8-K/AOther Events

PFIZER INC 8-K/A Report (Apr 28, 2003)

Filed April 28, 2003For Securities:PFE

Summary

This 8-K/A filing from Pfizer Inc. (PFE) announces a change in the certifying accountant for the Pharmacia Savings Plan following Pfizer's completion of its merger with Pharmacia Corporation on April 16, 2003. The filing details the transition from PricewaterhouseCoopers LLP (PWC), Pharmacia's former auditor, to KPMG LLP as the new auditor for the Plan's financial statements for the year ended December 31, 2002. Importantly, the report states that PWC's audits for the two most recent fiscal years and up to the merger date did not contain any adverse opinions, disclaimers, or qualifications. Furthermore, there were no disagreements between Pfizer and PWC on any accounting principles, financial statement disclosures, or auditing procedures that would have caused PWC to qualify its reports. This indicates a smooth and unremarkable transition regarding the auditing of the Pharmacia Savings Plan.

Key Highlights

  • 1Pfizer Inc. completed its merger with Pharmacia Corporation on April 16, 2003.
  • 2KPMG LLP has been engaged as the independent auditor for the Pharmacia Savings Plan's financial statements for the year ended December 31, 2002.
  • 3PricewaterhouseCoopers LLP (PWC), Pharmacia's former auditor, has been dismissed as the auditor for the Plan.
  • 4The decision to change auditors for the Plan involved Pfizer's Audit Committee.
  • 5PWC's reports for the two most recent fiscal years and through April 16, 2003, did not contain any adverse opinions, disclaimers, or qualifications.
  • 6There were no disagreements between Pfizer and PWC on any accounting or auditing matters that would have warranted a qualification in PWC's reports.
  • 7PWC has provided a letter agreeing with Pfizer's statements regarding the auditor change.

Frequently Asked Questions

This filing is an amendment to a previous 8-K report to detail a change in the independent auditors for the Pharmacia Savings Plan. This change is a consequence of Pfizer Inc. completing its merger with Pharmacia Corporation.

PricewaterhouseCoopers LLP (PWC), the former auditor of Pharmacia Corporation's Savings Plan, has been dismissed. KPMG LLP has been appointed as the new independent auditor for the Plan's financial statements for the year ended December 31, 2002.

No, the filing explicitly states that there were no disagreements with PWC on any matter of accounting principles, practices, financial statement disclosure, or auditing scope or procedure. PWC's previous reports did not contain any adverse opinions or qualifications.

This specific change pertains only to the audit of the Pharmacia Savings Plan. It is a standard procedure following a merger to consolidate auditing responsibilities. It does not inherently indicate any issues with Pfizer's primary financial reporting.