8-KOther Events

PFIZER INC 8-K Report (Apr 23, 2003)

Filed April 23, 2003For Securities:PFE

Summary

Pfizer Inc. (PFE) filed an 8-K report on April 23, 2003, to disclose a change in its independent auditors specifically for the Pharmacia Corporation Savings and Investment Plan following its merger with Pharmacia Corporation on April 16, 2003. This transition involves engaging KPMG LLP to audit the Plan's financial statements for the year ended December 31, 2002, replacing PricewaterhouseCoopers LLP (PWC), which previously audited the Plan for Pharmacia. This change in auditors for the employee savings plan is a direct consequence of the significant Pharmacia acquisition and is primarily an administrative and reporting matter related to the integration of the two entities. The filing notes that PWC's previous reports on the Plan's financial statements for 2001 and 2000 were unqualified, indicating no significant audit concerns. Pfizer has confirmed that KPMG LLP had no prior consultations with the Plan regarding accounting or auditing matters during the relevant periods.

Key Highlights

  • 1Pfizer Inc. completed its merger with Pharmacia Corporation on April 16, 2003.
  • 2KPMG LLP has been appointed as the independent auditor for the Pharmacia Corporation Savings and Investment Plan for the fiscal year ending December 31, 2002.
  • 3PricewaterhouseCoopers LLP (PWC), Pharmacia's former auditor for the Plan, will no longer perform this audit.
  • 4PWC's prior audit reports for the Plan (2001 and 2000) contained no adverse opinions, disclaimers of opinion, or qualifications.
  • 5The Plan had no consultations with KPMG LLP regarding accounting or auditing matters in the years 2000, 2001, or up to the filing date.
  • 6This auditor change pertains specifically to the Pharmacia employee savings plan and is a result of the merger integration.

Frequently Asked Questions

The main reason for this 8-K filing is to report a change in the independent auditors for the Pharmacia Corporation Savings and Investment Plan following Pfizer's completion of its merger with Pharmacia Corporation. KPMG LLP will now audit the plan's financial statements, replacing PricewaterhouseCoopers LLP.

This change in auditors specifically pertains to the Pharmacia Corporation Savings and Investment Plan. It is a consequence of the merger and an administrative change for that particular employee benefit plan. It does not directly indicate a change in Pfizer's overall independent auditors for the corporation's consolidated financial statements.

No, the filing explicitly states that the reports of PricewaterhouseCoopers LLP regarding the Plan's financial statements for 2001 and 2000 did not contain any adverse opinions, disclaimers of opinion, or qualifications that would indicate unresolved issues.

According to the filing, the Pharmacia Corporation Savings and Investment Plan did not consult with KPMG LLP on any accounting or auditing matters during the years 2001 and 2000, nor during the period leading up to the filing of this report.