PFIZER INC. AND SUBSIDIARY COMPANIES
                           CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
                                             (UNAUDITED)
(millions of dollars)

                                                                       Three Months Ended
                                                                     March 29,        March 30,
                                                                          1998             1997
Operating Activities
  Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $  692           $  602
  Adjustments to reconcile net income to
   net cash provided by operating activities:
    Gain on sale of business. . . . . . . . . . . . . . . . . . . . .     (194)              --
    Depreciation and amortization of intangibles. . . . . . . . . . .      134              114
    Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .        7                6
    Changes in operating assets and liabilities,
     net of effect of business divested . . . . . . . . . . . . . . .     (531)            (455)

Net cash provided by operating activities . . . . . . . . . . . . . .      108              267

Investing Activities
  Purchases of property, plant and equipment. . . . . . . . . . . . .     (204)            (211)
  Purchases of short-term investments . . . . . . . . . . . . . . . .     (669)            (559)
  Proceeds from redemptions of short-term
    investments . . . . . . . . . . . . . . . . . . . . . . . . . . .      586              400
  Purchases of long-term investments. . . . . . . . . . . . . . . . .      (17)             (37)
  Proceeds from sale of business. . . . . . . . . . . . . . . . . . .      425               --
  Other investing activities. . . . . . . . . . . . . . . . . . . . .       40               76
Net cash provided by/(used in)
  investing activities. . . . . . . . . . . . . . . . . . . . . . . .      161             (331)

Financing Activities
  Repayment of long-term debt . . . . . . . . . . . . . . . . . . . .       (4)            (268)
  Increase in short-term debt . . . . . . . . . . . . . . . . . . . .      266              648
  Purchases of common stock . . . . . . . . . . . . . . . . . . . . .     (201)            (120)
  Cash dividends paid . . . . . . . . . . . . . . . . . . . . . . . .     (245)            (220)
  Stock option transactions . . . . . . . . . . . . . . . . . . . . .       83               60
  Other financing activities. . . . . . . . . . . . . . . . . . . . .       15               59
Net cash (used in)/provided by
  financing activities. . . . . . . . . . . . . . . . . . . . . . . .      (86)             159
Effect of exchange rate changes on cash and
  cash equivalents. . . . . . . . . . . . . . . . . . . . . . . . . .       (7)             (15)
Net increase in cash and cash equivalents . . . . . . . . . . . . . .      176               80
Cash and cash equivalents balance at beginning
  of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      877            1,150
Cash and cash equivalents balance at end
  of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $1,053           $1,230

Supplemental Cash Flow Information
 Cash paid during the period for:
  Income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . .   $  360           $  225
  Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       31               44

<F1>See accompanying Notes to Condensed Consolidated Financial Statements.