Note 8: Subsequent Events

On April 22, our shareholders voted to increase

-- the number of authorized common shares from three billion to nine billion

-- the number of shares of common stock authorized to be issued under the Stock and Incentive Plan by 55 million shares and to extend the term of the Plan to December 31, 2008

                                           Three Months Ended
                                          April 4,   March 29,
                                                 1999        1998
Weighted average number of common shares
  and common share equivalents outstanding
  (millions, except per share data):

    As reported - basic                         1,261       1,262
    Split basis - basic                         3,783       3,785

    As reported - diluted                       1,311       1,315
    Split basis - diluted                       3,932       3,945

Earnings per common share
    As reported - basic                          $.65        $.55
    Split basis - basic                           .22         .18

    As reported - diluted                        $.62        $.53
    Split basis - diluted                         .21         .18

-- declared a $.22 per share second-quarter cash dividend on a pre-split basis. The dividend is payable on June 10, 1999 to all shareholders who owned shares on May 7, 1999

-- approved a global stock option program under which we granted options for 150 shares of Pfizer stock at a price of $126.21 per share to every eligible employee worldwide

INDEPENDENT AUDITORS' REPORT

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

We have reviewed the condensed consolidated balance sheet of Pfizer Inc. and subsidiary companies as of April 4, 1999 and March 29, 1998, and the related condensed consolidated statements of income and cash flows for the three month periods then ended. These condensed consolidated financial statements are the responsibility of the Company's management.

We conducted our review in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should be made to the condensed consolidated financial statements referred to above for them to be in conformity with generally accepted accounting principles.

We have previously audited, in accordance with generally accepted auditing standards, the consolidated balance sheet of Pfizer Inc. and subsidiary companies as of December 31, 1998, and the related consolidated statements of income, shareholders' equity and cash flows for the year then ended (not presented herein); and in our report dated February 25, 1999, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 1998, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

KPMG LLP

New York, New York
May 18, 1999