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<SEC-DOCUMENT>0000891092-04-004908.txt : 20041020
<SEC-HEADER>0000891092-04-004908.hdr.sgml : 20041020
<ACCEPTANCE-DATETIME>20041020100213
ACCESSION NUMBER:		0000891092-04-004908
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20041020
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20041020
DATE AS OF CHANGE:		20041020

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PFIZER INC
		CENTRAL INDEX KEY:			0000078003
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				135315170
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03619
		FILM NUMBER:		041086568

	BUSINESS ADDRESS:	
		STREET 1:		235 E 42ND ST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2125732323

	MAIL ADDRESS:	
		STREET 1:		235 E 42ND ST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PFIZER CHARLES & CO INC
		DATE OF NAME CHANGE:	19710908
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>e19346_8k.txt
<DESCRIPTION>FORM 8-K
<TEXT>
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

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

                        Date of report: October 20, 2004
                Date of earliest event reported: October 20, 2004

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

      Delaware                       1-3619                      13-5315170
  (State or other               (Commission File              (I.R.S. Employer
  jurisdiction of                   (Number)                 Identification No.)
   incorporation)

    235 East 42nd Street                                            10017
    New York, New York                                           (Zip Code)
                    (Address of principal executive offices)

               Registrant's telephone number, including area code:
                                 (212) 573-2323

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the obligation of the registrant under any of the
following provisions:

[_]   Written  communication  pursuant to Rule 425 under the  Securities Act (17
      CFR 230.425)

[_]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)

[_]   Pre-commencement  communications  pursuant  to  Rule  14d-2(b)  under  the
      Exchange Act (17 CFR 240.14d-2{b))

[_]   Pre-commencement  communications  pursuant  to  Rule  13e-4(c)  under  the
      Exchange Act (17 CFR 240.13e-4(c))

<PAGE>

Item 2.02 Results of Operations and Financial Condition

On October 20 , 2004, Pfizer Inc. issued a press release announcing its
financial results for the third quarter of 2004. A copy of the press release is
furnished as Exhibit 99 to this report and is incorporated herein by reference.


Item 9.01 Financial Statements and Exhibits

(c)   Exhibits

Exhibit 99  -  Press Release of Pfizer Inc. dated
               October 20, 2004, reporting Pfizer's financial
               results for the third quarter of 2004.

<PAGE>

                                    SIGNATURE

Under the requirements of the Securities Exchange Act of 1934, the registrant
has caused this report to be signed on its behalf by the authorized undersigned.

                                           PFIZER INC.

                                           By: /s/ Margaret M. Foran
                                               ---------------------------------
                                               Margaret M. Foran
                                               Title: Vice President-Corporate
                                               Governance and Secretary

Dated: October 20, 2004

<PAGE>

                                 EXHIBIT INDEX

Exhibit No.    Description
- -----------    -----------

99             Press Release of Pfizer Inc. dated October 20, 2004,
               reporting Pfizer's financial results for the third
               quarter of 2004.



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>e19346ex99.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
                                                                      Exhibit 99

                Pfizer Inc Third-Quarter 2004 Performance Report

      Pfizer Demonstrates Resilience In Challenging Business Environment

                                     ---

      Third-Quarter Adjusted Income* Grows 13 Percent to $4.160 Billion;
          Third-Quarter Adjusted Diluted EPS* Up 15 Percent to $.55

                                     ---

 Estimate of Full-Year 2004 Adjusted Diluted EPS* of $2.12-$2.14 Reconfirmed

                                     ---

             Third-Quarter Reported Net Income of $3.341 Billion;
                  Third-Quarter Reported Diluted EPS of $.44

                                     ---

          Quarterly Revenues Increase 4 Percent to $12.831 Billion;
               Lipitor and COX-2 Products Achieve Strong Growth

                                     ---

  Quarter Marked by FDA-Approved Inclusion of ASCOT-LLA Data in Lipitor and
 Caduet Labeling, E.U. Approval of Lyrica for Epilepsy and Neuropathic Pain,
                  U.S. Approval of Geodon for Bipolar Mania,
           U.S. Filing of Lasofoxifene for Osteoporosis Prevention,
             Initial Enrollment in Pfizer Helpful Answers Program

                                     ---

               Revenue and Income Growth in 2005 to Be Tempered
                   by Patent Expirations and Other Factors;
                  Longer-Term Growth Prospects Remain Strong

                                     ---

             Pfizer Remains On Track to Submit an Industry-Record
                20 Major U.S. Regulatory Filings in 2001-2006

    NEW YORK, Oct. 20 /PRNewswire-FirstCall/ -- Pfizer today reported
financial results for the third quarter of 2004.
    "Pfizer's financial results for the quarter reflect both the challenging
business environment in which we operate and the Company's fundamental
strength and resilience," said Hank McKinnell, chairman and chief executive
officer.
    "We continue to generate strong earnings growth in 2004 in spite of
continuing pricing pressure; new branded competition; new generic competition
from the loss of patent exclusivity; difficult political, legal, and
regulatory environments; and the effects of less favorable than expected
foreign-exchange rates.
    "These challenges are being addressed.  And, while we expect these issues
to temper revenue and income growth in 2005, Pfizer's long-term prospects
remain strong.
    "The Company has 13 category-leading products, and the market shows clear
and substantial potential for their further growth," Dr. McKinnell continued.
"Our new-product pipeline is the strongest in our history, and we expect to
submit 20 major U.S. regulatory filings during 2001-2006.  And, this quarter,
we achieved important milestones in advancing the next generation of Pfizer
medicines to patients, including major new-product filings, approvals, and
launches."
    Pfizer revenues for the third quarter of 2004 grew 4 percent to
$12.831 billion, compared to the third quarter of 2003.  Revenue growth was
driven by good performances in a number of product lines, particularly Lipitor
and the COX-2-specific inhibitors, and the weakening of the U.S. dollar
relative to a number of other currencies.
    The Company's human pharmaceutical operations generated revenues of
$11.288 billion, up 3 percent, in the third quarter.  Revenues of Pfizer's
Consumer Healthcare business were $851 million, up 10 percent.  Pfizer's
Animal Health revenues increased 9 percent in the period to $475 million.
    Reported third-quarter net income of $3.341 billion and reported diluted
earnings per share of $.44 included non-cash charges of $521 million ($.08 per
share) relating to purchase accounting attributable to the acquisition of
Pharmacia, merger-related costs of $112 million ($.01 per share), a certain
significant item of $229 million ($.03 per share), and income from
discontinued operations of $43 million ($.01 per share), all on an after-tax
basis.  Excluding these items, adjusted income* grew 13 percent to $4.160
billion, and adjusted diluted EPS* increased 15 percent to $.55, compared to
the same period in 2003.

            Pharmaceuticals Continues Industry-Leading Performance

    "Pfizer's pharmaceutical business has again shown its industry-leading
ability to perform in a challenging global environment," said Karen Katen,
executive vice president of the company and president of Pfizer Global
Pharmaceuticals.
    "Our portfolio is strong.  While our environment is tough, we're tougher.
And we're attending to both the top line and bottom line with disciplined
strategies to sustain future business performance," Ms. Katen said.
    Human pharmaceutical year-to-date revenue growth has been driven largely
by the strong global growth of Lipitor (up 15 percent), Neurontin (up 17
percent), Zoloft (up 8 percent), Norvasc (up 4 percent), Geodon (up 31
percent), Vfend (up 47 percent), Relpax (up 102 percent), and several key
products added in the Pharmacia acquisition -- Celebrex, Bextra, Xalatan,
Detrol, and Zyvox.  This favorable revenue growth is a direct result of
effective portfolio management to realize the full potential of each medicine.
    Third-quarter revenue growth was led by Lipitor (up 11 percent), Celebrex
(up 14 percent), Bextra (up 37 percent), Neurontin (up 10 percent), and Zyvox
(up 97 percent), among other products, which offset some declines in other
products.
    "The continued strong performance of our portfolio during the third
quarter, complemented by a large number of new launches, indications, and
completed clinical trials, shows Pfizer's ability to support and expand our
pharmaceutical business," Ms. Katen said.  "Thirteen Pfizer medicines lead
their respective therapeutic categories, and six of the world's 25 top-selling
medicines are marketed by Pfizer.  The Company's top five medicines --
Lipitor, Norvasc, Zoloft, Celebrex, and Neurontin -- together account for
slightly more than half of human pharmaceutical revenues year-to-date.  Each
has delivered at least $2 billion in sales already this year, while Viagra and
Zithromax have each surpassed $1 billion.  Zyrtec in the U.S. has approached
the $1 billion mark with sales of $938 million year-to-date.
    "Our newer medicines also continue to perform well on a year-to-date
basis, contributing to total portfolio performance.  Zyvox crossed the
$300 million mark, and Vfend has achieved more than $200 million in revenues,"
Ms. Katen continued.

    CATEGORY LEADERSHIP DESPITE COMPETITIVE CHALLENGES.  "Major products --
including Lipitor, Norvasc, Zoloft, Viagra, Zithromax, and Zyrtec -- by nature
face competitive challenges.  We are confident in Pfizer's ability to maintain
category leadership," Ms. Katen said.
    For example, despite the launches of new competitors, Lipitor remains the
world's top-selling medicine, with revenues of $2.74 billion in the third
quarter of 2004 alone, up 11 percent over the comparable period last year.
Lipitor has sustained strong double-digit growth over recent months.  In the
U.S., it achieved 10-percent growth in new prescriptions while maintaining
more than a 43-percent share of total prescription volume for the first nine
months of 2004.  This impressive growth, reflected also in other worldwide
markets, is attributable to consistent evidence showing the strong clinical
benefits of Lipitor.
    In study after study, Lipitor continues to deliver unprecedented clinical
data demonstrating early benefits of its use; many of these studies lend
support to new National Cholesterol Education Program treatment guidelines for
hyperlipidemia.  Clear cardiovascular benefits were demonstrated by the Anglo-
Scandinavian Cardiac Outcomes Trial -- Lipid-Lowering Arm (ASCOT-LLA) study,
which found that the lowest approved dose of Lipitor (10 mg) reduced the
relative risk of heart attack by 36 percent compared to placebo.  These
findings led to a Lipitor label revision that includes these results, adding a
new indication for the primary prevention of cardiovascular disease --
specifically, the reduction of risk of myocardial infarction -- and the
reduction of risk of revascularization procedures and angina.  In August,
Lancet reported positive results from the Collaborative Atorvastatin Diabetes
Study (CARDS) trial, the landmark primary prevention trial in diabetics with
moderate cholesterol levels, which, like ASCOT-LLA, was ended two years early
because of its obvious benefits to patients.  The speed with which these
benefits occurred underscores the value and differentiation of Lipitor.
    Zoloft has also faced recent challenges, yet it remains the world's
leading antidepressant.  Worldwide sales of Zoloft increased 8 percent on a
year-to-date basis to $2.4 billion.  Zoloft maintains its lead in this
competitive market in spite of the category's slowdown due to governmental and
media attention to use of selective serotonin reuptake inhibitors by children
and adolescents.  Last Friday, the FDA issued a recommendation that all
antidepressant medicines include in their label a black-box warning regarding
suicidal thoughts and behavior in children and adolescents being treated with
antidepressant medications.  The warning will emphasize the need for
physicians to balance the risk with the clinical need for antidepressant use
and to closely monitor patients started on these medications.  Pfizer is
supportive of the FDA's efforts to provide useful clinical information to
prescribers, patients, and families.  Depression is a serious public-health
issue, responsible for more than 500,000 suicide attempts by children and
adolescents annually, and suicide is the third leading cause of death among
adolescents.
    Zoloft is not approved for pediatric depression.  In fact, there have been
no suicides in the Zoloft pediatric clinical program.  Pfizer remains
confident in the proven safety and efficacy of Zoloft to treat millions of
patients with mood and anxiety disorders.  We expect Zoloft to continue
performing strongly in our portfolio.  Zoloft is approved for six mood and
anxiety disorders -- the broadest range of such disorders of any
antidepressant -- including major depression, panic disorder, obsessive-
compulsive disorder (OCD), post-traumatic stress disorder, pre-menstrual
dysphoric disorder, and social anxiety disorder in adults and OCD in the
pediatric population.
    Zoloft is the first and only product to receive a label update regarding
the safety of using an antidepressant to treat depression after a cardiac
event.  Several previous studies provide strong evidence that the presence of
depression following a heart attack is a predictor of increased mortality --
in fact, it triples a person's likelihood of dying.
    Viagra has also responded well to market challenges.  As one of the
world's most-recognized pharmaceutical brands, today Viagra commands a 70-
percent worldwide dollar market share of type-5 phosphodiesterase inhibitors
despite heavily promoted competitive launches.  A wealth of clinical studies
shows that the use of Viagra instills confidence in men, increasing both their
own and their partners' satisfaction.  Based on this, Pfizer has launched a
new global positioning for Viagra, focusing on what men really want from their
erectile-dysfunction medication: rapid and sustained erections for better sex.
This positioning provides healthcare professionals and consumers with data
showing Viagra's ability to deliver unique functional and emotional benefits
and provide overall patient and partner satisfaction.  As part of this new
direction, Pfizer has launched a fresh U.S. advertising campaign called "He's
Back" that communicates the promise of return to normal sexual function.  The
efficacy and safety of Viagra have been demonstrated in more than 130 clinical
trials worldwide and in more than six years of real-world experience.

    COX-2-SPECIFIC INHIBITORS.  "One instance of managing sudden, dramatic
shifts in the market is in the important COX-2-specific inhibitor category,
where Celebrex and Bextra continue to perform well by exceeding year-to-date
sales projections," Ms. Katen continued.  "We expect this positive trend to
continue as more doctors and patients consider Celebrex and Bextra as
effective, appropriate treatments."
    Celebrex remains the world's most-prescribed arthritis and pain-relief
brand.  Because of its outstanding efficacy, long-term safety profile, and
broad indication base -- including osteoarthritis (OA), rheumatoid arthritis
(RA), and acute pain in the U.S. -- Pfizer is confident in its long-term
gastrointestinal and cardiovascular safety and its reliability as an
appropriate treatment alternative.  We are making the facts about the safety
and efficacy of Celebrex widely known through public and professional venues.
In a recent FDA-sponsored analysis of 1.4 million patients -- and in
additional clinical studies where patients have been treated for up to four
years -- patients using Celebrex showed no increased risk of cardiac events.
On Monday, we announced that Pfizer is sponsoring a major clinical study to
further evaluate the potential cardiovascular benefits of Celebrex in OA
patients at high risk for cardiovascular disease.  The study is part of a
larger cardiovascular exploration program with Celebrex that started more than
18 months ago.  This newly announced clinical trial, which will be conducted
at major universities and hospitals around the world, is expected to start
early in 2005.  Early mechanistic studies suggest that Celebrex's anti-
inflammatory properties are unique.  In fact, some Celebrex-specific
characteristics seem to improve vascular function in patients with heart
disease.  Based on the compelling results of these studies and recent
developments in the marketplace, we felt it was important to announce our
plans now to conduct this exciting large-scale clinical study with Celebrex to
look at potential cardiovascular benefits in OA patients with cardiovascular
disease.
    Bextra is an important therapeutic option for tough-to-treat arthritis
pain, offering patients effective once-daily dosing and powerful relief.
Available clinical information for Bextra, based on a recent pooled analysis
of nearly 8,000 patients treated with Bextra for periods ranging from six
weeks to one year, suggests no increased risk of cardiovascular thromboembolic
events in patients with OA and RA.  Additional information about Bextra's
safety profile was made available last week in a letter to healthcare
professionals and in an accompanying press release.

    NEW INDICATIONS, CLINICAL DATA & LAUNCHES.  "Clinical data, such as the
CARDS and ASCOT-LLA results, are a demonstration of our medicines' value to
healthcare improvement," Ms. Katen said.  "We continue to invest in clinical
research for our in-line medicines, increasing the value of our medicines to
patients and their healthcare providers.  We are also reinvigorating our
portfolio by launching a series of new medicines.  Geodon continues to grow
strongly -- achieving record highs in recent new-prescription rates in the
U.S. -- driven by a powerful efficacy profile and better awareness and
understanding of its favorable metabolic profile.  In August, Geodon received
FDA approval for the additional indication of treating acute bipolar mania,
including manic and mixed episodes.  Spiriva, the novel treatment for chronic
obstructive pulmonary disease that we co-promote with Boehringer Ingelheim,
the compound's originator, has already passed three competitors in the market.
Growth of Relpax for migraine continues to climb in the U.S., with a 52-week
market-share high of 12 percent, while all other competitors remained flat or
declined."
    Pfizer's confidence in the therapeutic value of Caduet and Inspra demands
continued strong support of these products.  Caduet, the single-pill dual
therapy of Lipitor and Norvasc, has shown slow but increasing uptake following
its U.S. launch.  We expect that its growth will increase as more doctors and
patients recognize the clinical utility demonstrated by Caduet -- as in the
GEMINI study -- in achieving treatment goals for patients at elevated
cardiovascular risk due to high blood pressure and high cholesterol levels.
New clinical data and access for more than 80 percent of covered patient lives
should further its acceptance and extend the cardiovascular benefits of lipid
lowering in patients with hypertension so clearly demonstrated in the ASCOT
trial and now included in the Caduet label.  We strongly believe this
combination of utility, access, acceptance, and outcomes data positions Caduet
as a clear choice for hypertensive patients.
    Pfizer also expects the growth of Inspra to accelerate because of new
clinical data, new ACC/AHA STEMI treatment guidelines for post-myocardial-
infarction (MI) heart failure, and redoubled field support for this innovative
product, which uniquely supports a relatively small critical-care post-MI
patient population.

    LICENSING.  "Pfizer is always interested in acquiring rights to promising
medicines," Ms. Katen said.  "One example is our acquisition in early October
of commercial rights to Campto (Camptosar in the Americas and Australia) in
Europe and other parts of the world -- adding to the rights we already held in
the Americas and Australia.  Camptosar has become one of the standards of
combination treatment in metastatic colorectal cancer.  Over the past decade,
average survival rates in patients with advanced colon cancer have been
extended to more than 20 months.  With our acquisition of broadened Campto
rights, Pfizer can bring the benefits of Camptosar to even more people.  This
acquisition is a natural fit within our strong oncology portfolio, bolstering
products acquired with Pharmacia as well as promising compounds in our
pipeline."

    PATENT MANAGEMENT & GENERICS STRATEGY.  "We manage our portfolio by
protecting our assets," Ms. Katen said.  "Losses of exclusivity, for example,
are particularly significant now and will affect several of our key medicines
in the coming years."
    Pfizer's strategies are straightforward and aggressive.  First, the
Company will diligently defend patents, as Pfizer is doing by vigorously
appealing China's decision to overturn Viagra's patent.  After a compound
loses marketing exclusivity, we will also consider marketing a generic version
in the U.S. through Greenstone, our generics subsidiary acquired with
Pharmacia.  During the past year, we have added glipizide XL and fluconazole
to the Greenstone portfolio as their respective brands lost exclusivity.
Pfizer also recently launched generic gabapentin in response to the at-risk
launch of generic versions of Neurontin by generic manufacturers.

    EXPANDING PFIZER'S SCOPE AS A HEALTH COMPANY.   "Looking beyond our
portfolio of leading medicines, we are positioning Pfizer to fulfill our
broadening vision to serve the public's health needs more fully, not just
through the treatment of disease but also through the promotion of health,"
Dr. McKinnell said.  This vision takes several forms.  The first is to guard
the integrity of our products in an increasingly predatory atmosphere,
evidenced by the growing problem of counterfeit drugs as reported by
regulatory authorities in the U.S. and around the world.  We are determined to
protect consumers from counterfeit products.  Pfizer itself is seeing a rising
number of cases involving the counterfeiting of our products, including
Lipitor, Viagra, Norvasc, Celebrex, and Diflucan, to mention a few.  We have
addressed the serious health and safety dangers posed by counterfeit drugs
through working closely with key stakeholders worldwide -- governments, health
and other agencies, law enforcement, the media, multilateral institutions, and
business and trade groups.  We have found counterfeit versions of our products
in more than 65 countries and have taken aggressive legal steps to stop the
manufacture and distribution of those products.
    We are also addressing the evolving health needs of a wide array of
patient populations through our innovative access and affordability programs.
These programs, such as our newly launched Helpful Answers initiative, our
Viagra Value Card, the two-year success of the Florida: A Healthy State
program, and the Infectious Diseases Institute in Uganda, demonstrate Pfizer's
active engagement in finding solutions to the pressing public-health issues
relating to access to quality, affordable health care.
    The Pfizer Helpful Answers program provides the greatest savings for those
with the lowest incomes and offers something for every person without
insurance for prescription medicines in the U.S., regardless of age or income.
Through Pfizer's Connection to Care and Sharing the Care programs, families
earning $31,000 or less qualify for free Pfizer medicines.  Through Pfizer
Pfriends, families earning less than $45,000 per year see savings on Pfizer
medicines of up to 50 percent -- and averaging 37 percent -- off retail
prices; and families earning more than $45,000 per year will be eligible for
savings on Pfizer medicines of up to 25 percent, and averaging 15 percent, off
retail prices.
    "Pfizer's Helpful Answers program, along with all our access and
affordability programs around the world, is focused on addressing the human
and financial cost of disease.  By helping patients get access to safe and
affordable Pfizer medicines, we can make a meaningful difference in their
health and, at the same time, address the skyrocketing costs of acute care.
We hope that these programs will contribute to society's involvement in
improving our healthcare systems," Ms. Katen concluded.

          New Product Filings and Expansion of Development Pipeline
                      Highlight R&D Achievements in 2004

    "Pfizer's new-product pipeline continues to grow, and our late-stage
candidates are progressing well," said Dr. John LaMattina, president of Pfizer
Global Research and Development.  "We remain on target to submit 20 major U.S.
regulatory filings in a five-year period ending in 2006."
    Pfizer Global Research and Development submitted several product filings
during the third quarter.

    - In August, a New Drug Application (NDA) was submitted to the FDA for
      lasofoxifene, a selective estrogen modulator for the prevention of post-
      menopausal osteoporosis.

    - A supplemental NDA was submitted in August to incorporate the cardiac-
      risk-reduction results seen in the ALLHAT trial into the Norvasc label.
      The ALLHAT label change would allow Pfizer to expand the Norvasc label
      indications to include the reduction of cardiovascular risk, including
      risk of coronary heart disease, myocardial infarction, cardiovascular
      procedures, and stroke.  Pending approval, this important submission
      will enhance the value of Norvasc in the hypertension market.  The
      Norvasc ALLHAT submission was completed in Europe in June 2004.

    - A regulatory filing was submitted in Japan during July for approval of
      Genotropin to treat short stature and growth problems.

    Several marketing application submissions in the U.S. and E.U. advanced in
the regulatory process.

    - In July, Lyrica was approved in the E.U. for peripheral neuropathic pain
      and as adjunctive therapy for partial seizures in patients with
      epilepsy.  It has been launched in the U.K. and Germany, and more
      launches are scheduled for the rest of 2004 and 2005 throughout the
      remaining E.U. member states.  We have also filed submissions in the
      U.S., Canada, Australia, and many other countries worldwide.  Lyrica was
      recently granted approvable status by the FDA for the management of
      neuropathic pain associated with diabetic neuropathy and herpes zoster,
      and as adjunctive therapy in the treatment of partial seizures.  Lyrica
      received a non-approvable letter from the FDA for generalized anxiety
      disorder.  We are continuing to work closely with the FDA during the
      ongoing regulatory review to finalize indications and labeling.

    - In August, Geodon received FDA approval for bipolar acute mania and
      mixed episodes, with preparations now underway for launch in this
      important segment of the psychiatric population.

    - Inspra for treatment of post-MI heart failure achieved a successful
      mutual recognition outcome in the E.U. in August.

    - Macugen, the first in a new class of medicines for neovascular age-
      related macular degeneration, which we are developing in partnership
      with Eyetech Pharmaceuticals, received a favorable review by an FDA
      panel in August and is receiving a priority review by the FDA.  In
      September, the E.U. accepted the regulatory filing for Macugen.  The
      product has also been filed in Canada, where it has been given priority
      review status.

    The Pfizer development pipeline continues to advance.  UK-427,857,
Pfizer's first-in-class CCR-5 inhibitor for treatment of HIV disease, has
completed Phase 2 testing and will progress into Phase 3 during the fourth
quarter.
    Other key drug candidates continue to advance in late-stage development or
regulatory review, including:

    - indiplon, in development with Neurocrine Biosciences, Inc., for
      treatment of insomnia, with an immediate-release formulation now under
      regulatory review in the U.S.;

    - parecoxib, the injectable prodrug of valdecoxib, for treatment of acute
      pain;

    - Daxas, in co-development with Altana Pharma for chronic obstructive
      pulmonary disease and asthma, now under regulatory review in the E.U.;

    - Exubera, an inhalable form of insulin for type 1 and type 2 diabetes
      under co-development, co-manufacture, and co-marketing with
      Sanofi-Aventis, with the participation of Nektar Therapeutics, now under
      regulatory review in the E.U.;

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

    - edotecarin for colorectal cancer and glioma;

    - 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 heart disease;

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

    - Zithromax-chloroquine for treatment of malaria.

    "We look forward to the opportunity to highlight the breadth and depth of
our new-product pipeline at the analyst meeting at our Groton laboratories on
November 30," Dr. LaMattina concluded.

                 Tempered Revenue and Income Growth in 2005;
                  Longer-Term Growth Prospects Remain Strong

    David Shedlarz, executive vice president and chief financial officer,
noted, "Pfizer continues to demonstrate remarkable resilience in the face of a
challenging business environment.  We expect to achieve 2004 adjusted diluted
EPS* of $2.12-$2.14 and GAAP reported diluted EPS of $1.58-$1.60 -- subject to
the variables cited in the Disclosure Notice found in this report.  The
differences between targeted GAAP reported diluted EPS and adjusted diluted
EPS* are attributable to projected incremental purchase-accounting-related
intangible amortization of $.29 per share, merger-related costs of $.09 per
share, in-process research and development expenses for Esperion and two
animal-health business acquisitions of $.13 per share, and certain significant
items, which include a charge relating to the resolution, subject to court
approval and approval by claimants, of certain asbestos-related litigation
matters, of $.04 per share, offset by income from discontinued operations of
$.01 per share.
    "We continue to expect merger-related cost synergies in 2004 of about
$3.5 billion, due to the rapid integration of Pharmacia.  We plan to spend
about $7.5 billion in R&D during 2004.
    "While it is too early in our annual planning process to project Pfizer's
2005 financial performance, a number of directional factors are known or
emerging.  The Company expects a substantial impact from the loss of
exclusivity of certain major products.  Four products -- Diflucan, Neurontin,
Accupril, and Zithromax -- with U.S. sales for the twelve months ending
September 2004 totaling more than $5 billion face reduced revenue in 2005 due
to past or possible future loss of marketing exclusivity.  Expense synergies
associated with Pfizer's acquisition of Pharmacia will continue to contribute
to growth in 2005, but to a lesser degree than in 2004.  We currently estimate
that merger-related synergies will increase from $1.3 billion in 2003 to about
$3.5 billion in 2004 and to about $4.0 billion in 2005.  Another year-over-
year impact pertains to foreign exchange.  The weakening of the dollar
relative to major currencies is projected, at current exchange rates, to
favorably affect 2004 revenue growth by approximately $1.3 billion, or 3
percent.  If current rates remain unchanged, foreign exchange will have no
material impact on 2005 revenue growth.  These factors are expected to impact
revenue and income growth in 2005.
    "Several factors will offset these pressures on revenues and income.  The
upcoming year is expected to bring continued growth of major in-line products.
The Company will realize the initial benefits of the introduction of several
new products with substantial commercial potential.  And the Company's
operating expense flexibility and capacity to achieve additional cost
efficiencies will further improve prospects for income growth.
    "While Pfizer's revenue and income growth will likely be tempered in the
near term due to patent expirations and other factors, the Company will
continue to make the investments necessary to sustain strong longer-term
growth, the prospects for which remain excellent," Mr. Shedlarz concluded.
"We expect to be able to provide more specific guidance on Pfizer's 2005
financial performance at our analyst meeting planned for the first quarter of
next year."

                      Pfizer Expands Patient Access and
                      Corporate Citizenship Initiatives

    Pfizer continues to make progress in its initiatives to expand access to
innovative medicines along with healthcare resources and programs to help
people worldwide obtain the care they need.  To address the HIV/AIDS pandemic
in Africa, Pfizer is participating in a unique public-private partnership that
is opening the new Infectious Diseases Institute at Makerere University in
Kampala, Uganda.  The new facility will train medical professionals from
across Africa in the latest AIDS-specific treatment and prevention strategies
while providing high-quality treatment to people living with AIDS in Uganda.
    Through its participation in the United Nations Global Compact, Pfizer
continues to play a leading role in advocating a shared set of principles on
human rights, labor, and the environment.  During the third quarter, the
Company participated in a consultation initiated by the U.N. Commissioner on
Human Rights on the responsibilities of corporations in the area of human
rights.  Pfizer is the first and only U.S.-based pharmaceutical company to
join the Compact, a network of U.N. agencies, companies, civil organizations,
and academic institutions.
    Dr. McKinnell concluded, "Without denying that Pfizer and the
pharmaceutical industry face important challenges, we are confident that
Pfizer has the capabilities and products to succeed over the long term.  Our
medicines provide compelling value compared to the enormous costs of premature
death, diminished quality of life, and lost productivity that are the daily
toll of disease.  Pfizer has built an unparalleled competitive position within
the industry, with the scale, product-portfolio breadth and depth, new-product
pipeline, best-in-class organization, and unparalleled financial depth and
flexibility needed to prosper over the long term."
    For additional details, please see the attached financial schedules,
product revenue tables, and supplemental information.

    DISCLOSURE NOTICE: The information contained in this document is as of
October 20, 2004.  The Company assumes no obligation to update any forward-
looking statements contained in this document as a result of new information
or future events or developments.
    This document and the attachments contain forward-looking information
about the Company's financial results and estimates, business prospects, and
products in research that involve substantial risks and uncertainties.  You
can identify these statements by the fact that they use words such as "will,"
"anticipate," "estimate," "expect," "project," "intend," "plan," "believe,"
and other words and terms of similar meaning in connection with any discussion
of future operating or financial performance.  Among the factors that could
cause actual results 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; claims and concerns that may arise regarding the
safety or efficacy of in-line products and product candidates; legal defense
costs, insurance expenses, settlement costs, and the risk of an adverse
decision or settlement related to product liability, patent protection,
governmental 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; and 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.  A
further list and description of these risks, uncertainties, and other matters
can be found in the Company's Annual Report on Form 10-K for the fiscal year
ended December 31, 2003, and in its periodic reports on Forms 10-Q and 8-K.
     * "Adjusted income" and "adjusted diluted earnings per share (EPS)" are
       defined as reported net income and reported diluted earnings per share
       excluding discontinued operations, the cumulative effect of a change in
       accounting principle, significant impacts of purchase accounting for
       acquisitions, merger-related costs, and certain significant items.  A
       reconciliation to reported net income and reported diluted EPS is
       provided within this document.

                          PFIZER INC AND SUBSIDIARY COMPANIES
                     CONDENSED CONSOLIDATED STATEMENT OF INCOME
                                    (UNAUDITED)

    (millions of dollars, except per common share data)

                               Third Quarter  % Incr./   Nine Months  % Incr./
                               2004     2003   (Decr.)*  2004    2003 (Decr.)*

    Revenues                $12,831   $12,348     4    $37,593  $30,754    22

    Costs and expenses:
     Cost of sales            1,640     3,285   (50)     5,185    6,323   (18)
     Selling, informational
      and administrative
      expenses                4,036     3,994     1     12,227   10,479    17
     Research and
      development
      expenses                1,888     1,869     1      5,356    5,080     5
     Amortization of
      intangible assets         843       613    38      2,496    1,189   110
     Merger-related
      in-process
      research and
      development
      charges                    --       (87)   **        955    5,043   (81)
     Merger-related costs       190       303   (37)       726      680     7
     Other (income)/
      deductions--net           283      (118)   **        140     (339)   **

    Income from continuing
     operations before
     provision for taxes
     on income, minority
     interests and cumulative
     effect of change in
     accounting principles    3,951     2,489    59     10,508    2,299   357

    Provision for
     taxes on income            650       250   160      2,040    1,281    59

    Minority interests            3         2    15          7        1   849

    Income from continuing
     operations before
     cumulative
     effect of change in
     accounting principles    3,298     2,237    47      8,461    1,017   732

    Discontinued operations:
     Income/(loss) from
      operations of
      discontinued businesses
      and product lines
       -- net of tax             (3)       (2)   28         27       36   (25)
     Gains on sales of
      discontinued
      businesses
      and product lines
       -- net of tax             46        --    --         48    2,285   (98)

    Discontinued
     operations--net of tax      43        (2)   **         75    2,321   (97)

    Income before cumulative
     effect of change in
     accounting principles    3,341     2,235    50      8,536    3,338   156

    Cumulative effect of
     change in accounting
     principles--net of tax      --        --    **         --      (30)   **

    Net income               $3,341    $2,235    50     $8,536   $3,308   158

    Earnings per common
     share -- Basic:
      Income from continuing
       operations before
       cumulative effect of
       change in accounting
       principles              $.44      $.29    52      $1.12     $.14   700
      Discontinued operations:
       Income/(loss) from
        operations of
        discontinued
        businesses
        and product lines
        -- net of tax            --        --    --         --       --    --
       Gains on sales of
        discontinued
        businesses
        and product lines
        -- net of tax           .01        --    --        .01      .33   (97)
      Discontinued
       operations --
       net of tax               .01        --    --        .01      .33   (97)
      Income before cumulative
       effect of change in
       accounting principles    .45       .29    55       1.13      .47   140
      Cumulative effect of
       change in accounting
       principles --
       net of tax                --        --    --         --       --    --
      Net income               $.45      $.29    55      $1.13     $.47   140

    Earnings per common
     share -- Diluted:
      Income from continuing
       operations before
       cumulative effect
       of change in accounting
       principles              $.43      $.29    48      $1.11     $.14    693
      Discontinued operations:
       Income/(loss) from
        operations of
        discontinued businesses
        and product lines
         -- net of tax           --        --    --         --       --     --
       Gains on sales of
        discontinued businesses
        and product lines
         -- net of tax          .01        --    --        .01      .32   (97)
      Discontinued
       operations--net of tax   .01        --    --        .01      .32   (97)
      Income before cumulative
       effect of change in
       accounting principles    .44       .29    52       1.12      .46   143
      Cumulative effect of
       change in accounting
       principles--net of tax    --        --    --         --       --    --
      Net income               $.44      $.29    52      $1.12     $.46   143

    Weighted average
     shares used to
     calculate earnings/
     (loss) common share:
       Basic                7,500.8   7,710.7          7,553.7  7,088.5
       Diluted              7,568.7   7,791.2          7,641.8  7,160.7

    *  - Percentages may reflect rounding adjustments.
    ** - Calculation not meaningful.

    1. The above financial statement presents the three-month and nine-month
       periods ended September 26, 2004 and September 28, 2003.  Subsidiaries
       operating outside the United States are included for the three-month
       and nine-month periods ended August 22, 2004 and August 24, 2003.

    2. On April 16, 2003, we completed our acquisition of Pharmacia
       Corporation (Pharmacia) and Pfizer and Pharmacia combined operations.
       The acquisition has been accounted for as a purchase under accounting
       principles generally accepted in the United States of America (GAAP).
       Pharmacia's financial results have been reported in Pfizer's financial
       reporting beginning on April 16, 2003.

    3. As required by Financial Accounting Standards Board Interpretation
       No. 4, Applicability of FASB Statement No. 2 to Business Combinations
       Accounted for by the Purchase Method ("FIN 4"), the portion of the
       purchase price allocated to acquired in-process research and
       development of $955 million (primarily relates to our acquisition of
       Esperion Therapeutics, Inc. on February 10, 2004 ($920 million)), was
       expensed in the nine-month period ended September 26, 2004 and
       $5,043 million (in connection with the acquisition of Pharmacia) was
       expensed in the nine-month period ended September 28, 2003 (reflects a
       credit of $87 million recorded in the third quarter of 2003). A project
       by project valuation was performed by third party valuation specialists
       to determine the fair value of research and development projects which
       were in-process, but not yet completed.

    4. During the first nine months of 2004, we either sold or decided to sell
       certain businesses and product lines.  Specifically, on April 23, 2004,
       we sold our in-vitro allergy and diagnostics testing (Diagnostics)
       business for $575 million in cash, on June 26, 2004, we sold our
       surgical ophthalmic business for $450 million in cash and on June 28,
       2004, we sold certain non-core consumer healthcare products marketed
       primarily in Europe, for 135 million Euro (approximately $163 million)
       in cash.  In addition, in March 2004, we decided to sell certain
       European generic pharmaceutical businesses.  Diagnostics, our surgical
       ophthalmic business, our European generic businesses and certain of the
       non-core consumer healthcare products were acquired in connection with
       our acquisition of Pharmacia in April 2003.  We have included the
       results of operations of these businesses and product   lines in
       discontinued operations for three-month and nine-month periods   ended
       September 26, 2004 and September 28, 2003. Due to the timing of our
       acquisition of Pharmacia in April 2003, the results of operations
       relating to these businesses and product lines for the nine-month
       period ended   September 28, 2003 were included in our consolidated
       results of operations   from the acquisition date except for those
       relating to certain legacy   Pfizer non-core consumer healthcare
       product which have been included in   discontinued operations for the
       entire nine-month period. Gains, where   applicable, on these
       transactions are recognized in the period in which   the sale is
       completed.

    5. In April 2003, we sold the hormone replacement therapy femhrt for $160
       million in cash ($83 million after-tax gain recognized).  In March
       2003, we sold the Adams confectionery products business for
       $4.2 billion in cash ($1,824 million after-tax gain recognized), the
       Schick-Wilkinson Sword shaving products business for $930 million in
       cash ($262 million after-tax gain recognized) and the Loestrin and
       Estrostep women's health product lines for $197 million in cash
       ($116 million after-tax gain recognized). The above financial
       statement reflects these businesses and product lines as discontinued
       operations for all periods presented.

    6. On January 1, 2003, we adopted Statement of Financial Accounting
       Standards (SFAS) No. 143, Accounting for Asset Retirement Obligations.
       As a result, we recorded a non-cash pre-tax charge of $47 million
       ($30 million net of tax) for the change in accounting for costs
       associated with the eventual retirement of certain manufacturing
       facilities. This charge is reported as a one-time cumulative effect of
       a change in accounting principle as of the beginning of 2003.

    7. The financial results for the three-month and nine-month periods ended
       September 26, 2004 are not necessarily indicative of the results which
       ultimately might be achieved for the current year.

                     PFIZER INC AND SUBSIDIARY COMPANIES
               RECONCILIATION FROM REPORTED INCOME AND EARNINGS
             PER SHARE TO ADJUSTED INCOME AND EARNINGS PER SHARE
                                 (UNAUDITED)

    (millions of dollars, except per common share data)

                             Third Quarter  % Incr./     Nine Months  % Incr./
                              2004   2003   (Decr.)      2004    2003  (Decr.)

    Reported net income     $3,341   $2,235    50       $8,536   $3,308   158

    Discontinued operations
     --net of tax              (43)       2    **          (75)  (2,321)  (97)

    Cumulative effect of
     change in accounting
     principles--net of tax     --       --    --           --       30    **

    Purchase accounting
     adjustments--net of tax   521    1,253   (58)       2,558    7,093   (64)

    Merger-related costs
     --net of tax              112      186   (40)         463      420    10

    Certain significant
     items--net of tax         229       --    --          269       --    --

    Adjusted income         $4,160   $3,676    13      $11,751   $8,530    38

    Reported diluted
     earnings per common
     share                    $.44     $.29    52        $1.12     $.46   143

    Discontinued operations
     --net of tax             (.01)      --    --         (.01)    (.32)  (97)

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

    Purchase accounting
     adjustments--net of tax   .08      .17   (53)         .33      .99   (67)

    Merger-related costs
     --net of tax              .01      .02   (50)         .06      .06    --

    Certain significant
     items--net of tax         .03       --    --          .04       --    --

    Adjusted diluted earnings
     per common share         $.55     $.48    15        $1.54    $1.19    29

    ** - Calculation not meaningful.
    Certain amounts and percentages may reflect rounding adjustments.

    1. The above table presents the three-month and nine-month periods ended
       September 26, 2004 and September 28, 2003.  Subsidiaries operating
       outside the United States are included for the three-month and
       nine-month periods ended August 22, 2004 and August 24, 2003.

    2. On April 16, 2003, we completed our acquisition of Pharmacia
       Corporation (Pharmacia) and Pfizer and Pharmacia combined operations.
       The acquisition has been accounted for as a purchase under accounting
       principles generally accepted in the United States of America (GAAP).
       Pharmacia's financial results have been reported in Pfizer's financial
       reporting beginning on April 16, 2003.

    3. As required by Financial Accounting Standards Board Interpretation No.
       4, Applicability of FASB Statement No. 2 to Business Combinations
       Accounted for by the Purchase Method ("FIN 4"), the portion of the
       purchase price allocated to acquired in-process research and
       development of $955 million (primarily relates to our acquisition of
       Esperion Therapeutics, Inc. on February 10, 2004 ($920 million)), was
       expensed in the nine-month period ended September 26, 2004 and $5,043
       million (in connection with the acquisition of Pharmacia) was expensed
       in the nine-month period ended September 28, 2003 (reflects a credit of
       $87 million recorded in the third quarter of 2003). A project by
       project valuation was performed by third party valuation specialists to
       determine the fair value of research and development projects which
       were in-process, but not yet completed.

    4. On January 1, 2003, we adopted Statement of Financial Accounting
       Standards (SFAS) No. 143, Accounting for Asset Retirement Obligations.
       As a result, we recorded a non-cash pre-tax charge of $47 million
       ($30 million net of tax) for the change in accounting for costs
       associated with the eventual retirement of certain manufacturing
       facilities. This charge is reported as a one-time cumulative effect of
       a change in accounting principle as of the beginning of 2003.

    5. In 2004, in response to a change in Pfizer's business strategy, we
       revised our basis for Adjusted Income such that we no longer consider
       certain items in Adjusted Income. For example, copromotion charges and
       payments for intellectual property rights for unapproved products being
       developed by third parties and the operational contribution of
       divestitures are no longer presented in an alternative manner from U.S.
       GAAP. We have revised our previous 2003 basis for Adjusted Income to
       conform to the 2004 presentation. Adjusted Income and diluted earnings
       per common share as shown above reflect the following items:

    (millions of dollars)                   Third Quarter        Nine Months
                                            2004      2003      2004      2003

       Discontinued operations, pre-tax:
        Loss(income) from operations of
         discontinued businesses and
         product lines (a)                 $   3    $    3    $  (42)  $  (59)
        Gains on sales of discontinued
         businesses and product lines (a)    (65)       --       (68)  (3,885)
        Total discontinued operations,
         -- pre-tax                          (62)        3      (110)  (3,944)
        Income taxes                          19        (1)       35    1,623
       Total discontinued operations
          -- net of tax                      (43)        2       (75)  (2,321)

       Cumulative effect of change in
        accounting principles--net of tax     --        --        --       30

       Purchase accounting adjustments,
        -- pre-tax:
        In-process research and
         development charges (b)              --       (87)      955    5,043
        Intangible amortization
         and other (c)                       827       691     2,450    1,275
        Sale of acquired inventory
         written up to fair value (d)         --     1,278        --    1,670
        Total purchase accounting
         adjustments,pre-tax                 827     1,882     3,405    7,988
        Income taxes                        (306)     (629)     (847)    (895)
         Total purchase accounting
          adjustments--net of tax            521     1,253     2,558    7,093

       Merger-related costs, pre-tax:
        Integration costs--Pharmacia (e)     106       251       348      552
        Integration costs--Other (e)           7         2        19       23
        Restructuring charges--Pharmacia (e)  77        54       354      106
        Restructuring charges--Other (e)      --        (4)        5       (1)
        Total merger-related costs, pre-tax   190       303       726      680
        Income taxes                         (78)     (117)     (263)    (260)
         Total merger-related costs
          --net of tax                       112       186       463      420

       Certain significant items, pre-tax:
        Litigation charge (f)                369        --       369       --
        Operating results of divested legacy
         Pharmacia research facility (g)      --        --        64       --
        Total certain significant items,
         --pre-tax                           369        --       433       --
        Income taxes                        (140)       --      (164)      --
         Total certain significant
          items--net of tax                  229        --       269       --

       Total discontinued operations,
        cumulative effect of change in
        accounting principles, purchase
        accounting adjustments, merger-
        related costs and certain
        significant items--net of tax     $ 819     $1,441    $3,215  $ 5,222

       (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 Other (income)/deduction--net
       (g) Included in Research and development expenses

                                  PFIZER INC
                           SEGMENT/PRODUCT REVENUES
                              THIRD QUARTER 2004
                                 (UNAUDITED)
                            (millions of dollars)

                                           QUARTER-TO-DATE
                         WORLDWIDE              U.S.           INTERNATIONAL
                                    %                   %                   %
                   2004    2003    Chg   2004   2003   Chg   2004   2003   Chg
    TOTAL
     REVENUES     12,831  12,348    4   7,377  7,210    2   5,454   5,138   6

    HUMAN PHARMA-
     CEUTICAL     11,288  10,926    3   6,619  6,494    2   4,669   4,432   5

    -CARDIOVASCULAR
     AND METABOLIC
     DISEASES      4,315   4,267    1   2,341  2,353   (1)  1,974   1,914   3
      LIPITOR      2,738   2,468   11   1,725  1,576    9   1,013     892  13
      NORVASC      1,036   1,104   (6)    471    489   (3)    565     615  (8)
      ACCUPRIL/
       ACCURETIC     157     179  (12)     91    111  (18)     66      68  (2)
      CARDURA        150     152   (1)      1      5  (72)    149     147   1
      CADUET           5       0   --       4      0   --       1       0  --

    -CENTRAL NERVOUS
     SYSTEM
     DISORDERS     2,090   1,993    5   1,490  1,445    3     600     548  10
      ZOLOFT         802     831   (3)    637    676   (6)    165     155   6
      NEURONTIN      764     698   10     632    567   11     132     131   1
      GEODON         125      96   31     104     82   26      21      14  56
      XANAX/
       XANAX XR      100      77   30      38     18  111      62      59   6
      ARICEPT*        77      67   14       0      0   --      77      67  14
      RELPAX          47      15  204      29      4  729      18      11  48

    -ARTHRITIS
     AND PAIN      1,274   1,078   18     899    735   22     375     343   9
      CELEBREX       797     701   14     583    496   17     214     205   4
      BEXTRA         324     236   37     284    220   29      40      16 149

    -INFECTIOUS AND
     RESPIRATORY
     DISEASES      1,015   1,095   (7)    545    642  (15)    470     453   4
      ZITHROMAX      339     355   (4)    254    270   (6)     85      85   1
      DIFLUCAN       217     309  (30)     87    176  (51)    130     133  (2)
      ZYVOX          120      61   97      85     39  118      35      22  59
      VFEND           69      57   22      29     26    8      40      31  33

    -UROLOGY         647     701   (8)    388    448  (13)    259     253   2
      VIAGRA         403     476  (15)    217    282  (23)    186     194  (4)
      DETROL/
       DETROL LA     231     211    9     166    160    4      65      51  26

    -ONCOLOGY        304     262   16     140    116   21     164     146  12
      CAMPTOSAR      126     105   21     112     93   21      14      12  18
      ELLENCE         86      81    6      15     17  (15)     71      64  12

    -OPHTHALMOLOGY   304     271   12     105    103    2     199     168  18
      XALATAN/
      XALCOM         304     271   12     105    103    2     199     168  18

    -ENDOCRINE
     DISORDERS       226     216    5      69     68    3     157     148   6
      GENOTROPIN     176     187   (6)     46     56  (19)    130     131  (1)

    -ALL OTHER       919     934   (2)    530    529   --     389     405  (4)
      ZYRTEC         333     347   (4)    333    347   (4)      0       0  --

    -ALLIANCE
     REVENUE
      (Aricept,
       Spiriva,
       Rebif,
       and Mirapex)  194     109   78     112     55  103      82      54  53

    ANIMAL HEALTH    475     438    9     231    211    9     244     227   8

    CONSUMER
     HEALTHCARE      851     775   10     453    419    8     398     356  12

    OTHER**          217     209    4      74     86  (13)    143     123  16

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

    ** - Includes Capsugel and PCS.

    Certain amounts and percentages may reflect rounding adjustments.

    Certain prior year data have been reclassified to conform to the current
    year presentation.

                                  PFIZER INC
                           SEGMENT/PRODUCT REVENUES
                               NINE MONTHS 2004
                                 (UNAUDITED)
                            (millions of dollars)

                                             YEAR-TO-DATE
                           WORLDWIDE              U.S.           INTERNATIONAL
                                   %                    %                  %
                    2004    2003  Chg  2004    2003    Chg  2004   2003   Chg
    TOTAL
     REVENUES     37,593  30,754   22 21,122  18,475    14  16,471 12,279  34

    HUMAN PHARMA-
     CEUTICAL     33,033  27,074   22 18,967  16,530    15  14,066 10,544  33

    -CARDIOVASCULAR
     AND METABOLIC
     DISEASES     12,532  11,364   10  6,501   6,246     4   6,031  5,118  18
      LIPITOR      7,598   6,583   15  4,612   4,142    11   2,986  2,441  22
      NORVASC      3,210   3,090    4  1,372   1,349     2   1,838  1,741   5
      ACCUPRIL/
       ACCURETIC     501     498    1    297     311    (5)    204    187   9
      CARDURA        459     427    7      5      13   (60)    454    414  10
      CADUET          35       0   --     34       0    --       1      0  --

    -CENTRAL NERVOUS
     SYSTEM
     DISORDERS     6,072   5,181   17  4,304   3,882    11   1,768  1,299  36
      ZOLOFT       2,402   2,220    8  1,889   1,776     6     513    444  16
      NEURONTIN    2,243   1,914   17  1,846   1,563    18     397    351  13
      GEODON         324     247   31    267     213    25      57     34  68
      XANAX/
       XANAX XR      272     141   93     85      59    45     187     82 126
      ARICEPT*       222     180   23      0       0    --     222    180  23
      RELPAX         114      56  102     66      28   135      48     28  70

    -ARTHRITIS
     AND PAIN      3,596   1,815   98  2,500   1,178   112   1,096    637  72
      CELEBREX**   2,294   1,073  114  1,645     736   124     649    337  93
      BEXTRA         869     421  106    771     399    93      98     22 355

    -INFECTIOUS AND
     RESPIRATORY
     DISEASES      3,375   3,084    9  1,888   1,851     2   1,487  1,233  21
      ZITHROMAX    1,176   1,218   (3)   848     912    (7)    328    306   7
      DIFLUCAN       805     856   (6)   415     474   (12)    390    382   2
      ZYVOX          328     103  218    239      73   227      89     30 197
      VFEND          203     138   47     85      64    32     118     74  61

    -UROLOGY       1,865   1,700   10  1,078   1,049     3     787    651  21
      VIAGRA       1,208   1,370  (12)   638     802   (20)    570    568  --
      DETROL/
       DETROL LA     619     310  100    426     237    80     193     73 165

    -ONCOLOGY        852     461   85    392     255    54     460    206 123
      CAMPTOSAR      365     216   69    326     200    63      39     16 137
      ELLENCE        254     122  109     48      30    61     206     92 124

    -OPHTHALMOLOGY   874     381  129    296     148   100     578    233 147
      XALATAN/
      XALCOM         874     381  129    296     148   100     578    233 147

    -ENDOCRINE
     DISORDERS       668     323  106    215     118    81     453    205 121
      GENOTROPIN     535     276   94    151      95    59     384    181 112

    -ALL OTHER     2,723   2,139   27  1,535   1,386    11   1,188    753  58
      ZYRTEC         938     980   (4)   938     980    (4)      0      0  --

    -ALLIANCE
     REVENUE***
      (Aricept,
       Mirapex,
       Spiriva,
       Rebif,
       Celebrex,
       and Bextra)   476     626  (24)   258     417   (38)    218    209   4

    ANIMAL HEALTH  1,387   1,090   27    647     527    23     740    563  31

    CONSUMER
     HEALTHCARE    2,524   2,070   22  1,290   1,207     7   1,234    863  43

    OTHER****        649     520   25    218     211     3     431    309  40

    On April 16, 2003, Pfizer completed its acquisition of Pharmacia
    Corporation ("Pharmacia") and Pfizer and Pharmacia combined operations.
    The acquisition has been accounted for as a purchase under accounting
    principles generally accepted in the United States of America.  Reported
    results of operations of Pfizer issued after completion of the acquisition
    have not been restated retroactively to reflect the historical results of
    operations of Pharmacia.

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

    **   - Includes direct sales under license agreement with Pharmacia in
           2003 prior to merger.

    ***  - Includes alliance revenue for Bextra and Celebrex under copromotion
           agreements with Pharmacia in 2003 prior to merger.

    **** - Includes Capsugel and PCS.

    Certain amounts and percentages may reflect rounding adjustments.

    Certain prior year data have been reclassified to conform to the current
    year presentation.

                                  PFIZER INC
                           SUPPLEMENTAL INFORMATION

     SHARES OUTSTANDING AND EPS INFORMATION:
                                                       YTD04          YTD03
     Shares Outstanding (millions) - Basic EPS        7,553.7        7,088.5
     Basic EPS                                          $1.13           $.47
     Adjusted Basic EPS*                                $1.56          $1.20

     Shares Outstanding (millions) - Diluted EPS      7,641.8        7,160.7
     Diluted EPS                                        $1.12           $.46
     Adjusted Diluted EPS*                              $1.54          $1.19

                                                        3Q04           3Q03
     Shares Outstanding (millions) - Basic EPS        7,500.8        7,710.7
     Basic EPS                                           $.45           $.29
     Adjusted Basic EPS*                                 $.56           $.48

     Shares Outstanding (millions) - Diluted EPS      7,568.7        7,791.2
     Diluted EPS                                         $.44           $.29
     Adjusted Diluted EPS*                               $.55           $.48

    QUESTIONS:

    OVERALL PERFORMANCE

    Q1)  What are Pfizer's financial expectations for full-year 2004?

    A1)  Pfizer continues to demonstrate resilience in the face of a
         challenging business environment.  We expect to achieve adjusted
         diluted EPS* of $2.12-$2.14 and GAAP reported diluted EPS of $1.58-
         $1.60-subject to the variables cited in the Disclosure Notice found
         at the end of the press release.  The differences between targeted
         GAAP reported diluted EPS and adjusted diluted EPS are attributable
         to projected incremental purchase-accounting-related intangible
         amortization of $.29 per share, merger-related costs of $.09 per
         share, in-process research and development expenses for Esperion and
         two animal-health business acquisition of $.13 per share, and certain
         significant items, which include a charge relating to the resolution,
         subject to court approval and approval by claimants, of certain
         asbestos-related litigation matters, of $.04 per share, offset by
         income from discontinued operations of $.01 per share.  Our
         estimates for GAAP net income for 2004 exclude the income and expense
         related to pending, prospective, or unanticipated transactions and
         events.

         We continue to expect merger-related cost synergies in 2004 of about
         $3.5 billion, due to the rapid integration of Pharmacia.  We plan to
         spend about $7.5 billion in R&D during 2004, reflective of higher
         cost synergies and increased productivity.

    Q2)  What are Pfizer's financial expectations for 2005?

    A2)  While it is too early in our annual planning process to project
         Pfizer's 2005 financial performance, a number of directional factors
         are known or emerging.  The Company expects a substantial impact from
         the loss of exclusivity of major products.  Four products-Diflucan,
         Neurontin, Accupril, and Zithromax-with U.S. sales for the twelve
         months ending September 2004 totaling more than $5 billion face
         reduced revenue in 2005 due to past or possible future loss of
         exclusivity.  Expense synergies associated with Pfizer's acquisition
         of Pharmacia will continue to contribute to growth, but to a lesser
         degree than in 2004.  We currently estimate that merger-related
         synergies will increase from $1.3 billion in 2003 to about
         $3.5 billion in 2004 and about $4.0 billion in 2005.  Another year-
         over-year impact pertains to foreign exchange.  The weakening of the
         dollar relative to major currencies is projected, at current exchange
         rates, to favorably affect 2004 revenues by approximately
         $1.3 billion, or 3%.  If current rates remain unchanged, foreign
         exchange will have no material impact on 2005 results.  These factors
         are expected to impact revenue and income growth in 2005.  Several
         factors will offset these pressures on revenues and income.
         The upcoming year is expected to bring continued growth of major in-
         line products.  The Company will realize the initial benefits of
         several new products with substantial commercial potential.  And the
         Company's operating expense flexibility and capacity to achieve
         additional cost efficiencies will further improve prospects for
         income growth.  While Pfizer's revenue and income growth will likely
         be tempered in the near term due to patent expirations and other
         factors, the Company will continue to make the investments necessary
         to sustain strong longer-term growth, the prospects for which remain
         excellent.  We expect to be able to provide more specific guidance
         on Pfizer's 2005 financial performance at our analyst meeting planned
         for the first quarter of next year.

    Q3)  Which major Pfizer products face potential loss of U.S. exclusivity
         in 2006 and 2007?

    A3)  Zoloft may face loss of U.S. exclusivity during 2006.  Norvasc and
         Zyrtec may face loss of U.S. exclusivity during 2007.

    PRODUCT PERFORMANCE / NEW PRODUCT DEVELOPMENT

    Q4)  How is Lipitor performing?

    A4)  The most widely used treatment for lowering cholesterol, Lipitor is
         the best-selling pharmaceutical product of any kind in the world.
         Worldwide sales of Lipitor totaled $2.738 billion in the third
         quarter of 2004, reflecting growth of 11%, compared to the same
         period in 2003.  Year-to-date sales totaled $7.598 billion, up 15%.
         In the U.S., Lipitor achieved 10% growth in new prescriptions in
         September while maintaining a 43% total-prescription share.  We
         expect this strong growth to continue for the remainder of 2004.
         With its ability to bring the vast majority of patients to target
         cholesterol goals across the full dosing range, its excellent safety
         profile, and its proven range of unparalleled cardiovascular
         benefits, Lipitor continues to gain wide physician and patient
         acceptance.

         Global competition in this category continues to grow.  Crestor,
         Zetia, and Vytorin  have now been introduced into markets around the
         world.  Data from the U.S. show that at a similar point post-launch,
         Crestor, Zetia, and Vytorin are all underperforming Lipitor's launch.
         In the U.S., Vytorin achieved 2.0% new-prescription share as of the
         week ending October 8 (0.2% new-prescription share year-to-date
         through September).  About 50% of Vytorin's use comes from physicians
         switching patients from prior medicines - primarily Zocor and Zetia -
         which confirms our belief that Vytorin should be used as a second-
         line therapy because it offers no significant clinical advantage over
         Lipitor in getting patients to LDL-cholesterol goals, no proven
         cardiovascular outcomes data, and no established long-term safety
         data.

         Lipitor's impressive performance can be attributed both to
         unprecedented clinical data that demonstrate early treatment benefits
         and to more aggressive treatment guidelines.  A growing body of
         evidence demonstrates Lipitor's rapid benefit to patients by
         impacting disease progression and by reducing heart attacks and
         strokes.  Lipitor's multiple starting doses enable physicians to
         reduce LDL cholesterol by up to 50% at an approved starting dose
         (40 mg) and by 60% at 80 mg.  The safety profile and efficacy
         of Lipitor have been demonstrated in more than 400 ongoing and
         completed clinical trials involving more than 80,000 patients in more
         than 82 million patient years of therapy.

         Results from the Anglo-Scandinavian Cardiac Outcomes Trial -- Lipid-
         Lowering Arm (ASCOT-LLA) clearly highlight the clinical benefits of
         Lipitor.  The ASCOT-LLA study showed that people with hypertension
         and normal to mildly elevated cholesterol levels taking Lipitor with
         their antihypertensive medication had 36% fewer fatal coronary events
         and non-fatal heart attacks, 27% fewer fatal and non-fatal strokes,
         and 21% fewer cardiovascular events and procedures than patients
         treated with placebo.  As a result of these favorable results, the
         study was stopped two years early.  The ASCOT-LLA clinical-trial data
         have been integrated into the Lipitor label in markets around the
         world, and it figures prominently in a recent Lipitor re-launch in
         the U.S.

         Like ASCOT-LLA, a second major study, the Collaborative Atorvastatin
         Diabetes Study (CARDS) was also ended early because of efficacy.  The
         independent steering committee stopped the trial because the
         magnitude of benefit for the primary endpoint exceeded the pre-
         specified stopping rule.  The results of the CARDS trial presented at
         the American Diabetes Association meeting showed that treatment with
         Lipitor provided early and significant benefits in prevention of
         coronary heart disease (37% reduction) and stroke (48% reduction) in
         patients with diabetes and relatively low LDL-cholesterol levels
         (median: 118 mg/dL).  The treatment effect was consistent in patients
         with levels of LDL cholesterol above and below the median level.
         Recently, the CARDS clinical study was published in Lancet.

         While the importance of lowering LDL-cholesterol levels is well
         established, evidence increasingly suggests that there may be
         differences in the beneficial effects of one agent compared to
         another, even when similar LDL-cholesterol reductions are achieved.
         Several clinical trials demonstrating Lipitor's superior efficacy on
         atherosclerosis progression and cardiovascular outcomes were reported
         at this year's American College of Cardiology (ACC) meeting held in
         March 2004, including REVERSAL and PROVE-IT.

         REVERSing Atherosclerosis with Aggressive Lipid Lowering (REVERSAL)
         is a major comparative trial that explores the benefits on
         atherosclerosis progression of aggressive lipid lowering with Lipitor
         80 mg versus moderate lipid lowering using Pravachol 40 mg.  Results
         from this trial were published in the Journal of the American Medical
         Association in March 2004.  In REVERSAL, Lipitor halted the
         progression of atherosclerosis compared to Pravachol, which slowed
         the progression of disease.  Even when the same LDL-cholesterol
         percentage reductions were achieved, Lipitor demonstrated a greater
         impact on atherosclerosis progression than Pravachol.

         The PROVE-IT trial, sponsored by Bristol-Myers Squibb and also
         reported at ACC, produced results that complement the REVERSAL trial.
         PROVE-IT used the same treatment regimen as in REVERSAL but evaluated
         its impact on cardiovascular morbidity and mortality in patients with
         acute coronary syndrome.  The results of this study showed that
         patients treated with Lipitor 80 mg demonstrated early and
         significant protection against death and major cardiovascular
         endpoints versus less intensive treatment with Pravachol 40 mg.  The
         reduction in clinical events with Lipitor was apparent as early as 30
         days after the start of therapy and continued throughout the two-year
         duration of the study.  The benefits were also consistent across the
         pre-specified subgroups, including patients with and without
         diabetes.  These results were achieved in spite of the short study
         duration and the non-inferiority study design.  As in REVERSAL, the
         safety profiles of Lipitor 80 mg and Pravachol 40 mg were comparable.
         The results of PROVE-IT were published in the New England Journal of
         Medicine.

         While such extensive clinical data proving Lipitor's benefits and
         superior efficacy signal the likelihood of increasing Lipitor
         prescriptions, new treatment guidelines promise additional reasons
         for growth in Lipitor's use.  A new National Cholesterol Education
         Program (NCEP) White Paper, issued on July 13, recommends drug
         treatment as a therapeutic option for high-risk patients even
         with LDL cholesterol below 100 mg/dL at baseline.  The White Paper
         sets an optional treatment goal of 70 mg/dL for these patients.
         Similarly, a therapeutic option is emphasized for moderately high-
         risk patients to be on drug treatment even if their LDL cholesterol
         is 100-129 mg/dL, with an optional LDL-cholesterol goal of 100 mg/dL.
         The NCEP report also highlights the need for physicians to use doses
         adequate to achieve at least 30-40% reduction of LDL-cholesterol
         levels in patients at high or moderately high risk, rather than using
         doses just high enough to barely attain NCEP LDL-cholesterol goals.

         Finally, the fact that only about one-third of people in major
         markets who need medical therapy for high cholesterol receive it,
         combined with the ever-increasing attention that the popular media
         give to the benefits of statin therapy, suggests that the market for
         Lipitor has immense growth potential.  Despite challenges of multiple
         new competitors, including generics, we are more confident than ever
         that Lipitor will remain the cholesterol treatment that patients and
         physicians choose and trust most.  No competing medicine has been
         shown to benefit patients as much.

    Q5)  How is Norvasc performing?

    A5)  Since its introduction in 1990, Norvasc has become the world's most-
         prescribed branded antihypertensive therapy and the fourth-largest-
         selling drug in the world.  Its success has been driven by its
         outstanding efficacy, once-daily dosing, consistent 24-hour control
         of hypertension and angina, and excellent safety and tolerability.
         Norvasc sales declined 6% in the third quarter of 2004 to
         $1.036 billion, compared to the same period in 2003.  This decline
         resulted from patent expirations throughout the E.U., except for
         Italy, France, Sweden, and Switzerland.  Norvasc maintains
         exclusivity in many other major markets globally, including the U.S.,
         Japan, Canada, and Australia.  Year-to-date sales totaled $3.210
         billion, up 4%.  The product has been studied in more than 400,000
         patients and has been used in more than 30 billion patient days of
         therapy worldwide.  Recently approved labeling for Norvasc includes
         the results of studies conducted with pediatric patients.

         Recent clinical trials have demonstrated the effects of Norvasc on
         cardiovascular endpoints.  In June 2004, the results of the Novartis-
         sponsored Valsartan Antihypertensive Long-term Use Evaluation (VALUE)
         showed that patients taking Norvasc achieved superior blood-pressure
         control, with significantly fewer heart attacks, compared to patients
         taking the angiotensin receptor blocker valsartan (Diovan).  The six-
         year, 15,245-patient trial was conducted in 31 countries to test the
         hypothesis that valsartan would reduce cardiac events and mortality
         better than Norvasc at the same blood-pressure levels.  This
         hypothesis was not supported by the results, published in Lancet,
         which showed no significant difference in cardiac mortality/morbidity
         overall.  VALUE showed that "blood pressure was reduced by both
         treatments, but the effects of the amlodipine-based regimen were more
         pronounced, especially in the early period (blood pressure
         4.0/2.1 mm Hg lower in amlodipine than valsartan group after 1
         month)."  The study investigators concluded that the findings
         "emphasize the importance of prompt blood-pressure control in
         hypertensive patients at high cardiovascular risk."

         In December 2002, the National Heart, Lung and Blood Institute
         (NHLBI) published results of the landmark Antihypertensive and Lipid
         Lowering Therapy to Prevent Heart Attack Trial (ALLHAT) in the
         Journal of the American Medical Association.  ALLHAT involved more
         than 42,400 high-risk hypertensive patients nationwide.  Its results
         support Norvasc as an excellent choice to help patients reach their
         blood-pressure goal.  ALLHAT reconfirmed the efficacy and safety of
         Norvasc in a broad range of patients, and it added to the data
         proving the importance of lowering elevated blood pressure.
         Norvasc's results were consistent across all patient groups,
         including men, women, African-Americans, Hispanics, diabetics, and
         patients over age 65.  Norvasc demonstrated results comparable to the
         diuretic chlorthalidone in the incidence of fatal coronary heart
         disease, non-fatal heart attacks, strokes, and death.  The study
         found no differences from chlorthalidone in several areas of safety,
         including severe kidney disease, gastrointestinal bleeding, and
         cancer.  With 63% of subjects requiring multiple medications to reach
         their targeted blood-pressure goal, ALLHAT showed the importance of
         doctors' having a range of medications available.  A supplemental NDA
         was submitted in August to incorporate the cardiac-risk-reduction
         results seen in the ALLHAT trial into the Norvasc label.  The ALLHAT
         label change will allow Pfizer to expand the Norvasc label
         indications to include the reduction of cardiovascular risk,
         including risk of coronary heart disease, myocardial infarction,
         cardiovascular procedures, and stroke.  Pending approval, this
         important submission will enhance the value of Norvasc in the
         hypertension market.  The Norvasc ALLHAT submission was completed in
         Europe in June 2004.

         Results from the Pfizer-sponsored CAMELOT/NORMALISE trials, examining
         effects of three treatment regimens on cardiovascular outcomes and
         atheroma volume in coronary artery disease patients, are scheduled to
         be presented at the American Heart Association meeting in November
         2004.

         Norvasc has a significant opportunity for further growth.
         Hypertension affects about 50 million Americans and one billion
         people worldwide.  In 2003, new guidelines from both the NHLBI in the
         U.S. and the European Society of Hypertension-European Society of
         Cardiology called for early, aggressive blood-pressure management.
         These guidelines also make clear that the majority of patients may
         require two or more medications to reach their blood-pressure
         targets.  NHLBI guidelines include the Healthy People 2010 goal-to
         have 50% of hypertensive Americans reach the blood-pressure goal of
         140/90 mm Hg or less.  Currently 69% of American adults diagnosed
         with hypertension are not at their blood-pressure goal.

    Q6)  How is Caduet (Lipitor/Norvasc dual therapy) performing?

    A6)  Caduet achieved sales of $5 million in the third quarter of 2004 and
         $35 million year-to-date.  The modest sales performance in the
         quarter resulted from the initial stocking of the product at
         wholesalers in the first two quarters and from slowly evolving
         clinical practice patterns toward diagnosis and treatment of high
         blood pressure and high cholesterol simultaneously.  Given the
         benefits of Caduet, we expect to see changes in clinical usage rates
         as the value of this medicine is fully realized by physicians.

         The FDA approved Caduet, the single-pill dual therapy of Lipitor
         (atorvastatin) and Norvasc (amlodipine), on January 30, 2004, and
         Pfizer launched Caduet in the U.S. in May.  The first E.U. filing was
         submitted in France, the reference member state for Caduet, in the
         fourth quarter of 2003.  We will be pursuing additional E.U.
         approvals for Caduet through the mutual recognition process.  The
         strengths of Caduet that are available in the U.S. include
         5 mg Norvasc/10 mg Lipitor, 5 mg Norvasc/20 mg Lipitor,
         5 mg Norvasc/40 mg Lipitor, 5 mg Norvasc/80 mg Lipitor,
         10 mg Norvasc/10 mg Lipitor, 10 mg Norvasc/20 mg Lipitor,
         10 mg Norvasc/40 mg Lipitor, and 10 mg Norvasc/80 mg Lipitor.  The
         FDA has approved labeling for 2.5 mg Norvasc/10 mg Lipitor,
         2.5 mg Norvasc/20 mg Lipitor, and 2.5 mg Norvasc/40 mg Lipitor.

         The product was initially indicated in the U.S. for use in patients
         for whom treatment with both amlodipine and atorvastatin is
         appropriate.  Recently presented clinical studies demonstrate the
         benefits of Caduet in achieving hypertension and dyslipidemia goals.
         The Gemini study, presented at the American College of Cardiology
         meeting in March 2004, demonstrated that the atorvastatin /amlodipine
         single pill helped the majority of patients achieve both their blood-
         pressure and LDL-cholesterol therapeutic goals, while being well
         tolerated.  Results from the AVALON trial, presented at the
         International Society of Hypertension meeting in February 2004, also
         support the safety and efficacy of atorvastatin and amlodipine when
         administered in combination.  By current estimates, each year
         9 million deaths around the world, equaling more than 75 million lost
         years of healthy life, may be attributed to suboptimal blood-pressure
         or cholesterol levels.  Treatment guidelines advocate early
         and aggressive management of multiple risk factors for patients at
         increased cardiovascular risk.  Caduet provides an opportunity to
         treat simultaneously two of the most common risk factors of
         cardiovascular disease with the world's leading branded blood-
         pressure medication-Norvasc-and lipid-lowering medication-Lipitor-in
         one pill.  Approximately 80% of patients being prescribed Caduet had
         not previously been taking Norvasc and Lipitor together.

         In September, the FDA approved labeling changes to broaden the
         indications of Caduet to include "prevention of cardiovascular
         disease."  Treating two of the most common cardiovascular risk
         factors simultaneously offers significant benefits, as the findings
         from the lipid-lowering arm of the Anglo-Scandinavian Cardiac Out
         comes Trial (ASCOT-LLA) make clear.  The ASCOT-LLA study showed that
         patients with hypertension and normal to mildly elevated cholesterol
         levels taking Lipitor with their antihypertensive medication had 36%
         fewer fatal coronary events and non-fatal heart attacks, 27% fewer
         fatal and non-fatal strokes, and 21% fewer cardiovascular events and
         procedures than patients treated with placebo.  The ASCOT-LLA results
         bring a critical new insight into the management of hypertensive
         patients - that hypertensive patients benefit from Lipitor in
         addition to blood-pressure-lowering therapy.

    Q7)  How is Inspra performing?

    A7)  Inspra achieved sales of $4 million in the third quarter and
         $5 million year-to-date.  Inspra was launched in the U.S. in January
         2004 and in the U.K. and Germany in September 2004, its first
         launches in Europe.  Additional launches are expected throughout 2004
         and 2005.

         Inspra represents a significant clinical advance in treatment of
         patients with left ventricular systolic dysfunction (LVSD) (ejection
         fraction less than or equal to 40%) and clinical evidence of
         congestive heart failure (CHF) after an acute myocardial infarction
         (AMI).  This is due to the significant survival benefit seen with
         Inspra in the EPHESUS study.  This indication represents a small
         segment of the post-AMI market and represents about 280,000 new cases
         each year.  The introduction of Inspra has generated a high level of
         interest among cardiologists, who consistently report that Inspra
         provides significant clinical value for their post-AMI CHF patient.
         Inspra was selected by the American Heart Association as one of the
         top 10 medical achievements of 2003.  While Inspra prescriptions and
         its acceptance in clinical protocols are increasing, the rate of
         increase is slower than expected.  This is mainly because clinicians
         have been slow to adopt aldosterone blockade as a new standard of
         care, the EPHESUS data were not included in guidelines until
         recently, and comparisons to spironolactone complicate clinicians'
         evaluations.  As ongoing detailing and education efforts raise
         awareness of the EPHESUS study and the significant benefits of Inspra
         therapy it demonstrates, we expect Inspra prescriptions to increase
         significantly.  Furthermore, recently published ACC/AHA STEMI
         guidelines endorsed aldosterone blockade as a critical component of
         care for post-AMI patients.

         On October 19, results of a new EPHESUS substudy were presented at
         the European Society of Cardiology's Working Group on Acute Cardiac
         Care meeting in Rome.  Inspra reduced all-cause mortality by 31%
         within 30 days of initiation in patients with post-AMI LVSD
         complicated by CHF.  These data, along with data from the 16-month
         follow-up, demonstrate the early and sustained effects of Inspra and
         suggest the need for early initiation and maintenance of Inspra
         treatment in patients with post-AMI CHF.

    Q8)  How is Zoloft performing?

    A8)  Worldwide sales of Zoloft, a selective serotonin re-uptake inhibitor
         (SSRI), increased 8% on a year-to-date basis in 2004 to
         $2.402 billion, despite the decline of 3% to $802 million in the
         third quarter of 2004.  This third-quarter decline can be attributed
         to an overall market decline due to a sensitivity generated by media
         coverage of the use of antidepressants in children and adolescents.

         Zoloft remains the number-one prescribed antidepressant in the U.S.,
         a consistent achievement since 2000.  Since its U.S. launch in 1992,
         approximately 250 million Zoloft prescriptions have been written for
         a variety of psychiatric disorders, accounting for more than
         13 billion patient days of therapy.  There is strong and relevant
         clinical data supporting Zoloft's safe and effective use.  Zoloft is
         approved for six mood and anxiety disorders, including major
         depression, panic disorder, obsessive-compulsive disorder (OCD) in
         adults and children, post-traumatic stress disorder (PTSD), pre-
         menstrual dysphoric disorder (PMDD), and social anxiety disorder
         (SAD).  For all these indications except PMDD, Zoloft is approved
         for both acute and long-term use.

         Health authorities in the U.S. and U.K. have recently examined the
         safety of SSRIs in treating depressed children and adolescents,
         particularly the risk of self-harm.  In December 2003, the U.K.
         Medicines and Healthcare Products Regulatory Authority (MHRA)
         mandated that all SSRIs and serotonin/norepinephrine receptor
         inhibitors (SNRIs) be contraindicated in children and adolescents
         with major depression.  Prozac, which they believe shows a positive
         risk/benefit profile, was exempted.  An advisory panel reaffirmed
         that Zoloft is safe and effective in children and adolescents with
         OCD.  Pfizer is working with the MHRA to review the existing data and
         ensure appropriate product labeling.

         On September 15, 2004, an FDA advisory panel recommended that all
         antidepressant labels include a black-box warning that the drugs may
         increase the risk of suicidal behavior in children and adolescents.
         The FDA announced on September 16 that it supported this
         recommendation.  On October 15, the FDA directed the makers of all
         antidepressants to include a black-box warning regarding the use of
         the agents in the pediatric population.

         It is of great concern to us at Pfizer that depression is responsible
         for more than 500,000 suicide attempts by children and adolescents
         annually.  Today, suicide is the third leading cause of death among
         adolescents, making it one of the most urgent public-health issues
         facing the U.S.  This concern has been echoed in releases from
         medical associations (American Psychiatric Association) and patient
         organization (National Alliance for the Mentally Ill).  Additional
         concern has been raised by these organizations that people of all
         ages may stop taking their medication or not seek treatment for these
         devastating disorders.

         In nine completed studies of children receiving Zoloft or placebo for
         the treatment of major depressive disorder or OCD, no statistically
         significant difference was seen with respect to suicide attempt,
         ideation, or the combination of both.  There were no suicides in
         these trials.  This Zoloft data was included in the FDA's analysis.

    Q9)  How is Neurontin performing?

    A9)  Sales of Neurontin increased 10% to $764 million in the third quarter
         of 2004, compared to the same period in 2003.  Year-to-date sales
         totaled $2.243 billion, up 17%.  Available in more than 100
         countries, Neurontin has been prescribed to more than 12 million
         patients since its approval in 1994.  It is approved for adjunctive
         therapy in epilepsy in more than 100 countries and for treatment of a
         range of neuropathic-pain conditions in more than 60 countries.

         On August 20, Ivax Corporation launched gabapentin 100, 300, and
         400 mg tablets at risk in the U.S.  Ivax's gabapentin tablets are not
         AB-rated to any Neurontin product and, consequently, are not directly
         substitutable at pharmacy in most states.  Patent litigation with
         Pfizer is ongoing in U.S. District Court for the District of
         New Jersey, and no trial date has been set.

         On October 15, Alpharma and Teva launched AB-rated gabapentin 100,
         300, and 400 mg capsules at risk.  Pfizer's generic division,
         Greenstone, followed suit by launching its own generic version of
         gabapentin 100, 300, and 400 mg capsules.  If the court ultimately
         determines that these companies have infringed Pfizer's Neurontin
         patents, Pfizer will seek all available remedies and damages,
         including damages based on Pfizer's lost profits.

    Q10) How is Xanax/Xanax XR performing?

    A10) Sales of Xanax/Xanax XR, the #1 selling benzodiazepine franchise in
         the world, were $100 million in the third quarter of 2004.  The Xanax
         brand is marketed in 57 countries and is available in a variety of
         strengths -- its original tablet form, extended-release or
         sustained-release (XR or SR) tablets, and drops.  Xanax XR is the
         first once-a-day benzodiazepine in the world.  It was approved by the
         FDA in January 2003 and launched in the U.S. in June 2003.  Xanax XR
         has been launched in Mexico, Spain, and other markets, and
         registration and launches continue in key markets.

    Q11) How is Aricept performing?

    A11) Aricept, approved for the treatment of symptoms of mild to moderate
         Alzheimer's disease (AD), continues to lead the AD market with a 62%
         worldwide market share, $1.6 billion of audited sales (twelve months
         ending June 2004), and more than one billion cumulative patient days
         of therapy prescribed.  In the U.S., both new and total Aricept
         prescriptions continue to grow despite the recent launch of a new
         competitor.  Aricept currently holds 50.4% of U.S. new prescriptions
         in Alzheimer's disease and has achieved 25% new-prescription growth
         year-to-date.  Aricept's strong market leadership has been built on a
         large body of clinical evidence supporting its excellent efficacy and
         tolerability and a keen customer focus.  About 10% of people over 65
         suffer from AD, including 4.5 million Americans.

    Q12) How is Geodon performing?

    A12) Sales of Geodon totaled $125 million in the third quarter of 2004, up
         31% compared to the same period in 2003.  Year-to-date sales totaled
         $324 million, up 31%.  Available in both an oral capsule and a rapid-
         acting intramuscular dosage form, Geodon is approved for
         schizophrenia in 69 countries.  In the treatment of schizophrenia,
         clinical trials have demonstrated Geodon to be as effective as
         risperidone (Risperdal) and olanzapine (Zyprexa) in controlling both
         positive and negative symptoms, with a lower incidence of extra-
         pyramidal side effects than risperidone and significantly less weight
         gain and adverse changes in other metabolic indices (lipid levels,
         glucose control) than olanzapine.  A study published in the May 2003
         issue of the Journal of Clinical Psychiatry showed that Geodon
         significantly improved the positive and negative symptoms of patients
         when switched from olanzapine, risperidone, and haloperidol.    In a
         recent head-to-head study versus Zyprexa published earlier in October
         in the American Journal of Psychiatry, Geodon demonstrated efficacy
         equivalent to Zyprexa in treating schizophrenia, while being
         associated with a lower incidence of weight gain and more favorable
         effects on lipid profile and other metabolic parameters.
         Approximately 1% of the population suffers from schizophrenia.

         Geodon is approved for bipolar disorder in six countries, including
         the U.S., where it was approved in August 2004.  Pfizer will file
         Geodon for bipolar disorder in the E.U. during the fourth quarter of
         2004.  As much as 3.5% of the population suffers from bipolar
         disorders, which, like schizophrenia, is considered a life-long
         illness.  In clinical trials for the treatment of bipolar mania,
         Geodon has been shown to control manic symptoms rapidly without
         inducing depression.  A recent study published in the American
         Journal of Psychiatry showed that Geodon rapidly controls acute mania
         in as little as two days, with sustained control throughout the
         study.  Geodon was found to be safe and well tolerated, with a low
         incidence of movement disorders.

         On July 23, 2004, Pfizer submitted the agreed revised warning
         statement based on a request from the FDA, dated March 16, 2004,
         regarding a diabetes class warning relationship with atypical
         antipsychotic use.  Evidence from clinical trials has consistently
         demonstrated that Geodon did not adversely affect patients' fasting
         insulin levels, the insulin resistance index, total cholesterol and
         triglycerides, and blood-sugar levels.  In addition, several
         published studies indicate that the degree of risks for metabolic
         complications, including diabetes, can vary considerably among
         atypical antipsychotics.  Pfizer's goal in accepting this labeling is
         to ensure that physicians and patients are best served by the
         inclusion of appropriate and correct prescribing information for
         Geodon.  Pfizer has filed a supplemental NDA that contains Geodon's
         metabolic data, with FDA action expected by mid-November 2004.

         In a study presented at the 2004 American Psychiatric Association,
         Geodon reversed some of the negative effects that both olanzapine and
         risperidone exert on body weight and metabolic parameters.

    Q13) How is Relpax performing?

    A13) Relpax, an oral 5HT 1b/1d agonist for the acute treatment of
         migraine, had sales of $47 million in the third quarter of 2004, a
         204% increase over the comparable period in 2003.  Year-to-date sales
         totaled $114 million, up 102%.  The product has been launched in more
         than 25 countries, including the U.S., Japan, Italy, France, Germany,
         and Spain.  Since its March 2003 launch in the U.S., the largest
         migraine market, as the seventh triptan in a competitive category,
         Relpax has already surpassed four of its competitors, including Zomig
         most recently, and has achieved a 12% share of new prescriptions in
         September and strong formulary access.  Relpax was launched in Japan,
         the second-largest market, in June 2002 and now has 30% of the
         triptan market and is the #1 choice of general practitioners. In
         France, the third largest market, Relpax has a market share of 19% of
         total migraine prescriptions.  The product was approved in August in
         Canada, the fifth largest triptan market.

         The proven efficacy of Relpax in early treatment and its effects in
         patients dissatisfied with other migraine treatments suggest that the
         potential for growth of Relpax prescriptions is strong. Recent
         studies presented at international congresses have demonstrated the
         excellent efficacy and tolerability of Relpax 40 mg.  One study
         showed that more than two-thirds of patients who took Relpax at the
         start of a headache, when headache pain is mild, were pain-free two
         hours later.  In another study, nearly two-thirds of patients
         dissatisfied with Maxalt showed a positive response two hours after
         taking Relpax.

    Q14) How is Celebrex performing?

    A14) Sales of the COX-2-specific inhibitor Celebrex, the world's most-
         prescribed arthritis and pain-relief brand, grew 14% to $797 million
         in the third quarter of 2004.  Since its launch in 1999, more than
         27 million patients in the U.S. alone have been prescribed Celebrex.
         It provides proven lasting strength for the pain and inflammation of
         osteoarthritis (OA), rheumatoid arthritis (RA), acute pain, and
         primary dysmenorrhea, with a low risk of gastrointestinal bleeding
         compared to non-steroidal anti-inflammatory drugs (NSAIDs) and
         established cardiovascular safety.

         Following the global withdrawal of Merck's Vioxx from the market on
         September 30, Pfizer has been communicating with business partners,
         including wholesalers, pharmacy chains, pharmacy benefit managers,
         and other managed-care organizations to assure them of the
         availability of Celebrex to meet potential patient need.  Pfizer has
         reaffirmed its confidence in the well-documented cardiovascular
         safety of Celebrex and has released information citing that there is
         no evidence of a cardiovascular safety signal for Celebrex in long-
         term clinical trials of more than 6,000 patients.  Two studies are
         ongoing that are designed to determine whether Celebrex reduces the
         recurrence of pre-cancerous polyps in patients who have previously
         had polyps removed.  The two studies, which are following patients
         over a five-year period, have enrolled roughly 4,000 patients, some
         of whom have participated for more than four years.  A third placebo-
         controlled study examining the potential of Celebrex to prevent or
         slow the progression of Alzheimer's disease has enrolled about 2,400
         patients to date over the past three years.  All three studies are
         monitored by independent safety committees, who meet regularly to
         assess adverse events.  To date, no significant safety concerns have
         been raised by these committees regarding an increased risk to
         patients.  Other key study data include:

           * A long-term prospective outcomes study showing that Celebrex-at
             two to four times the approved doses for arthritis and pain-was
             not associated with an increased risk for serious cardiovascular
             events compared to non-specific NSAIDs.

           * A retrospective study of more than 54,000 elderly patients,
             published in Circulation, showing that Celebrex was not
             associated with an increased risk for heart attack compared to
             other medications studied.

           * A recent FDA-sponsored study of 1.4 million patients
             demonstrating no increased risk of cardiovascular events in those
             patients who received Celebrex.

         Celebrex was filed for regulatory approval in Japan, which is the
         world's second-largest pharmaceutical market.  Currently, there are
         no COX-2-specific inhibitors approved in Japan.  Pfizer has submitted
         a supplemental filing in the U.S. for use of Celebrex in ankylosing
         spondylitis, a chronic inflammatory condition of the spine.

         Earlier this week, Pfizer announced that it is sponsoring a major
         clinical study to further evaluate the potential cardiovascular
         benefits of Celebrex in OA patients at high cardiovascular risk.
         Starting early in 2005 and lasting at least two years, the
         randomized, placebo-controlled study, conducted at major universities
         and hospitals around the world, will enroll more than 4,000 patients
         who have had a recent heart attack and who also have a history of OA.
         It will include rigorous monitoring of cardiovascular safety by an
         independent data safety monitoring committee.  Small mechanistic
         studies suggest that Celebrex's anti-inflammatory properties as well
         as additional unique Celebrex-specific characteristics may improve
         vascular function in patients with established coronary artery
         diseases.

    Q15) How is Bextra performing?

    A15) Sales of Bextra grew 37% to $324 million in the third quarter of
         2004.  Since launch in April 2002, U.S. physicians have dispensed
         approximately 15.5 million total Bextra prescriptions to more than
         7 million patients.  Bextra received marketing approval in the E.U.
         in May 2003.

         The clinical efficacy of Bextra has been well established by studies
         in more than 11,000 patients and its use by more than 10 million
         patients worldwide.  It is indicated for osteoarthritis (OA),
         rheumatoid arthritis (RA), and primary dysmenorrheal.  Its efficacy
         is also shown in OA and RA flares, which makes Bextra a valuable
         therapeutic option for tough-to-treat arthritis patients.

         Since 2002, the Bextra product label has included information
         regarding the risk of a very rare, but serious skin reaction.  This
         risk exists with many other medications.  Based on additional
         spontaneous event reporting data, this risk exists with Bextra
         primarily within the first two weeks of therapy and, while very rare,
         at a reported rate greater than other COX-2-specific products, such
         as Celebrex.  Pfizer has been actively working with the FDA to
         strengthen this warning.  On October 15, Pfizer issued a voluntary
         letter to healthcare professionals in the U.S. with the information
         that is currently under discussion with the FDA.  Revised labeling
         for the product will be issued upon completion of discussions with
         the FDA and other regulatory agencies.

         A recent analysis published in the American Journal of Therapeutics
         supports the cardiovascular safety of Bextra based on an analysis of
         a comprehensive clinical-trial database of nearly 8,000 patients
         treated with Bextra for durations ranging from six to 52 weeks.
         Available clinical information for Bextra suggests there is no
         increased risk of cardiovascular thromboembolic events in people
         treated for OA and RA.  Pfizer will be conducting further studies to
         confirm the long-term cardiovascular safety profile of Bextra in
         patients who require chronic treatment for arthritis with a COX-2-
         specific inhibitor.

         In studies in general surgery, Bextra in combination with the
         investigational drug parecoxib (an intravenous formulation) showed no
         increased risk of cardiovascular thromboembolic events.  However, in
         two trials in high-risk surgery known as coronary artery bypass
         graft, an increase in cardiovascular events was observed in patients
         receiving Bextra alone or in combination with parecoxib.  The first
         study was published last year, and the second study was recently
         completed.  Pfizer has shared all these data with the FDA and other
         regulatory agencies around the world.  Bextra is not approved for use
         in surgical settings in the U.S.

    Q16) How is Zithromax performing?

    A16) Sales of Zithromax, the world's largest-selling antibiotic, decreased
         4% to $339 million in the third quarter of 2004, compared to the same
         period in 2003.  Year-to-date sales totaled $1.176 billion, down 3%,
         due to the effects of a short, mild flu season in 2003-2004 and a
         6.7% reduction in global new-prescription demand for antibiotics.
         Nonetheless, Zithromax increased its U.S. market share in treatment
         of respiratory tract infections (RTIs) from 19.3% in 2003 to 21.2% in
         2004 in the face of a 9.7% decrease in new RTI prescriptions through
         August 2004.

         The number-one branded antibiotic in the U.S., Zithromax continues to
         earn recognition as a cost-effective product with substantial
         competitive advantages.  With the appropriate spectrum for
         mild/moderate RTI, a proven track record of clinical efficacy,
         unsurpassed safety, and a short therapeutic course that contributes
         to patient compliance, Zithromax is first-line therapy for a number
         of key indications, including acute exacerbations of chronic
         bronchitis, community-acquired pneumonia, sinusitis, and otitis
         media.

         Zithromax is also being studied as a possible treatment of drug-
         resistant malaria.  Phase 2 clinical tests showed that Zithromax and
         chloroquine combined are about three times as effective against
         malaria as either drug alone.  Phase 3 studies are underway.  Malaria
         afflicts about 300 million people worldwide, mainly in developing
         countries, and leads to more than one million deaths annually.

         Pfizer continues to work with the International Trachoma Initiative
         (ITI) to eliminate trachoma, the leading cause of preventable
         blindness.  This partnership has resulted in an additional commitment
         of 135 million Zithromax treatments for trachoma over the next five
         years.

    Q17) How is Diflucan performing?

    A17) Sales of Diflucan (fluconazole) decreased 30% to $217 million in the
         third quarter of 2004, compared to the same period in 2003.  Year-to-
         date sales totaled $805 million, down 6%.  These sales declines are
         mainly due to loss of exclusivity in the U.S. in July 2004 and in
         much of Europe in March 2003.  In Japan, where Diflucan lost
         exclusivity in June 2002, Diflucan sales losses have largely been
         offset by the successful introduction of Prodif, a fluconazole
         prodrug product with an extended patent life.  The product treats
         fungal infections often present in critically ill, hospitalized
         patients, as well as fungal infections of the mouth (thrush), throat,
         and esophagus.  It is also effective as a single-dose oral treatment
         for vaginal candidiasis.

    Q18) How is Zyvox performing?

    A18) Sales of Zyvox grew 97% to $120 million in the third quarter of 2004.
         Physicians worldwide are gaining greater experience with Zyvox in
         treating serious Gram-positive infections.  The product has a novel
         mechanism of action that stops the initial stage of bacterial protein
         production, without which bacteria cannot multiply.  This uniqueness
         means there is no cross-resistance with other antibiotics.  Zyvox has
         proven efficacy in infections of hospital patients caused by
         methicillin-resistant Staphylococcus aureus (MRSA), especially
         hospital-acquired pneumonia and serious infections involving skin and
         soft tissue.

         The clinical value of Zyvox is heightened by the increasing incidence
         of infections caused by MRSA and multi-drug-resistant enterococci,
         and the associated morbidity and mortality.  The Centers for Disease
         Control and Prevention estimate that nosocomial (hospital-derived)
         infections cost nearly $5 billion a year and contribute to more than
         88,000 deaths annually.  Use of antistaphylococcal treatment in
         general has grown rapidly.  Days of antistaphylococcal therapy
         increased 14% worldwide in the first half of 2004, compared to the
         first half of 2003.  By comparison, the annual number of Zyvox
         therapy days increased more than 50% from 2003.

         Zyvox is now marketed in 61 countries and is available in
         intravenous, tablet, and oral-suspension formulations.  This
         convenient dosing allows some hospital patients to be discharged
         earlier, since they can take the oral form of Zyvox at home.  Studies
         have confirmed this, showing that in patients with MRSA infections,
         treatment with Zyvox allows some patients to leave the hospital
         sooner and to complete therapy at home on the oral formulation.

         Emerging data showing advantages of Zyvox versus the glycopeptides
         vancomycin and teicoplanin continue to be presented at scientific
         conferences and published in peer-reviewed medical journals.  In
         October 2003, important new data were presented at the Infectious
         Diseases Society of America meeting.  In one study, Zyvox was shown
         to be more effective than vancomycin in treating patients with
         complicated skin and soft-tissue infections caused by MRSA.  The
         study also showed shorter intravenous therapy and reduced hospital
         stays among patients treated with Zyvox.

         Pfizer is pursuing the potential for Zyvox to address limited
         therapeutic options and unmet needs.  In July 2003, the FDA approved
         Zyvox for the treatment of diabetic foot infections, without
         concomitant osteomyelitis, caused by Gram-positive bacteria,
         including resistant strains such as MRSA.  In January 2004, the
         results of a study comparing Zyvox to teicoplanin were published in
         the Journal of Antimicrobial Chemotherapy.  (Teicoplanin is a
         glycopeptide product available outside the U.S.)  This randomized,
         controlled, open-label, multi-center study showed that Zyvox is
         clinically superior to teicoplanin in the treatment of Gram-positive
         infections.

         In June 2004, the FDA expanded the labeled pathogen coverage for
         Zyvox to include multi-drug-resistant Streptococcus pneumoniae
         (MDRSP) in the treatment of nosocomial pneumonia and community-
         acquired pneumonia.  Antibiotic failure due to resistance to S.
         pneumoniae is a growing problem, which results in prolonged suffering
         for patients, time lost from work, increased healthcare costs, and
         serious illnesses that can lead to increased mortality.  As emerging
         resistance to conventional therapies increases, with this new
         approval as a treatment for MDRSP, Zyvox becomes an important
         treatment option for patients with pneumonia.

         In 2002, the Zyvox label was amended globally to include spontaneous
         reports of neuropathy (peripheral and optic) that occurred primarily
         in patients treated for more than the recommended maximum of 28 days.
         In September 2004, Pfizer voluntarily added text to the Zyvox U.S.
         prescribing information concerning optic neuropathy progressing to
         loss of vision in a few patients who were treated with Zyvox for
         extended periods far in excess of the recommended maximum.

    Q19) How is Vfend performing?

    A19) Sales of the antifungal Vfend increased 22% to $69 million in the
         third quarter of 2004, compared to the same period in 2003.  Year-to-
         date sales totaled $203 million, up 47%.  The product has been
         launched in 48 countries, including the U.S. and most major overseas
         markets.  Vfend is already the leading hospital antifungal product in
         France and the second-leading hospital antifungal in Germany.

         Approved indications include primary treatment of acute invasive
         aspergillosis, salvage therapy for rare but serious fungal infections
         caused by the pathogens Scedosporium apiospermum and Fusarium spp.,
         and treatment of esophageal candidiasis.  In Europe, Vfend is also
         approved for the treatment of serious, invasive, fluconazole-
         resistant Candida infections (including C. krusei).  In the largest
         prospective comparative clinical trial ever conducted in invasive
         aspergillosis (a deadly fungal infection occurring in immuno-
         compromised patients), 53% of patients who started therapy with Vfend
         had a successful response at 12 weeks, compared to 32% of those who
         started therapy with amphotericin B.  In addition, Vfend offered
         patients a 22% relative survival benefit versus amphotericin B.  The
         risk of serious fungal infections in hospitalized patients grows as
         more patients undergo bone marrow/stem cell and solid organ
         transplants, as well as aggressive chemotherapy for cancer and
         treatment for AIDS.  Fungal infections in these immuno-compromised
         patients are associated with high morbidity and mortality and require
         prompt and effective treatment.  Vfend is a vital tool for physicians
         fighting these infections.

         The product was launched in both oral and intravenous forms in August
         2002 in the U.S. and in September 2002 in Europe.  Vfend Powder for
         Oral Suspension, a dosage form suitable for patients unable to
         swallow the tablet, was approved in the U.S. in December 2003 and in
         the E.U. in February 2004.  Most competing medicines can only be
         administered intravenously.  In both tablet form and liquid
         suspension, Vfend shows excellent bioavailability.  As a result, some
         patients may be discharged from the hospital sooner, with orally
         administered therapy continuing at home.

         In the first quarter of 2004, Pfizer filed regulatory submissions in
         the U.S. and E.U. for use of Vfend in treatment of candidemia.
         Clinical results presented at the European Congress of Clinical
         Microbiology and Infectious Diseases in May 2004 demonstrate that
         Vfend is equivalent in efficacy to a regimen of amphotericin B
         followed by fluconazole in non-neutropenic patients in this
         indication.

    Q20) How is Viagra performing?

    A20) Sales of Viagra (sildenafil), a type-5 phosphodiesterase (PDE5)
         inhibitor for erectile dysfunction (ED), decreased 15% to $403
         million in the third quarter of 2004, compared to the same period in
         2003, and year-to-date sales totaled $1.208 billion, down 12%,
         reflecting the launch of two competitive products.  Consumer
         curiosity understandably drove initial experimentation among other
         PDE5 inhibitors.  Nonetheless, Viagra remains the leading treatment
         for ED and one of the world's most recognized pharmaceutical brands.
         A year and a half after the introduction of two competitors, the
         market has stabilized.  Viagra maintains a strong leadership position
         with a 70% worldwide market share of PDE5 inhibitors, while Cialis's
         share has leveled off since April at about 19%, and Levitra's overall
         performance has been flat since January at about 10%.   In the U.S.,
         which constitutes 53% of the worldwide ED market, no significant
         changes in share of new prescriptions have taken place for the three
         PDE5 inhibitors since March.

         More than 130 clinical trials worldwide and more than six years of
         real-world experience have shown that Viagra provides hard, long-
         lasting erections that instill confidence in men, while maximizing
         both patient and partner satisfaction.  Studies have shown that
         Viagra improves erections in up to 82% of men with ED.  A recent
         study, soon to be published, demonstrates that when sexually
         stimulated, men taking Viagra reported a hard erection lasting on
         average for 33 minutes; study subjects on placebo maintained
         erections, on average, for seven minutes.  Men taking Viagra also
         report a 77% improvement in their confidence of getting and
         maintaining an erection; only 18% of men taking placebo enjoy a boost
         in confidence.  After four years of treatment, 96% of Viagra users
         and 92% of their partners report being highly satisfied with the
         product, and 95% of patients' partners express a desire to continue
         with Viagra treatment.   No other ED therapy has been proven to work
         better or faster than Viagra.  Pfizer is confident that Viagra is
         uniquely positioned to retain its dominant position.

         Pfizer has also launched a new global positioning for Viagra, with a
         fresh U.S. advertising campaign called "He's Back" that communicates
         the promise of return to normal sexual function.  Pfizer's
         professional campaign is being expanded to reflect the comprehensive
         efficacy profile of Viagra and to further enhance its leadership
         position.

         The intellectual-property challenges faced by Viagra are illustrated
         by the growing problem of counterfeit product.  Globally, 300,000
         internet sites sell fake versions of the product.  Pfizer is working
         to educate consumers about illegitimate pharmacies and counterfeit
         drugs, and we are actively involved with government organizations to
         seize illegal products.  China's State Intellectual Property Office
         confirmed on July 9 that it had revoked Pfizer's use patent for
         Viagra because it did not meet the requirement of China's patent law.
         We have filed an appeal against the Chinese regulators and are
         optimistic of a positive outcome.

         Sildenafil continues to be studied in pulmonary arterial hypertension
         (PAH).  About 200 published articles demonstrate the benefit of
         sildenafil in PAH.  The results from the pivotal sildenafil pulmonary
         hypertension study (1140) will be presented during the late-breaker
         session at the American College of Chest Physicians meeting later in
         October.

    Q21) How is Detrol/Detrol LA performing?

    A21) Sales of Detrol/Detrol LA, effective and well-tolerated treatments
         for overactive bladder (OAB), grew 9% to $231 million in the third
         quarter of 2004.  Detrol is the leading brand of OAB treatments,
         prescribed to over six million patients.  Detrol LA is an extended-
         release formulation taken once a day.  More than 33 million American
         adults suffer from OAB, a disorder characterized by urinary urge
         incontinence, urgency, and frequency.  At least 16% of the U.S.
         population over age 40 suffers the chronic and troublesome symptoms
         of OAB.  While several new competitors have entered the global
         market, the proven efficacy and well-established profiles of
         Detrol/Detrol LA make us confident that these products will remain
         the leading choice of physicians and patients.  Detrol has been
         granted pediatric exclusivity by the FDA, extending the expiration of
         the composition-of-matter patent from March 2012 to September 2012.

    Q22) How is Camptosar performing?

    A22) Sales of Camptosar (irinotecan) grew 21% to $126 million in the third
         quarter of 2004.  A cytotoxic agent when used in combination with 5-
         fluorouracil (5FU) and leucovorin (LV), Camptosar has improved
         survival for patients with advanced colorectal cancer over treatment
         with 5FU/LV alone.  Camptosar and 5FU/LV can be combined with the
         newly introduced targeted agents Avastin and Erbitux to improve
         survival of advanced colorectal-cancer patients.  The overall
         survival rate for patients with metastatic colorectal cancer has
         almost doubled since the introduction of Camptosar in 1999.  Adding
         the new targeted agents (Avastin and Erbitux) to a Camptosar-based
         regimen provides the best survival advantage for advanced colorectal-
         cancer patients.

         On September 30, Pfizer completed the acquisition of Campto, the
         irinotecan product previously sold by Aventis in Europe and Asia.
         The addition of Campto nearly doubles our global business in
         colorectal cancer.  The power of a truly global Camptosar/Campto
         brand enables Pfizer to bring new indications, such as adjuvant
         colorectal cancer and gastric cancer, to patients more quickly.
         Patients should also benefit from the potential synergy between
         Camptosar/Campto and Pfizer pipeline products.

    Q23) How is Aromasin performing?

    A23) Sales of Aromasin grew 78% to $39 million in the third quarter of
         2004.  A hormonal agent that inactivates the aromatase enzyme,
         Aromasin is used to treat estrogen-receptor-positive breast cancer.
         New prescriptions are up 110% in the U.S. since the beginning of
         2004, driven by the publication earlier this year of positive study
         results in the adjuvant breast-cancer patient.  These study results
         will be used to enhance Aromasin's label.  Adjuvant breast-cancer
         treatment guidelines in Germany now include Aromasin.

    Q24) How is Ellence/Farmorubicin performing?

    A24) Sales of Ellence/Farmorubicin (epirubicin) grew 6% to $86 million in
         the third quarter of 2004.  The most widely used anthracycline in the
         treatment of breast cancer, Ellence/Farmorubicin is a cornerstone in
         the adjuvant treatment of breast cancer.  It is approved in the
         adjuvant and metastatic breast-cancer setting in more than 80
         countries outside the U.S, where it is also broadly indicated in
         lymphomas, sarcomas, and ovarian, bladder, lung, and gastric tumor
         types.  In Europe, Ellence/Farmorubicin is the anthracycline of
         choice in adjuvant therapy.

         New data presented at the recent American Society of Clinical
         Oncology meeting highlighted two emerging treatment options in breast
         cancer-dose-dense delivery and combination treatment with targeted
         compounds.  A multi-center Phase 3 trial showed that dose-dense
         sequential adjuvant chemotherapy with epirubicin, paclitaxel, and
         cyclophosphamide is superior to conventional-dose chemotherapy in
         high-risk breast-cancer patients with four or more positive lymph
         nodes.  In addition, a small trial performed at the M.D. Anderson
         Cancer Center in Houston showed that the addition of trastuzumab
         (Herceptin) to taxane- and epirubicin-containing chemotherapy
         significantly increased the pathological complete response rates in
         patients with HER-2-positive breast cancer.

    Q25) How is Xalatan/Xalacom performing?

    A25) Sales of Xalatan/Xalacom grew 12% to $304 million in the third
         quarter of 2004.  In 2003, Xalatan/Xalacom became the first
         ophthalmic medicine to achieve $1 billion in annual sales (including
         2003 sales of Xalatan/Xalacom prior to the acquisition of Pharmacia
         in April 2003).  A prostaglandin used to treat open-angle glaucoma
         and ocular hypertension, Xalatan is the #1 prescribed glaucoma
         medication in all promoted markets, including the U.S., Europe, and
         Japan.  It is the first and only prostaglandin with a first-line
         indication for the treatment of elevated eye pressure.  Xalacom
         consists of Xalatan with the beta blocker timolol.

         Glaucoma is a group of eye diseases characterized by elevated
         intraocular pressure (IOP), damage to the optic nerve, and visual-
         field loss that can lead to blindness if not treated.  An estimated
         67 million people suffer from glaucoma worldwide, including 2-3
         million Americans age 40 years and older.  Each year, more than
         100,000 people in the U.S. are diagnosed with glaucoma, of whom 90%
         have open-angle glaucoma, a disease with a pattern of vision loss
         associated with an increase in pressure in the eye.

         Market expansion will account for most future growth in
         Xalatan/Xalacom sales.  While the U.S. glaucoma market has been
         experiencing low unit growth, about one third of diagnosed glaucoma
         patients are untreated.  Only 10-15% of ocular-hypertensive patients
         currently receive treatment.  Several comparative clinical trials and
         recent European Glaucoma Society guidelines support Xalatan as first-
         line therapy for use in newly treated patients before less
         efficacious or poorly tolerated therapies.  The Ocular Hypertension
         Treatment Study published in June 2002 in Ophthalmology demonstrated
         for the first time that treating ocular hypertension that has not yet
         developed into glaucoma offers patients significant benefits.  By
         treating patients with IOP-lowering therapies, including Xalatan, the
         study showed a 60% reduction over five years in the development of
         glaucoma.

         In July 2004, Pfizer prevailed in a patent-infringement suit against
         Par Pharmaceutical, which was seeking to sell a generic version of
         Xalatan.  The U.S. District Court for the District of New Jersey held
         that two U.S. patents on formulations and uses of latanoprost
         (Xalatan) were valid, infringed, and enforceable against Par.  The
         court issued an injunction blocking the approval of Par's regulatory
         filing until March 2011, when the later Pfizer patent expires.  Par
         has appealed the decision.

    Q26) What is the status of Genotropin?

    A26) Sales of Genotropin decreased 6% to $176 million in the third quarter
         of 2004.  Genotropin continues to be world's leading human growth
         hormone, accounting for about one-third of the total market.  Pfizer
         has earned this leadership spot through our 20-year KIMS/KIGS
         scientific studies on product safety, investment in drug and
         delivery-device innovation, and attention to patient care.

         Genotropin is indicated for the long-term treatment of pediatric
         patients who have growth failure due to inadequate secretion of
         endogenous growth hormone or due to Prader-Willi syndrome.  This
         product is approved for the long-term treatment of growth failure in
         children born small for gestational age (SGA), and who fail to
         achieve catch-up growth by age two (U.S.) or four (Europe).  An
         estimated 2.3% of all babies are born SGA each year.  While the
         majority catch up to normal height, as many as 10% do not.  In Europe
         and Japan, Genotropin is also approved for patients with Turner
         syndrome, a genetic condition, and for children with short stature
         due to chronic renal insufficiency.  Pfizer is evaluating
         possibilities of additional therapeutic indications for Genotropin.
         For instance, adults can also be affected by growth hormone
         deficiency, either as a continuation of childhood deficiency, as a
         consequence of brain trauma, or as a result of cranial irradiation
         during cancer treatment.

         Even as we seek new clinical applications, we also attend to emerging
         needs of patients with established indications.  For example,
         physicians consistently report that the growth-hormone drug-delivery
         system plays a major role in patient compliance.  As a result, we
         developed the Genotropin MiniQuick pen-a pre-measured, pre-filled,
         disposable, single-dose device that does not require refrigeration.
         The MiniQuick pen helps ensure safe, convenient home care.  It is
         currently available in more than ten markets, including the U.S. and,
         as of the third quarter, Japan.

         Recently, the FDA postponed approval of a generic recombinant growth
         hormone on the U.S. market, citing the need for legislation that
         would assure patient safety.  Pfizer also continues to monitor the
         patent dispute between Savient and Novo Nordisk, from whom we
         licensed Genotropin in the U.S.  We do not anticipate that a possible
         launch by Teva of Savient growth hormone in the U.S. would have a
         significant effect on the Genotropin business.

    Q27) What factors are driving Zyrtec's performance?

    A27) Sales of Zyrtec declined 4% to $333 million in the third quarter of
         2004, compared to the same period in 2003.  Year-to-date sales
         totaled $938 million, down 4%.  Despite the significant decline of
         the prescription antihistamine market, Zyrtec leads all prescription
         antihistamines in new prescriptions in the U.S. and remains the
         leading prescription antihistamine among allergists and
         pediatricians.  While Zyrtec has experienced an 11% decline in new
         prescriptions year-to-date, it continues to outperform the overall
         market (down 16%) and its largest competitor, Allegra (down 15%).

         Two main factors explain the decline in new prescriptions in the
         antihistamine market.  With the loss of patent protection for
         Claritin (loratadine), a great variety of over-the-counter (OTC)
         loratadine products have come on the market since December 2002.  In
         addition, as regional managed-care plans have raised co-payments to
         shift costs to consumers, patients have been less inclined to
         purchase prescription antihistamines.  Zyrtec outperforms its
         competitors in part because it is available in the broadest range of
         formulations and treats the widest age range of patients of any
         prescription antihistamine.  Zyrtec is indicated for patients as
         young as two years old for seasonal allergic rhinitis and as young as
         six months old for perennial allergies and chronic idiopathic
         urticaria.  It is available as a syrup, 5mg and 10mg tablets, a 12-
         hour decongestant formulation, and, most recently, 5mg and 10mg
         chewable tablets.  Zyrtec is the only prescription antihistamine
         available in both syrup and chewable formulations.  In fact, Zyrtec
         Chewable, launched only in May, already commands a 1.1% share of the
         U.S. market (as of the week ending September 24), easily surpassing
         Clarinex Redi-tabs (with a 0.2% share), which was launched more than
         a year ago and competes for the same target segment of pediatric
         patients who have outgrown syrups but aren't yet ready to swallow
         tablets.

         Beyond its range of formulations and age applications, Zyrtec does a
         better job of relieving allergies than competitive products, either
         OTC or prescription. Substantial published data show the superiority
         of Zyrtec over Claritin.  In two two-day environmental-exposure-unit
         studies, Zyrtec provided twice the overall symptom relief of
         Claritin.  More recently, new data demonstrating Zyrtec's performance
         versus Allegra in a two-day environmental-exposure unit were
         published in the January/February 2004 issue of Allergy and Asthma
         Proceedings.

    Q28) How is Spiriva performing?

    A28) A significant advance over competing treatments, Spiriva is the first
         once-a-day inhaled bronchodilator for the treatment of chronic
         obstructive pulmonary disease (COPD).  Pfizer co-promotes Spiriva
         with the product's discoverer Boehringer Ingelheim.  Spiriva sales
         continue to outpace the market.  With recent introductions in the
         U.S. (June) and Italy (July), Spiriva is available in more than 40
         markets.  Its excellent clinical profile in a market with unmet needs
         has brought Spiriva strong U.S. sales.  Widely accepted by payers and
         prescribers, Spiriva has taken the lead in new prescriptions for
         long-acting bronchodilators only three months after the U.S. launch.

         New data from the MISTRAL trial presented at the European Respiratory
         Society meeting in September showed that Spiriva significantly
         reduces exacerbations and health-resource utilization compared with
         usual care in patients with COPD.  In this one-year placebo-
         controlled study involving 1,010 patients with COPD in 177 centers in
         France, Spiriva was shown to significantly reduce the frequency of
         exacerbations by 35% and hospitalizations by 27% per patient per
         year.

    Q29) How is Rebif performing?

    A29) Rebif (interferon beta 1-a) continues to be the fastest-growing
         multiple-sclerosis (MS) drug in the U.S., with 66% year-to-date
         total-prescription growth in the U.S.  The product was discovered and
         developed by Serono and is co-promoted by Pfizer and Serono in the
         U.S.  It was launched by Serono in March 2002 after making history by
         breaking the orphan-drug status of Avonex by showing superior
         efficacy, the first time a drug ever broke orphan-drug status based
         on efficacy.  Pfizer began co-promoting the product in the U.S. in
         October 2002 and records a portion of Rebif revenue as alliance
         revenue.

         MS is a chronic inflammatory condition of the nervous system and is
         the most common non-traumatic neurological disease in young adults,
         affecting about 350,000 Americans.  It is a progressive disease in
         which there is an opportunity to raise the standard of care to focus
         on the importance of treating early with the best therapy to improve
         long-term patient outcomes.  Rebif has been shown to decrease the
         frequency of clinical exacerbations and to delay the accumulation of
         physical disability associated with relapsing forms of MS.

         The superior efficacy of Rebif over Avonex was demonstrated in the
         EVIDENCE trial, which showed a 50% reduction in annualized relapse
         rates when patients were switched from Avonex to Rebif.  The study
         also showed that the incidence of flu-like adverse events in the
         Avonex group was greater than the flu-like adverse events in the
         Rebif group.  The PRISMS study also established the efficacy of Rebif
         across the key clinical measures of MS.  In late 2003, new data from
         this study were presented at the European Committee for Treatment and
         Research in Multiple Sclerosis (ECTRIMS) meeting.  These data support
         the long-term benefit on relapses, disability, and MRI outcomes and
         the excellent tolerability of Rebif taken at the highest dose of 44
         micrograms subcutaneously three times daily.  These data provide the
         most comprehensive long-term clinical and MRI assessment of a cohort
         of patients with relapsing forms of MS on interferon therapy and
         highlight the favorable risk/benefit ratio, both short-term and long-
         term.  The Rebif professional campaign, launched in late 2003, will
         be supplemented by a new patient campaign in the fourth quarter to
         further differentiate Rebif as the treatment that provides proven
         efficacy now for less disability in the future.  These programs
         reflect our continuing efforts to raise the standard of care in this
         category while reinforcing the superior efficacy of Rebif and
         highlighting the benefit to the patient of delaying disease
         progression.

         Rebif has been shown to significantly delay disease progression and
         has demonstrated proven efficacy on all key clinical measures
         (relapses, disability) and MRI outcomes up to eight years.  Phase 2
         Antegren data suggest that disease activity in patients who
         discontinue therapy reverts to baseline levels.  Antegren is a SAM
         inhibitor that is limited to blocking only one step in the disease
         process (migration into the central nervous system), while Rebif
         blocks all three steps of the disease process-activation,
         proliferation, and migration of T cells.

    Q30) What is the status of the marketing of Mirapex?

    A30) Mirapex, the leading dopamine agonist for Parkinson's disease
         worldwide, was discovered and initially developed by Boehringer
         Ingelheim (BI), with subsequent assistance in clinical development by
         Pharmacia.  Upon completion of the 2003 acquisition of Pharmacia,
         Pfizer agreed to transfer its marketing rights to Mirapex to BI.
         Pfizer and BI currently co-promote Mirapex in the U.S.  BI recently
         assumed full responsibility for development, global manufacture, and
         distribution of Mirapex outside the U.S.

    Q31) What is the status of Lyrica (pregabalin)?

    A31) Lyrica is Pfizer's drug candidate for a range of neurological
         disorders.  In July, Lyrica received marketing authorization in the
         E.U. for management of peripheral neuropathic pain and as an
         adjunctive therapy in the treatment of partial seizures in patients
         with epilepsy.  By September, Pfizer had launched Lyrica in the U.K.
         and Germany, with launches in other E.U. member states scheduled for
         the rest of 2004 and 2005.

         In the U.S., Pfizer recently received approvable letters from the FDA
         in September for treatment of neuropathic pain associated with
         diabetic peripheral neuropathy and postherpetic neuralgia, and as
         adjunctive therapy in the treatment of partial seizures in adults.
         Pfizer received a non-approvable letter for the treatment of
         generalized anxiety disorder.  We continue to work closely with the
         FDA to resolve open issues on all indications and labeling.

         As published data attest, Lyrica has demonstrated consistent,
         significant pain reduction.  Lyrica also consistently reduced
         seizures within the first week as adjunctive therapy for epilepsy.
         The therapeutic effects of Lyrica are sustained over time across
         indications.  Lyrica was the subject of one of the largest clinical
         development programs ever to support a regulatory filing for a
         central-nervous-system compound, including more than 9,000 patients.

    Q32) What is the status of indiplon?

    A32) Indiplon is a novel non-benzodiazepine GABA-A-receptor agonist
         selective for the alpha-1 subunit for the treatment of insomnia being
         developed in both an immediate-release and a sustained-release
         formulation.  Neurocrine Biosciences, Inc., and Pfizer are co-
         developing and, upon regulatory approval, will co-market indiplon in
         the U.S. for this indication.  Pfizer has exclusive development and
         marketing rights to indiplon outside the U.S.  Indiplon will help
         patients who have difficulty with sleep initiation (falling asleep)
         and sleep maintenance (staying asleep during the night).  The Phase 3
         development program has been completed and includes more than 7,000
         patients, making the indiplon clinical program one of the most
         comprehensive programs to date to be conducted for sleep.  Efficacy
         and safety studies indicate that the two formulations are efficacious
         and well tolerated in adults, both non-elderly and elderly.  On
         October 19, 2004, Neurocrine Biosciences, Inc., announced that it had
         submitted a regulatory filing to the FDA for approval of indiplon
         immediate-release capsures for treatment of insomnia.  The
         application contains safety and efficacy results from seven Phase 3
         clinical trials conducted in adult and elderly patients with
         transient and chronic insomnia.  Neurocrine expects to submit a
         second NDA for indiplon modified-release tablets in November 2004.

         The prevalence of insomnia is quite high.  An estimated 20-30% of
         people around the world suffer from insomnia.  In the U.S., 9-12% of
         the population suffer from insomnia chronically.  Despite this high
         prevalence, treatment rates remain very low.  Approximately 40% of
         the U.S. population (about 85 million people) report one or more
         insomnia symptoms annually, but only about 7 million of these
         patients are being treated with modern prescription agents, such as
         the GABA-A-receptor agonists.

    Q33) What is the status of Macugen?

    A33) In December 2002, Pfizer and Eyetech Pharmaceuticals, Inc., announced
         an agreement to jointly develop and commercialize Eyetech's Macugen.
         Macugen is an aptamer that selectively binds to and neutralizes
         vascular endothelial growth factor for potential treatment of age-
         related macular degeneration (AMD) and diabetic macular edema (DME).
         AMD is the leading cause of irreversible vision loss among Americans
         over 55 and occurs in both wet and dry form.  In wet AMD, blood
         vessels grow abnormally into the area beneath the retina.  The wet
         form accounts for approximately 200,000 new cases annually, with a
         prevalence of 1.2 million cases in the U.S. alone.  Macugen also
         holds promise in the treatment of diabetic macular edema (DME), the
         leading cause of blindness among adults under age 55.  DME affects
         roughly 100,000 Americans with diabetes each year.  In DME, fluid and
         lipids leak from retinal blood vessels and impair vision.  Positive
         Phase 3 results for Macugen in AMD were announced at the American
         Academy of Ophthalmology meeting in 2003.  These studies demonstrated
         benefit to a broad group of wet AMD patients irrespective of lesion
         subtype or size, unlike existing therapies.  The U.S. regulatory
         filing for Macugen was completed in June 2004, and the product
         candidate is currently undergoing fast-track review with the FDA.
         The regulatory filing in the E.U. was accepted in September 2004.

    Q34) What is the status of Daxas (roflumilast)?

    A34) Daxas is a phosphodiesterase-4 (PDE-4) inhibitor, a class of
         compounds that provides anti-inflammatory action targeted to the
         lungs.  Pfizer and our co-promotion partner Altana Pharma filed Daxas
         in the E.U. in February 2004 for both asthma and chronic obstructive
         pulmonary disease (COPD).   For other markets, the product is in
         late-stage development.

    Q35) What is the status of Exubera?

    A35) Exubera, an inhaled insulin, is under development through a
         collaboration between Pfizer and Sanofi-Aventis as a treatment for
         both type 1 and type 2 diabetes.  Pfizer is also collaborating with
         Nektar Therapeutics, developer of the inhalation device and
         formulation process for Exubera.  An estimated 177 million people
         worldwide suffer from diabetes, now the fourth-leading cause of death
         in most developed countries.  With its many complications-including
         heart disease, blindness (retinopathy), kidney failure (nephropathy),
         and nerve damage (neuropathy)-diabetes inflicts an annual healthcare
         burden estimated at $186 billion worldwide.  Improved glycemic
         control (as measured by hemoglobin A1c levels below 7%) reduces many
         of these complications, yet less than half of the people with
         diabetes reach and maintain optimal glycemic control.  While insulin
         therapy, alone or in combination with oral hypoglycemic agents,
         improves glycemic control, patients tend to avoid insulin injections.
         As an effective alternative to injection, Exubera will encourage
         patient compliance, thereby improving the health of diabetics and
         reducing the healthcare costs associated with the disease.

         Exubera has been studied in more than 3,000 patients, some for up to
         six years.  New clinical data presented in September 2004 at the
         European Association for the Study of Diabetes showed that in
         patients with type 2 diabetes, Exubera was effective and well
         tolerated in controlling blood glucose levels over a two-year period.
         The trial reported small pulmonary-function differences between
         Exubera and the comparator treatment group that occurred early after
         treatment initiation, had no identified clinical relevance, and did
         not progress with two years of continued inhaled insulin treatment.

         In February 2004, Pfizer and Aventis submitted Exubera for review by
         the European Medicines Agency for marketing approval in the E.U.
         Interactions with the European regulatory authorities are ongoing.
         We continue our ongoing discussions with the FDA regarding submission
         in the U.S.

    Q36) What is the status of Sutent (SU-11248)?

    A36) Sutent, or SU-11248, is the first in a class of innovative oncology
         products known as multitargeted tyrosine kinase inhibitors, which
         target both tumor and vascular cells.  Phase 2 clinical trials of
         Sutent have demonstrated its clinical activity in treating patients
         with metastatic renal-cell carcinoma (RCC) and gastrointestinal
         stromal tumors (GIST).  Sutent significantly increased objective
         response rates and time to progression in patients with RCC or GIST
         who had failed on prior therapy.  Long-term clinical trials are
         ongoing in both indications to establish efficacy and to support
         regulatory approval.  Sutent is well tolerated, orally active, and
         intended for long-term use in relevant patient populations.  Ongoing
         and planned development includes trials in other solid tumors.

    Q37) What are the main approaches to treating cancer that Pfizer is
         undertaking?

    A37) The Pfizer oncology portfolio represents a variety of approaches to
         treating cancer, including:

           * Targeted cytotoxic medicines that selectively destroy cancer
             cells, such as our late-stage development candidate edotecarin;
           * Growth regulators, which interfere with aberrant signaling
             processes within tumor cells;
           * Cell-survival mediators, which are designed to trigger cancer
             cells' natural suicide mechanisms;
           * Angiogenesis inhibitors, which prevent the formation of blood
             vessels that nourish tumors.  Sutent, now in advanced development
             for gastrointestinal stromal tumors and metastatic renal-cell
             cancer, is an angiogenesis inhibitor that also mediates cell
             survival;
           * Immunomodulators, which boost the body's immune response to
             cancer cells.  CP-675,206, an anti-CTLA-4 antibody now in Phase 1
             development, operates by this mechanism and appears to
             significantly boost immune response in some patients with
             malignant melanoma, leaving them disease-free after more than a
             year of treatment.

    Q38) What is the status of varenicline?

    A38) Varenicline is an innovative compound for smoking cessation that will
         offer smokers a new opportunity to successfully quit.  The compound
         is a partial agonist that is specific to the alpha 4-beta 2
         (nicotinic) receptor.  This is a different mode of action from
         available treatments, such as nicotine derivatives or
         antidepressants.  The compound represents an advance over existing
         treatments in both efficacy and safety.  Furthermore, varenicline
         enhances Pfizer's leadership in providing innovative products to
         treat cardiovascular risk factors and the complications often
         associated with smoking, including COPD.

         The process of quitting smoking is very challenging, and smokers need
         help in their efforts.  Seven out of ten smokers are contemplating
         quitting or actively want to quit.  However, only 3-5% of patients
         can quit on their own.  Smokers attempting to quit experience
         nicotine cravings and can also experience withdrawal feelings from
         the satisfaction or pleasure they receive from smoking.  Varenicline
         is designed to have a unique dual effect on smokers to reduce
         cravings for cigarettes and, if they do have a setback, to block the
         rewards from smoking.  In early Phase 2 trials, almost half of
         smokers treated with varenicline stopped smoking.  Varenicline is
         currently in Phase 3 development worldwide.

    Q39) What is the status of the torcetrapib/Lipitor program?

    A39) A combination product of Lipitor and torcetrapib, a cholesteryl ester
         transfer protein (CETP) inhibitor, is now in global Phase 3 clinical
         trials for dyslipidemia that include 12,000 patients and plans for
         enrolling 13,000 patients in mortality and morbidity trials.  The
         objective of the Phase 3 program is to demonstrate improved efficacy
         and comparable safety of the combination product versus Lipitor alone
         in a wide range of patients with and without clinically apparent
         disease and across a variety of lipid abnormalities.  The program is
         comprised of imaging trials that include intravascular ultrasound and
         carotid ultrasound, as well as a full range of blood-lipid efficacy
         studies.  The program is designed to provide conclusive evidence of
         the benefits of raising HDL cholesterol through torcetrapib, in
         combination with the powerful LDL-cholesterol lowering and
         established benefits of Lipitor, above and beyond the well-
         demonstrated effects of Lipitor alone in patients with all types of
         lipid abnormalities.  Demonstration of such benefit would provide
         support for use of torcetrapib/Lipitor in patients currently being
         treated with Lipitor and other statins.  Additional scientific and
         mechanistic studies are also underway to broaden our understanding of
         the effects of CETP inhibition on lipid metabolism and
         atherosclerosis.  These studies represent a major commitment by
         Pfizer to significantly advance our understanding of lipids and
         atherosclerosis to provide an important new tool for patients and
         prescribers in preventing and treating the global burden of
         cardiovascular disease.

         The early Phase 2 study published in the April 8, 2004, issue of the
         New England Journal of Medicine is the first to assess the effects of
         CETP inhibition on lipid parameters in patients with low HDL
         cholesterol, as well as the first to assess these effects in patients
         who were also on the statin therapy Lipitor.  The study found that
         CETP inhibition with torcetrapib produced very substantial HDL-
         cholesterol elevations, both when given alone and when taken with
         Lipitor.  It also produced LDL-cholesterol lowering alone and
         additive to that provided by Lipitor.  In addition, the combination
         of torcetrapib with Lipitor produced a shift toward larger LDL and
         HDL particles, which is likely to be beneficial.  Torcetrapib was
         safe and well tolerated in this study.  While the study provides
         important initial information, Pfizer is now in the process of
         conducting large-scale Phase 3 clinical trials in many types of
         patients to provide comprehensive information on the efficacy and
         safety of torcetrapib when given in combination with Lipitor.

    Q40) How did Pfizer's Animal Health business perform?

    A40) Sales of the Animal Health business increased 9% to $475 million in
         the third quarter of 2004, compared to the same period in 2003.
         These results were driven by strong performances by livestock
         products and the companion-animal products Revolution and Rimadyl,
         and by the favorable impact of a weaker U.S. dollar relative to the
         prior year.  Also contributing to performance was the U.S. launch of
         Excede, an antimicrobial that controls and treats respiratory disease
         in beef, non-lactating cattle, and swine.  With the acquisition of
         Pharmacia, Pfizer Animal Health now is the world leader in providing
         products to prevent and treat diseases in animals.

    Q41) How did Pfizer's Consumer Healthcare business perform?

    A41) Sales of the Consumer Healthcare business increased 10% to $851
         million in the third quarter of 2004, compared to the same period in
         2003.  These results for Consumer Healthcare reflect sustained sales
         strength for Listerine mouthwash, which benefited from the U.S.
         launch of a Natural Citrus flavor in September 2003 and the launch of
         Listerine Advanced in September 2004, and a weaker U.S. dollar
         relative to the prior year.

    FINANCIAL MATTERS

    Q42) What impact did foreign exchange have on revenues in the quarter?

    A42) The weakening of the U.S. dollar relative to other currencies,
         principally the euro, Japanese yen, and British pound, favorably
         impacted revenues in the third quarter of 2004 by $204 million and
         favorably impacted consolidated revenue growth by two percentage
         points.  The weakening of the U.S. dollar favorably impacted revenues
         for the first nine months of 2004 by $1.06 billion and favorably
         impacted consolidated revenue growth by three percentage points.

    Q43) What cost synergies are anticipated from the Pharmacia acquisition?

    A43) Cost synergies resulting from the acquisition of Pharmacia totaled
         almost $900 million in the third quarter of 2004 and are expected to
         be about $3.5 billion for the full year.  Our estimate for 2005
         synergies remains about $4 billion.  Synergies stem from a broad
         range of sources, including a streamlined organization, reduced
         operating expenses, and procurement savings.  Merger-related
         expenditures (income statement and balance sheet) incurred during
         2003-2005 to achieve these synergies are expected to be about $6
         billion, pre-tax.

    Q44) What caused cost of goods sold to decrease by 50% in the third
         quarter of 2004?

    A44) The decrease in cost of goods sold was primarily driven by the impact
         of purchase accounting on the 2003 income statement.  Consistent with
         purchase accounting, Pharmacia's assets, including inventory, were
         recorded on the Pfizer balance sheet at fair value in the prior year.
         As the inventory was sold, the income statement reflected the fair
         market value of the inventory, not the production cost.  Sales of
         this inventory were completed by the end of 2003.  Cost of sales in
         the current quarter also benefited from favorable product mix, the
         favorable impact of foreign exchange, and increased synergies
         relative to the prior year.

    Q45) What factors affected the 1% increase in selling, informational and
         administrative expenses and 1% increase in R&D spending in the third
         quarter of 2004?

    A45) The rate of expense growth was appreciably lessened by the favorable
         impact of cost synergies.  Investment remains strong in a wide array
         of new product opportunities at various stages of research and
         development and in promotional support of key in-line and new
         products.  Research and Development expenses include $89 million and
         $102 million of milestone payments in connection with certain
         licensing and co-promotion agreements for the third quarter and first
         nine months of 2004, respectively.

    Q46) What accounting reclassifications took place during the quarter?

    A46) In light of the increasing significance of licensing and co-promotion
         agreements to our core business, upfront and milestone payments
         associated with these transactions have been reclassified for all
         periods from Other (Income)/Deductions-Net to Research and
         Development.  A total of $0 and $280 million have been reclassified
         from Other (Income)/Deductions-Net to Research and Development for
         the third quarter and first nine months of 2003, respectively.

         In addition, a separate line on the income statement has been
         established for the amortization of intangibles that contribute to
         our ability to sell, manufacture, research, market, and distribute a
         product.  These expenses were formerly included in Other
         (Income)/Deductions-Net.

    Q47) What were the principal factors affecting pre-tax other
         (income)/deductions-net?

    A47) ($ millions)                  Third Quarter         Nine Months
         (Income)/Deductions           2004     2003       2004       2003
         Net Interest (Income)/Expense  $4      ($25)       $3        ($82)
         Various Litigation Matters    369        --       371          33
         Royalties                     (87)      (82)     (238)       (181)
         Gains on the Sales of Product
          Lines                         --       (11)       (2)        (87)
         Other                          (3)       --         6         (22)
         Other (Income)/
          Deductions-Net              $283     ($118)     $140       ($339)

         As announced in September 2004, Pfizer Inc and its wholly owned
         subsidiary Quigley Company, Inc. ("Quigley") have taken steps that,
         subject to court approval and approval by claimants, will resolve all
         pending and future claims against the companies in which claimants
         allege personal injury from exposure to Quigley product containing
         asbestos, silica, or mixed dust. Quigley was acquired by Pfizer in
         1968 and sold small amounts of products containing asbestos until the
         early 1970s.  We recorded a charge of $369 million before tax ($229
         million after tax) in connection with these matters.

    Q48) What is Pfizer's effective tax rate for 2004?

    A48) Pfizer's effective tax rate in calculating adjusted income* from
         continuing operations for 2004 remains 22.0%.

         The American Jobs Creation Act of 2004 has been passed by Congress
         and is awaiting the President's signature.  The bill has several
         items of potential significance to Pfizer, including a one-time
         opportunity to repatriate earnings from outside the U.S. at a 5.25%
         tax rate.  The Company is evaluating the impact and consequences of
         this and other provisions of the bill.  In addition, the Research and
         Experimentation Credit was retroactively reinstated through 2005 as
         part of the Working Families Tax Relief Act of 2004.  The Company
         will be able to avail itself of the credit for full-year 2004, rather
         than for the six months mandated prior to the bill's enactment.

    Q49) What operations are treated as discontinued operations?  What is the
         status of planned divestitures?

    A49) Pfizer has completed the sale of the following operations: the legacy
         Pharmacia in-vitro allergy and autoimmune diagnostic testing
         business; the legacy Pharmacia surgical ophthalmology business; and
         various legacy Pfizer, Warner-Lambert, and Pharmacia non-core
         European over-the-counter and personal-care brands.  In addition, in
         the first quarter of 2004, we announced our intention to divest our
         three European generic businesses.  Income from discontinued
         operations reflects the income from operations of these businesses
         and products prior to their sale and, in the third quarter of 2004,
         the gain on the sale of certain legacy Pfizer non-core European over-
         the-counter and personal-care branded product lines.

    Q50) What is the status of Pfizer's announced acquisition of Meridica
         Ltd.?

    A50) In the third quarter, Pfizer Inc agreed to purchase the remaining 90%
         ownership of Meridica Ltd., a drug-delivery technology company, for
         $125 million and a contingent payment.  The transaction is subject to
         normal conditions and is expected to close in the fourth quarter.
         Upon closing, we expect the allocation of the purchase price to
         include amounts relating to Meridica's in-process research and
         development, which will be expensed.

    Q51) What is the status of Pfizer's share-purchase program?

    A51) Pfizer's financial strength and flexibility have allowed the Company
         to purchase its stock over the past several years.  We believe that
         purchase of our stock is an excellent investment opportunity.  In
         December 2003, Pfizer announced an authorization to purchase up to $5
         billion of additional stock, with such purchases to be completed by
         the end of 2004.  Under the new authorization, Pfizer purchased about
         1.1 million shares at a total cost of $37 million in the fourth
         quarter of 2003, about 24.8 million shares at a total cost of about
         $912 million in the first quarter of 2004, about 38.3 million shares
         at a total cost of about $1.36 billion in the second quarter of 2004,
         and about 76.3 million shares at a total cost of about $2.51 billion
         in the third quarter of 2004, for total purchases under the $5
         billion authorization of about $4.8 billion through the end of the
         third quarter.  Pfizer completed the $5 billion authorization in
         October.

    Q52) Why does Pfizer disclose adjusted income* and adjusted diluted EPS*?

    A52) General Description of Adjusted Income Measure

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

         The Adjusted Income measure is an important internal measurement for
         Pfizer.  We measure performance on this basis-for the overall Company
         as well as for our reportable business segments:

           * 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-setting
         and performance measurement, we stress that Adjusted Income is a non-
         GAAP financial measure that has no standardized meaning prescribed by
         U.S. GAAP and, therefore, has limits in its usefulness to investors.
         Because of its non-standardized definition, Adjusted Income (unlike
         U.S. GAAP Net Income) may not be comparable with the calculation of
         similar measures for other companies.  Adjusted Income is presented
         solely to permit investors to more fully understand how management
         assesses the performance of our company.

         We also recognize that, as an internal measure of performance, the
         Adjusted Income measure has limitations, and we do not restrict our
         performance management process solely to this metric.  We use other
         specifically tailored tools designed to ensure the highest levels of
         performance in the Company.  For example, our Research and
         Development organization has productivity targets, upon which its
         effectiveness is measured.

         Purchase Accounting Adjustments

         Adjusted income is calculated prior to considering significant
         purchase-accounting impacts, such as those related to our
         acquisitions of Pharmacia and Esperion.  These impacts can include
         charges for purchased in-process research and development, the
         incremental charge to cost of sales from the sale of acquired
         inventory that was written up to fair value, and the incremental
         charges related to the amortization of finite-lived intangible assets
         for the increase to fair value.  Therefore, the Adjusted Income
         measure includes the revenues earned upon the sale of the acquired
         products without considering the aforementioned significant charges.

         Certain of the purchase-accounting adjustments associated with a
         business combination, such as the amortization of intangibles, can
         occur for up to 40 years (with a weighted average useful life of
         approximately 11 years), but this presentation provides an
         alternative view of our performance that is used by management to
         internally assess business performance.  We believe that this
         presentation provides management and investors an alternative view of
         our business results by giving parity to internally developed
         intangible assets and acquired intangible assets.

         Merger-Related Costs

         Adjusted Income is calculated prior to considering integration and
         restructuring costs associated with business combinations, because
         these costs are unique to each transaction.

         The integration and restructuring costs associated with a business
         combination may occur over several years, but the material, negative
         financial impact of the item typically ends within three years of the
         transaction.  Some restructuring and integration activities are not
         fully within the control of the company.  For example, due to the
         highly regulated nature of the pharmaceutical business, the closure
         of excess facilities can take several years, because all
         manufacturing changes are subject to extensive validation and testing
         and must be approved by the FDA.

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

         Discontinued Operations

         Adjusted Income is calculated prior to considering gains or losses on
         the sale of businesses and product lines included in discontinued
         operations as well as the related results of operations.  We believe
         that this presentation is meaningful to investors because, while we
         review our businesses and product lines on an ongoing basis for
         strategic fit with our operations, we do not build or run our
         businesses with an intent to sell them.

         Certain Significant Items

         Adjusted Income is calculated prior to considering certain
         significant items.  Certain significant items represent substantive,
         unusual items that are evaluated on an individual basis.  For
         example, charges related to certain litigation matters, as opposed to
         the normal, ongoing defense costs of the Company, would be considered
         a certain significant item.

         Reclassification

         In 2004, in response to a change in Pfizer's business strategy, we
         revised our basis for Adjusted Income such that we no longer consider
         certain items in Adjusted Income.  For example, co-promotion charges
         and payments for intellectual-property rights for unapproved products
         being developed by third parties and the operational contribution of
         divestitures are no longer presented in an alternative manner from
         U.S. GAAP.  We have revised our previous 2003 basis for Adjusted
         Income to conform to the 2004 presentation.

    IMPROVING PATIENT ACCESS

    Q53) How is Pfizer promoting access to innovative medicines-both in the
         U.S. and worldwide?

    A53) For more than 30 years, Pfizer has maintained a commitment to making
         its medicines available to patients in need.  Our efforts include:

         United States

           * U Share Card: A card program that integrates the expertise and
             pharmacy network access of UnitedHealth Group with the
             prescription drug savings model of the Pfizer for Living Share
             Card.

           * Helpful Answers: A Pfizer initiative that includes substantial
             savings on Pfizer medicines for America's uninsured through
             Pfizer Pfriends; expanded eligibility for existing Pfizer
             programs (Connection to Care, Sharing the Care, Hospital
             Partnership) that provide free medicines; extension of Pfizer's
             $15 flat fee for qualified Medicare beneficiaries; and creation
             of a consumer-friendly, single-entry-point navigation component
             for all uninsured patients.

           * Pfriends: A Pfizer program that offer substantial savings on
             Pfizer medicines to all uninsured Americans, regardless of age or
             income, with average savings of 37% for families making less than
             $45,000, and average savings of 15% for families making more than
             $45,000.

           * Connection to Care: A Pfizer program for eligible families
             earning less than $31,000 per year, or $19,000 for individuals
             (approximately 200% of the federal poverty level), who can
             receive Pfizer medicines through their physicians' offices free
             of charge.

           * Sharing the Care: A Pfizer program that provides Pfizer medicines
             free of charge to participating community health centers.
             Eligible families earning less than $31,000 per year, or $19,000
             for individuals (approximately 200% of the federal poverty level)
             can receive Pfizer medicines from eligible community health
             centers.

           * Hospital Partnership: A Pfizer program that provides Pfizer
             medicines free of charge to participating hospitals that serve a
             disproportionately large number of low-income patients who lack
             health insurance.  Eligible families earning less than $31,000
             per year, or $19,000 for individuals (approximately 200% of the
             federal poverty level), can receive Pfizer medicines from
             eligible hospitals.

           * Medicine-Specific Programs: Pfizer's medicine-specific programs
             work in partnership with physicians to help patients with complex
             medical conditions.

               - Pfizer HIV/AIDS Patient Assistance Program: Viracept and
                 Rescriptor are donated to eligible low-income HIV/AIDS
                 patients.

               - Anti-Infective Patient Assistance Program: Diflucan, Vfend,
                 and Zithromax are provided at no cost to eligible low-income
                 patients with chronic medical conditions.

               - Aricept Patient Assistance Program: Aricept is donated to
                 eligible low-income uninsured patients with Alzheimer's
                 disease.

               - Geodon Patient Assistance Program: Geodon is donated at no
                 cost to eligible low-income uninsured patients with
                 schizophrenia.

               - FirstRESOURCE: Aromasin, Camptosar, Celebrex, Ellence, Emcyt,
                 Idamycin, Trelstar, and Zinecard are made available to
                 eligible low-income uninsured oncology patients.

               - The Bridge Program: Genotropin and Somavert support programs
                 are designed to assist eligible patients in obtaining these
                 medications.

         International

         * Diflucan Partnership Program: We partner with governments to donate
           Diflucan for opportunistic infections associated with HIV/AIDS in
           developing countries.  In all, Pfizer has committed $110 million to
           the program, which has distributed more than 4 million free doses
           of Diflucan and trained more than 18,000 healthcare workers.

         * International Trachoma Initiative: We partner with the public
           section to eliminate trachoma, the world's leading cause of
           preventable blindness, through training and medicine donations in
           10 countries in Africa and Asia.  We helped train healthcare
           professionals who treated 10 million patients and completed 85,000
           surgeries.  We intend to help the World Health Organization achieve
           its goal of eliminating blinding trachoma by the year 2020.

         * Infectious Diseases Institute: We helped to build a regional
           treatment and training institute in Uganda to strengthen local
           capacity in HIV/AIDS care.  We helped train 150 physicians in
           Uganda and the region to provide care to 400 patients per week.

         * Global Health Fellows: We support a volunteer medical corps to
           fight HIV/AIDS in 14 developing countries that partners with
           nongovernmental organization.  Pfizer colleagues (physicians,
           epidemiologists, nurses, educators, business consultants) spend up
           to six months on site advancing knowledge and practice in
           infectious diseases.

         * International AIDS Grant Program: The Pfizer Foundation supports
           more than 30 organizations in 12 countries in Africa, Asia, and
           Latin America for HIV/AIDS training and capacity building.

    EVENTS FOR INVESTORS

    Q54) When is Pfizer's conference call?

    A54) Pfizer will be holding a conference call for analysts and investors
         to discuss third-quarter 2004 business performance at 2:30 PM today.
         To ensure universal access, the conference call will be
         simultaneously broadcast over Pfizer's corporate website
         (http://www.pfizer.com) and will be archived for seven days
         thereafter.

    Q55) When is Pfizer's next analyst meeting?

    A55) We will host an analyst meeting, with simultaneous audio-video
         webcast, at the facilities of Pfizer Global Research and Development
         in Groton, Connecticut, on November 30.  The focus of the meeting
         will be the Company's new-product pipeline.  We also anticipate a
         "year-beginning" analyst meeting in New York City during the first
         quarter of 2005 to discuss our plans, initiatives, and expectations
         for 2005 and beyond.

    * "Adjusted income," "adjusted basic earnings per share (EPS)," and
      "adjusted diluted EPS" are defined as reported net income, reported
      basic EPS, and reported diluted EPS excluding discontinued operations,
      the cumulative effect of a change in accounting principle, significant
      impacts of purchase accounting for acquisitions, merger-related costs,
      and certain significant items.  A reconciliation to reported net income
      and reported diluted EPS is provided within this document.

SOURCE  Pfizer Inc
    -0-                             10/20/2004
    /CONTACT:  Andy McCormick, +1-212-573-1226, or Paul Fitzhenry,
+1-212-733-4637, both of Pfizer Inc /
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    (PFE)

CO:  Pfizer Inc
ST:  New York
IN:  MTC HEA
SU:  ERN ERP CCA

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