investments, at fair value:
Pfizer Inc. common stock:
Company Common Stock Fund, 10,685,710
shares, cost $121,681; Fund C, 9,436,552
shares, cost $132,223 -- Note 2......... $ 777,223 $ 412,736 $ -- $ -- $ 364,487 $ -- $ --
Intermediate Treasury Bond Fund, The
Northern Trust Company, cost $120,852..... 114,791 -- 114,791 -- -- -- --
Collective Stock Index Fund, The Northern
Trust Company, cost $40,603............... 66,783 -- -- 66,783 -- -- --
Investment contracts with insurance
companies, at contract value................ 37,892 -- 37,892 -- -- -- --
Investments, at cost which approximates fair
value:
Loans to participants...................... 24,528 -- -- -- -- -- 24,528
Cash and short-term securities............. 4,584 78 250 107 71 4,078 --
---------- --------------- ---------- ---------- ---------- ------- ---------
Total investments........................ 1,025,801 412,814 152,933 66,890 364,558 4,078 24,528
Interest receivable.......................... 2,334 5 2,306 1 4 18 --
Contributions receivable from employers,
including amounts collected from
employees................................... 7,149 2,268 1,758 868 919 1,336 --
---------- --------------- ---------- ---------- ---------- ------- ---------
1,035,284 415,087 156,997 67,759 365,481 5,432 24,528
Payables arising from securities purchased... (5) -- (2) (3) -- -- --
---------- --------------- ---------- ---------- ---------- ------- ---------
Net assets available for plan benefits --
Note 8...................................... $1,035,279 $ 415,087 $ 156,995 $ 67,756 $ 365,481 $ 5,432 $24,528
---------- --------------- ---------- ---------- ---------- ------- ---------
---------- --------------- ---------- ---------- ---------- ------- ---------
Number of units outstanding at end of year... 35,818,415 15,360,416 6,808,008 31,611,989 493,338
Unit Value -- Note 1......................... $11.38 $10.00 $9.77 $11.38 $10.08
See Notes to Financial Statements which are an integral part of these financial
statements.
2
PFIZER SAVINGS AND INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE
FOR PLAN BENEFITS
YEAR ENDED DECEMBER 31, 1995
(THOUSANDS OF DOLLARS)
NON-PARTICIPANT
DIRECTED
----------
COMPANY PARTICIPANT DIRECTED
COMMON ----------------------------------------------
TOTAL STOCK FUND FUND A FUND B FUND C FUND D LOAN FUND
---------- ---------- -------- ------- -------- ------ ---------
Net investment income
Cash dividends:
Pfizer Inc. common stock.............................. $ 21,180 $ 10,919 $ -- $ -- $ 10,261 $ -- $ --
Other marketable securities........................... 2,333 -- -- 2,333 -- -- --
Interest................................................ 15,605 38 12,351 29 86 939 2,162
---------- ---------- -------- ------- -------- ------ ---------
39,118 10,957 12,351 2,362 10,347 939 2,162
Investment management fees -- Note 4...................... (90) -- (57) (33) -- -- --
---------- ---------- -------- ------- -------- ------ ---------
39,028 10,957 12,294 2,329 10,347 939 2,162
---------- ---------- -------- ------- -------- ------ ---------
Realized gains (losses) on investments, net -- Note 5
Pfizer Inc. common stock................................ 40,853 20,137 -- -- 20,716 -- --
Other securities........................................ 379 -- (638) 1,017 -- -- --
---------- ---------- -------- ------- -------- ------ ---------
41,232 20,137 (638) 1,017 20,716 -- --
---------- ---------- -------- ------- -------- ------ ---------
Unrealized appreciation of investments, net -- Note 6..... 488,494 235,218 8,840 24,431 220,005 -- --
---------- ---------- -------- ------- -------- ------ ---------
568,754 266,312 20,496 27,777 251,068 939 2,162
---------- ---------- -------- ------- -------- ------ ---------
Contributions -- Note 7
Employees............................................... 132,035 -- 13,942 13,281 41,807 63,005 --
Employers............................................... 32,068 32,068 -- -- -- -- --
Withdrawals -- Note 8..................................... (126,875) (51,631) (20,772) (8,374) (42,046) (4,052) --
Loan transaction transfers -- net......................... -- (753) (970) (545) (2,605) (114) 5,017
Transfers at fair market value -- net..................... -- -- 15,806 11,572 21,559 (48,937) --
---------- ---------- -------- ------- -------- ------ ---------
37,228 (20,316) 8,006 15,934 18,715 9,872 5,017
---------- ---------- -------- ------- -------- ------ ---------
Net increase.............................................. 605,982 245,996 28,502 43,711 269,783 10,811 7,179
Net assets available for plan benefits -- Note 8:
Beginning of year....................................... 1,035,279 415,087 156,995 67,756 365,481 5,432 24,528
---------- ---------- -------- ------- -------- ------ ---------
End of year............................................. $1,641,261 $661,083 $185,497 $111,467 $635,264 $16,243 $31,707
---------- ---------- -------- ------- -------- ------ ---------
---------- ---------- -------- ------- -------- ------ ---------
See Notes to Financial Statements which are an integral part of these financial
statements.
3
PFIZER SAVINGS AND INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE
FOR PLAN BENEFITS
YEAR ENDED DECEMBER 31, 1994
(THOUSANDS OF DOLLARS)
NON-PARTICIPANT
DIRECTED
----------
COMPANY PARTICIPANT DIRECTED
COMMON ------------------------------------------------
TOTAL STOCK FUND FUND A FUND B FUND C FUND D LOAN FUND
-------- ---------- -------- ------- -------- -------- ---------
Net investment income
Cash dividends:
Pfizer Inc. common
stock.............................. $ 18,635 $ 9,852 $ -- $ -- $ 8,783 $ -- $ --
Other marketable securities......... 1,699 -- -- 1,699 -- -- --
Interest................................ 12,759 35 11,628 24 38 28 1,006
-------- ---------- -------- ------- -------- -------- ---------
33,093 9,887 11,628 1,723 8,821 28 1,006
Investment management fees -- Note 4.... (39) -- (24) (15) -- -- --
-------- ---------- -------- ------- -------- -------- ---------
33,054 9,887 11,604 1,708 8,821 28 1,006
-------- ---------- -------- ------- -------- -------- ---------
Realized gains (losses) on investments,
net -- Note 5
Pfizer Inc. common stock.............. 20,942 10,582 -- -- 10,360 -- --
Other securities...................... (343) -- (350) 7 -- -- --
-------- ---------- -------- ------- -------- -------- ---------
20,599 10,582 (350) 7 10,360 -- --
-------- ---------- -------- ------- -------- -------- ---------
Unrealized appreciation (depreciation)
of investments, net -- Note 6.......... 54,321 32,408 (6,015) (838) 28,766 -- --
-------- ---------- -------- ------- -------- -------- ---------
107,974 52,877 5,239 877 47,947 28 1,006
-------- ---------- -------- ------- -------- -------- ---------
Contributions -- Note 7
Employees............................. 60,115 -- 14,525 11,603 33,952 35 --
Employers............................. 28,723 28,723 -- -- -- -- --
Withdrawals -- Note 8................... (86,387) (33,694) (19,644) (5,467) (27,582) -- --
Loan transaction transfers -- net....... -- (1,733) (2,015) (678) (4,225) (4) 8,655
Transfers at fair market value -- net... -- -- 3,615 1,628 (10,616) 5,373 --
-------- ---------- -------- ------- -------- -------- ---------
2,451 (6,704) (3,519) 7,086 (8,471) 5,404 8,655
-------- ---------- -------- ------- -------- -------- ---------
Net increase............................ 110,425 46,173 1,720 7,963 39,476 5,432 9,661
Net assets available for plan benefits
-- Note 8:
Beginning of year..................... 924,854 368,914 155,275 59,793 326,005 -- 14,867
-------- ---------- -------- ------- -------- -------- ---------
End of year........................... $1,035,279 $415,087 $156,995 $67,756 $365,481 $ 5,432 $24,528
-------- ---------- -------- ------- -------- -------- ---------
-------- ---------- -------- ------- -------- -------- ---------
See Notes to Financial Statements which are an integral part of these financial
statements.
4
PFIZER SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995 AND 1994
NOTE 1 -- SUMMARY PLAN DESCRIPTION
GENERAL -- The Pfizer Savings and Investment Plan (the "Plan") was
originally adopted by Pfizer Inc. (the "Company") in 1965 as the Pfizer Savings
Plan and has been amended from time to time since that date. Participation in
the Plan is open to all eligible employees of the Company and any corporation
which, with the consent of the Company, adopts the Plan ("Associate Companies").
The Plan is subject to the provisions of the Employee Retirement Income Security
Act of 1974.
Effective December 31, 1992, all new contributions, in excess of withdrawals
and transfers, directed to Fund A of the Plan are invested in an intermediate
U.S. Treasury bond fund. In addition, as the investment contracts with insurance
companies in Fund A mature, the contracts' proceeds are invested in an
intermediate U.S. Treasury bond fund.
Effective as of January 1, 1995, the Plan was amended to accept a rollover
contribution by a participant in certain instances (as defined in the Plan) and
to value a deceased participant's account as of the valuation date subsequent to
the receipt of the distribution election rather than the valuation date
preceeding the decedent's death.
The following is a general description of certain provisions of the Plan.
Refer to the Plan for a complete description.
CONTRIBUTIONS -- Each participant may make contributions on an after-tax
basis or on a before-tax basis (that is, choose to reduce his or her
compensation and have the Company contribute on his or her behalf), or may
contribute on a basis combining the two. Before-tax contributions are subject to
certain restrictions for employees who are considered highly compensated under
the Internal Revenue Code of 1986, as amended. Contributions of up to 2% of
compensation are matched 100% by the Company and the next 4% is matched 50%.
Employee contributions in excess of 6% are not matched.
INVESTMENT OPTIONS -- Each participant in the Plan elects to have his or her
contribution invested in any one or any combination of four investment funds.
These funds are described as follows:
Fund A -- An intermediate U.S. Treasury bond fund and investment
contracts with insurance companies (see GENERAL caption above
for a description of Fund A investments effective December 31,
1992).
Fund B -- An index fund of corporate common stocks.
Fund C -- Common stock of the Company.
Fund D -- U.S. Treasury and government agency money market investments
with short maturities of less than one year (fund became
available to participants in October 1994).
At December 31, 1995 and 1994, respectively, there were 13,033 and 11,788
employees participating in the Plan, some of whom had investments in more than
one employee investment fund. On the basis of allocations by the employees of
their contributions at December 31, 1995 and 1994, respectively, Fund A had
5,218 and 5,506 participating employees; Fund B, 4,802 and 4,242, Fund C, 10,828
and 9,299 and Fund D, 291 and 55.
All Company matching contributions are invested by the Trustee in a fifth
fund designated the "Company Common Stock Fund," which consists solely of common
stock of the Company. These contributions are non-participant directed.
5
PFIZER SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1995 AND 1994
NOTE 1 -- SUMMARY PLAN DESCRIPTION (CONTINUED)
The Trust Agreement provides that any portion of any of the five funds may,
pending its permanent investment or distribution, be invested in short-term
investments.
The net assets used to calculate the unit values disclosed on the Statement
of Net Assets Available for Plan Benefits as of December 31, 1995 and 1994, have
been reduced by benefits payable (Note 8) as of that date.
ELIGIBILITY AND VESTING -- Substantially all the domestic employees of the
Company, except those covered by a collective bargaining agreement, are eligible
to participate in the Plan beginning on the first January 1 following their date
of employment, or the beginning of any month thereafter. Participants are
immediately vested in the full value of their accounts (i.e., participants' and
employers' contributions) in Funds A, B, C and D and the Company Common Stock
Fund.
PAYMENT OF BENEFITS -- Upon separation from service, retirement, disability
or death, a participant has the option to elect to receive a lump sum
distribution immediately or at any time up to age 65, subject to the provisions
of the Plan.
WITHDRAWALS -- A participant in the Plan may make a full or partial
withdrawal of funds subject to the provisions of the Plan.
LOANS -- Since July 1, 1993, Plan participants are permitted to borrow
against their vested balance. The minimum amount a participant may borrow is
$1,000 and the maximum amount is the lesser of 50% of the vested account balance
reduced by any current outstanding loan balance or $50,000 reduced by the
highest outstanding loan balance in the preceding 12 months.
Under the terms of the Plan, loans must be repaid within five years, unless
the funds are used to purchase a primary residence. Primary residence loans must
be repaid over 10 or 15 years at the participant's option. The interest rate on
all loans is based on the prime rate plus 1%. Interest paid by the participant
is credited to the participant's account.
TERMINATION -- The Company expects to continue the Plan indefinitely, but
necessarily reserves the right to amend, suspend or discontinue it in whole or
in part at any time by action of the Company's Board of Directors. Upon
termination of the Plan, each member affected thereby shall receive the full
value of his or her share in Funds A, B, C, D and his or her share in the
Company Common Stock Fund as though he or she had retired as of the date of such
termination. No part of the assets in the investment funds established pursuant
to the Plan will at any time revert to the Company.
NOTE 2 -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING -- The financial statements of the Plan are prepared on
the accrual basis of accounting. For treatment of benefits payable refer to Note
8.
INVESTMENT VALUATION -- Pfizer Inc. common stock is valued at the closing
market price on the last business day of the year. The investments in the index
fund of corporate common stocks and intermediate U.S. Treasury bond fund are
recorded at fair value based on the closing market prices of the underlying
investments of the respective fund as of the last business day of the year.
Loans to participants and cash and short-term securities are recorded at cost
which approximates fair value and the investment contracts with insurance
companies are recorded at contract value.
6
PFIZER SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1995 AND 1994
NOTE 2 -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
SECURITY TRANSACTIONS -- Purchases and sales of securities are reflected on
a trade-date basis. Realized gains and losses on sales of investments represent
the difference between the net proceeds received and the cost of the investments
(average cost if less than the entire investment is sold).
UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS -- Unrealized
appreciation (depreciation) of investments for the year represents the
difference between the cost of the investments and their fair value at the end
of the year. Additionally, it reflects the reversal of the unrealized
appreciation (depreciation) as of the end of the prior year.
DIVIDEND RECOGNITION -- Dividend income is recorded on the ex-dividend date.
Income from other investments is recorded as earned.
PFIZER INC. COMMON STOCK -- In June 1995, the Company effected a two-for-one
stock split in the form of a 100% stock dividend. The number of shares of Pfizer
Inc. common stock held by the Plan as of December 31, 1994 (Company Common Stock
Fund and Fund C) have been restated to reflect the two-for-one stock split.
NOTE 3 -- INCOME TAXES
The Internal Revenue Service has determined and informed the Company that
the Plan and related trust as of May 26, 1994 were designed in accordance with
the applicable sections of the Internal Revenue Code. The Plan has been amended
since receiving the determination letter. The Plan administrator and the Plan's
legal and tax counsel believe that the Plan is designed and is currently being
operated in compliance with all the applicable requirements. Therefore, no
provision has been made for Federal income taxes.
All contributions made to the Plan by the Company, including before-tax
contributions made on the employee's behalf by the Company and the appreciation
on all funds in the employee's account are not taxable to the employee under
Federal income tax law while these amounts remain in the Plan.
NOTE 4 -- ADMINISTRATIVE COSTS
Except for certain member transfer costs and the investment management fees
(Fund A and Fund B), all costs and expenses of administering the Plan were borne
by the Company.
NOTE 5 -- REALIZED GAINS (LOSSES) ON INVESTMENTS
The aggregate net proceeds and carrying value used in the calculation of the
realized gains (losses) on investments are as follows:
REALIZED GAINS
NET PROCEEDS COST (LOSSES)
------------ --------- --------------
(THOUSANDS OF DOLLARS)
Pfizer Inc. Common Stock:
1995........................................................ $ 58,802 $ 17,949 $ 40,853
1994........................................................ 32,958 12,016 20,942
Other Securities:
1995........................................................ 31,833 31,454 379
1994........................................................ 19,928 20,271 (343)
Net share proceeds from the disposal of Pfizer Inc. common stock of
$19,664,000 in 1995 and $15,172,000 in 1994 related to shares distributed in
kind to participants who withdrew from the Plan on retirement or termination.
7
PFIZER SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1995 AND 1994
NOTE 6 -- UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS
The change in the amount of unrealized appreciation (depreciation) was as
follows:
AGGREGATE UNREALIZED
---------------------------
DECEMBER 31, DECEMBER 31,
1995 1994 CHANGE DURING 1995
------------- ------------ -------------------
(THOUSANDS OF DOLLARS)
Company Common Stock Fund............................ $ 526,273 $ 291,055 $ 235,218
Fund A............................................... 2,779 (6,061) 8,840
Fund B............................................... 50,611 26,180 24,431
Fund C............................................... 452,269 232,264 220,005
------------- ------------ ----------
$ 1,031,932 $ 543,438 $ 488,494
------------- ------------ ----------
------------- ------------ ----------
AGGREGATE UNREALIZED
--------------------------
DECEMBER 31, DECEMBER 31,
1994 1993 CHANGE DURING 1994
------------ ------------ -------------------
(THOUSANDS OF DOLLARS)
Company Common Stock Fund............................. $ 291,055 $ 258,647 $ 32,408
Fund A................................................ (6,061) (46) (6,015)
Fund B................................................ 26,180 27,018 (838)
Fund C................................................ 232,264 203,498 28,766
------------ ------------ --------
$ 543,438 $ 489,117 $ 54,321
------------ ------------ --------
------------ ------------ --------
NOTE 7 -- CONTRIBUTIONS
The participating employees and their employers contributed the following
amounts to the Plan:
1995
---------------------------------------
PARTICIPATING PARTICIPATING
EMPLOYEES EMPLOYERS TOTAL
------------ ------------ -----------
(THOUSANDS OF DOLLARS)
Pfizer Inc..................................................... $ 117,093 $ 26,104 $ 143,197
Associate Companies............................................ 14,942 5,964 20,906
------------ ------------ -----------
$ 132,035 $ 32,068 $ 164,103
------------ ------------ -----------
------------ ------------ -----------
In 1995, contributions by participating employees of Pfizer Inc. includes
rollover contributions of $62,260,000 from the employees of the former
SmithKline Xxxxxxx animal health business that was acquired by the Company in
January 1995.
1994
-------------------------------------
PARTICIPATING PARTICIPATING
EMPLOYEES EMPLOYERS TOTAL
------------ ------------ ---------
(THOUSANDS OF DOLLARS)
Pfizer Inc...................................................... $ 46,405 $ 22,914 $ 69,319
Associate Companies............................................. 13,710 5,809 19,519
------------ ------------ ---------
$ 60,115 $ 28,723 $ 88,838
------------ ------------ ---------
------------ ------------ ---------
8
PFIZER SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1995 AND 1994
NOTE 8 -- WITHDRAWALS AND RECONCILIATION WITH FORM 5500
For financial statement purposes, participant withdrawals and distributions
are recorded when paid rather than when processed and approved for payment.
Therefore, the net assets available for Plan benefits as of December 31, 1995
and 1994 do not reflect a reduction for the following benefits payable to
participants who had requested withdrawals as of December 31, but which were not
distributed until the subsequent year:
1995 1994
--------- ---------
(THOUSANDS OF
DOLLARS)
Company Common Stock Fund........................................................ $ 5,471 $ 7,588
Fund A........................................................................... 871 3,253
Fund B........................................................................... 933 1,250
Fund C........................................................................... 3,735 5,856
Fund D........................................................................... 508 461
--------- ---------
$ 11,518 $ 18,408
--------- ---------
--------- ---------
For the purposes of Form 5500, such withdrawals and distributions are
recorded when processed and approved for payment. Therefore, the above benefits
payable to participants have been reported as benefit expense on Form 5500 for
those years.
9
PFIZER SAVINGS AND INVESTMENT PLAN
ITEM 27A -- SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1995
(THOUSANDS OF DOLLARS)
FUND A: NUMBER OF COST OR
INVESTMENT CONTRACTS WITH INSURANCE INTEREST MATURITY SHARES OR CONTRACT FAIR
COMPANIES RATE DATE UNITS VALUE VALUE
------------------------------------------- --------- ----------- ------------- --------- ---------
Continental Assurance Co. Group Annuity
Contract #12682........................... 8.46% 6/3/96 -- $ 27,404 $ 27,404
Provident National Assurance Co. Group
Annuity Contract #027-65041............... 8.43% 6/3/96 -- 13,685 13,685
--------- ---------
Total Investment Contracts with
Insurance Companies................... 41,089 41,089
INTERMEDIATE TREASURY BOND FUND
-------------------------------------------
The Northern Trust Company, Intermediate
Treasury Bond Fund........................ -- -- 132,850,000 137,223 140,002
CASH AND SHORT-TERM SECURITIES
-------------------------------------------
The Northern Trust Company, Short-Term
Investment Fund........................... Various Various 93,734 94 94
--------- ---------
Total of Fund A........................ $ 178,406 $ 181,185
--------- ---------
--------- ---------
FUND B:
The Northern Trust Company, Collective
Stock Index Fund.......................... -- -- 2,076,125 $ 59,403 $ 110,014
--------- ---------
--------- ---------
FUND C:
Pfizer Inc. Common Stock................... -- -- 10,048,630 $ 180,795 $ 633,064
CASH AND SHORT-TERM SECURITIES
-------------------------------------------
The Northern Trust Company, Short-Term
Investment Fund........................... Various Various 68,536 69 69
--------- ---------
Total of Fund C...................... $ 180,864 $ 633,133
--------- ---------
--------- ---------
FUND D:
The Northern Trust Company, Government
Short-Term Investment Fund................ Various Various 15,803,507 $ 15,803 $ 15,803
--------- ---------
--------- ---------
COMPANY COMMON STOCK FUND:
Pfizer Inc. Common Stock................... -- -- 10,451,382 $ 132,164 $ 658,437
CASH AND SHORT-TERM SECURITIES
-------------------------------------------
The Northern Trust Company, Short-Term
Investment Fund........................... Various Various 74,470 90 90
--------- ---------
Total of Company Stock Fund............ $ 132,254 $ 658,527
--------- ---------
--------- ---------
LOAN FUND:
Loans to participants...................... Various Various -- $ 31,707 $ 31,707
--------- ---------
--------- ---------
10
PFIZER SAVINGS AND INVESTMENT PLAN
ITEM 27D -- SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1995
(THOUSANDS OF DOLLARS)
FUND C AND COMPANY COMMON STOCK FUND:
NUMBER OF NUMBER OF
SECURITIES PURCHASED TRANSACTIONS SHARES COST
------------------------------------------- ------------ --------- --------
Pfizer Inc. common stock................... 29 1,668,909** $ 77,001
------------ --------- --------
------------ --------- --------
FAIR VALUE
SECURITIES NUMBER OF NUMBER OF OF DISPOSED REALIZED
DISPOSED* TRANSACTIONS SHARES COST SHARES GAINS
------------------- ------------ --------- ------- ----------- --------
Pfizer Inc. common
stock............. 255 1,291,159 $17,949** $58,802 $ 40,853
----- --------- ------- ----------- --------
----- --------- ------- ----------- --------
------------------------
* Dispositions represent sales of stock and shares distributed in kind to
members who withdrew from the Plan on retirement or termination.
** In June 1995, Pfizer Inc. effected a two-for-one stock split in the form of
a 100% stock dividend. The number of shares of Pfizer Inc. common stock
purchased and disposed of by the Plan prior to the date of the stock split
have been restated to reflect the split.
11
INDEPENDENT AUDITORS' REPORT
To the Savings and Investment Plan Committee
Pfizer Savings and Investment Plan:
We have audited the accompanying statements of net assets available for plan
benefits of the Pfizer Savings and Investment Plan (the Plan) as of December 31,
1995 and 1994 and the related statements of changes in net assets available for
plan benefits for the years then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the net assets available for plan benefits of the Plan
as of December 31, 1995 and 1994 and the changes in net assets available for
plan benefits for the years then ended, in conformity with generally accepted
accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of (1) assets
held for investment purposes and (2) reportable transactions, as of and for the
year ended December 31, 1995 are presented for the purpose of additional
analysis and are not a required part of the basic financial statements but are
supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. The Fund Information in the statements of net assets
available for plan benefits and the statements of changes in net assets
available for plan benefits is presented for purposes of additional analysis
rather than to present the net assets available for plan benefits and changes in
net assets available for plan benefits of each fund. The supplemental schedules
and Fund Information have been subjected to the auditing procedures applied in
the audits of the basic financial statements and, in our opinion, are fairly
stated in all material respects in relation to the basic financial statements
taken as a whole.
/s/ KPMG Peat Marwick LLP
--------------------------------------
KPMG PEAT MARWICK LLP
New York, New York
March 15, 1996
12
SIGNATURES
THE PLAN. Pursuant to the requirements of the Securities Exchange Act of
1934, the members of the Savings and Investment Plan Committee have duly caused
this annual report to be signed on its behalf by the undersigned thereunto duly
authorized.
PFIZER SAVINGS AND INVESTMENT PLAN
By: /s/ Xxxxx X. Xxxxxxxx
-----------------------------------
Xxxxx X. Xxxxxxxx
VICE PRESIDENT -- FINANCE AND
CHIEF FINANCIAL OFFICER
CHAIR, SAVINGS AND INVESTMENT
PLAN COMMITTEE
Date: March 28, 1996
13
EXHIBIT 23
CONSENT OF INDEPENDENT AUDITORS
To the Savings and Investment Plan Committee
Pfizer Savings and Investment Plan:
We consent to the use of our report included herein and incorporated herein
by reference in the Registration Statement on Form S-8 dated January 24, 1991
(File No. 33-38708) of our report dated March 15, 1996, relating to the
statements of net assets available for plan benefits of the Pfizer Savings and
Investment Plan as of December 31, 1995 and 1994, and the related statements of
changes in net assets available for plan benefits for the years then ended,
which report appears in the December 31, 1995 annual report on Form 11-K of the
Pfizer Savings and Investment Plan.
/s/ KPMG Peat Marwick LLP
--------------------------------------
KPMG PEAT MARWICK LLP
New York, New York
March 28, 1996
14
