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Warner Lambert Co · 425 · Warner Lambert Co · On 3/29/00

Filed On 3/29/00   ·   SEC File 1-03608   ·   Accession Number 950172-0-653

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  As Of               Filer                 Filing     As/For/On Docs:Pgs              Issuer               Agent

 3/29/00  Warner Lambert Co                 425                    1:16   Warner Lambert Co                 Skadden Arps Sla..LLP/FA

Business-Combination Transaction Communication   ·   Rule 425
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 425         Business-Combination Transaction Communication        16±    28K 


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                           Filed by Warner-Lambert Company
     pursuant to Rule 425 under the Securities Act of 1933
                     and deemed filed pursuant Rule 14a-12
                    of the Securities Exchange Act of 1934
                             Commission File No:  001-3608
                  Subject Company:  Warner-Lambert Company

THE FOLLOWING IS A DESCRIPTION OF A PORTION OF A SLIDE PRESENTATION THAT IS     
BEING DISTRIBUTED TO MEMBERS OF WARNER-LAMBERT MANAGEMENT FOR FUTURE            
PRESENTATION TO WARNER-LAMBERT COLLEAGUES.                                      

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[Pfizer LOGO]                                                                   

[Warner-Lambert LOGO]                                               

THE BEST GET BETTER     

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[Pfizer LOGO]                                                                   

Warner-Lambert and Pfizer     
Two Great Companies     

The New Pfizer    
Not Just Bigger, But Better     

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[Pfizer LOGO] Warner-Lambert Corporate Structure                                

Sales in over 150 Countries                                                     

[Warner-Lambert LOGO]     

1999 FY             Pharmaceuticals      Consumer        Confectionery          

Revenue                  $7.9              $3.0              $2.0               
($ Billions)                                                                    

International 39%     
U.S. 61%    

Total $12.9 Billion     

Source:  Warner-Lambert                                                         

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[Pfizer LOGO]:    Warner-Lambert: The Early Years                               

[Graphic showing timeline with the following information:]                      

WARNER                                                                          
1850s:      Philadelphia Pharmacist William Warner Creates Process to Sugar-    
coat Tablets                                            
1886:       Warner Founds Drug Company Bearing His Name                         
Early 1900s:Pfeiffer Chemical Company Purchases Warner & Co. and Hudnut         
   Company of New York: Combined Companies Called Warner & Co.
1940s:      Warner & Co. Grown to 21 Marketing Branches Around the World        
1952:       Warner-Hudnutt Acquires Chilcott Labs                               
1955:       Warner-Hudnut and Lambert Merge; Headquartered in New York          

LAMBERT:                                                                        
1870s:      Discovery of Original Formula for Antibacterial Listerine           
1884:       St. Louis: Jordan Lambert Forms Lambert Pharmaceutical Company      
to Market Listerine Antiseptic                          
1914:       Listerine Was Introduced to Consumers as an Oral Antiseptic         
1945:       Name Changed to Warner-Hudnut and Goes Public                       
1955:       Warner-Hudnut and Lambert Merge; Headquartered in New York          

PARKE-DAVIS:                                                                    
1866:       Detroit: Henry Parke and George Davis found Parke-Davis & Co. to    
Produce Botanical Medicines                             
1910:       Parke Davis Builds Original Detroit Facilities                      
1938:       Parke-Davis Discovers Epilepsy Drug, a Precursor of Dilantin        
1949:       Introduces Benadryl Antihistamine                                   
1970:       Warner-Lambert Acquires Parke-Davis and Schick                      

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[Pfizer LOGO]     Warner-Lambert:  Recent History                               

AMERICAN CHICLE (Adams)                                                         

1869:       Thomas Adams Invents Chewing Gum                                    
1962:       Warner-Lambert Acquires American Chicle                             

SCHICK                                                                          
1920s:      Colonel Jacob Schick Invents Original Schick Razor                  
1970:       Warner-Lambert Acquires Parke-Davis and Schick                      

WILKINSON SWORD                                                                 
1770s:      London: Henry Nock Becomes England's Foremost Gun and Bayonet       
Maker                                                   
1805:       Business Expands to Sword Making                                    
1877:       Business Expands to Manufacture Straight Razors                     
1993:       Warner-Lambert Acquires Wilkinson Sword                             

WARNER-LAMBERT                                                                  
1955:       Warner-Hudnut and Lambert Merge; Headquartered in New York          
1956:       Warner-Lambert Relocates to Morris Plains, New Jersey               
1962:       Warner-Lambert Acquires American Chicle                             
1964:       Acquisition of Halls Medicated Confectionery Brand                  
1970:       Warner-Lambert Acquires Parke-Davis and Schick                      
1993:       Investment of 34% Stake in French Pharmaceutical Company            
Jouveinal                                               
1993:       Acquires Wilkinson Sword                                            
1995:       Divestiture of Veterinary Business to Upjohn                        
1995:       Acquisition of Glaxo-Wellcome Stake in Warner-Wellcome              
1996:       Lipitor Licensing Agreement with Pfizer                             
1996:       Joint Ventures With Sankyo Corporation for Copromotion of Rezulin   
and Accupril                                            
1996:       Divestiture of Warner-Chilcott Generics Division                    
1997:       Acquisition of Remaining Stake of Jouveinal                         
1998:       Acquire Gene/Networks (Genomics Company)                            
1999:       Acquisition of Agouron Pharmaceutical                               
2000 and Beyond.....                                                            

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[Pfizer LOGO] Warner-Lambert Pharmaceutical Product Portfolio                   

[Pie graph illustrating the following:]                                         
Sales by Therapeutic Categories and Key Products                                

OB/GYN:                  3%                                                     
Loestrin                                                                        
Estrotep                                                                        

DIABETES:                8%                                                     
Rezulin                                                                         

HIV/AIDS:                8%                                                     
Viracept                                                                        

CNS:                    15%                                                     
Neurontin                                                                       
Dilantin                                                                        

CARDIOVASCULAR:         54%                                                     
Lipitor                                                                         
Accupril                                                                        

OTHER:                  12%                                                     

1999 Sales    
$7.9 Billion    
+30%    

US KEY PRODUCT SALES RANKINGS                                                   
WITHIN THERAPEUTIC CATEGORIES:                                                  

PRODUCT                 1999 RANK               GROWTH                          
Lipitor                 #1                      (+63%)                          
Neurontin               #1                      (+63%)                          
Rezulin                 #1                      (+22%)                          
Viracept                #1                      (+12%)                          
Accupril                #3                      (+11%)                          
Dilantin                #3                      (-8%)                           

Source:  Warner-Lambert                                                         

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[Pfizer LOGO] Warner-Lambert Consumer Products                                

1999 Revenues ($ Millions)                                                      

OTC HEALTHCARE                                                                  
$2,001                                                                          

Digestive Health                                                                
-Rolaids                                                            
-Zantac 75                                                          

Herbal Supplements                                                              
-Quanterra                                                          

Oral Care                                                                       
-Efferdent                                                          
-Listerine                                                          

First Aid                                                                       
-Neosporin                                                          
-Caladryl                                                           

Respriratory                                                                    
-Sudafed                                                            
-Sinutab                                                            
-Halls                                                              

Skin Care                                                                       
-Lubriderm                                                          
-Benadryl                                                           

Women's Health                                                                  
-EPT                                                                
-Anusol                                                             
-Tucks                                                              

SHAVING                                                                         
$792                                                                            

Schick Products                                                                 
-Personal Tack                                                      
-Silk Effects                                                       
-Tracer                                                             
-Tracer FX                                                          
-Protector                                                          
-Slim Twin                                                          

AQUARIUM PRODUCTS                                                               
$203                                                                            

Tetra                                                                           
-Tetra Second Nature                                                      
-Tetra Pond                                                               
-Tetra Press                                                              
-Tetra Terra                                                              
Fauna                                                                 
1999 Sales    
$3.0 Billion    
10% Growth    

Source:  Warner-Lambert                                                         

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[Pfizer LOGO] Warner-Lambert Confectionery Products                             

[PHOTO]                                                                         

4 Products Rank 1st or 2nd in Their Market Categories                           

1999 Sales    
$3.0 Billion    
10% Growth    

Source:  Warner-Lambert                                                         

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[Pfizer LOGO] Agouron: A World Class Biotechnology Firm                         

o      Acquired by Warner-Lambert in 1999                             

o      Leading Firm in Protein Structure-Based Drug Design            

o      Discovered and Sell Viracept, Number 1 Protease Inhibitor      

o      11 Pipeline Drugs in Antivirals/Oncology                       

o      Vast Drug Library Exceeding 400,000 compounds                  

o      700 Employees in R&D                                           

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[Pfizer LOGO] Current Warner-Lambert Infrastructure                             

43,967 WORLDWIDE EMPLOYEES                                                      
o      20,702 Pharmaceutical                                          
o      7,811 Consumer                                                 
o      13,749 Confectionery                                           
o      1,705 Corporate                                                
o      16,000 Domestic                                                
o      27,000 International                                           

FACILITIES                                                                      
o      Headquarters:                                                  
o     Morris Plains, New Jersey (Corporate, Parke-Davis,
Confectionery)                              
o     La Jolla, California (Agouron Pharmaceuticals)    
o     Milford, Connecticut (Schick Shaving Products)    
o      62 Production Plants in 30 Countries                           
o      13 R&D Facilities:                                             
       o     4 Main Sites in US (New Jersey, Michigan, and California)
           o     Principal International Sites: France, Japan, United Kingdom,
Germany, Brazil and Mexico                  
o      12 Main Distribution Sites in United States (Pennsylvania &    
Illinois)                                               

Source:  Warner-Lambert                                                         

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[Pfizer LOGO] Pfizer Corporate Structure                                        

Sales in Over 150 Countries                                                     

[Pfizer LOGO]     

1999 FY             Pharmaceuticals      Consumer        Animal Health          
Revenues                 $14.3             $0.6              $1.3               

International 39%     
U.S. 61%    

Total $16.2 Billion     

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[Pfizer LOGO] Pfizer Pharmaceutical Product Portfolio                           

[Pie graph illustrating the following:]                                         

Sales by Therapeutic Categories and Key Products                                

CNS:  16%                                                                       
Zoloft                                                                          
Aricept                                                                         

ARTHRITIS/ANTI-INFLAMMATORY: 4%                                                 
Celebrex                                                                        

ALLERGY:           4%                                                           
Zyrtec                                                                          

UROGENITAL:        7%                                                           
Viagra                                                                          

ANTI-INFECTIVES:  20%                                                           
Zithromax                                                                       
Difulcan                                                                        

CARDIOVASCULAR:   43%                                                           
Norvasc                                                                         
Lipitor                                                                         

OTHER:             6%                                                           

1999 Sales    
$14.3 Billion     
+22%    

US KEY PRODUCT SALES RANKINGS                                                   
WITHIN THERAPEUTIC CATEGORIES:                                                  

PRODUCT                 1999 RANK                                               
Norvasc                 #1                                                      
Zithromax               #1                                                      
Aricept                 #1                                                      
Viagra                  #1                                                      
Celebrex                #1                                                      
Lipitor                 #1                                                      
Difulcan VC             #1                                                      
Zoloft                  #2                                                      
Glucotrol XL            #2                                                      
Zyrtec                  #2                                                      
Cardura BPH             #2                                                      

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[Pfizer LOGO]  1999 PPG "Billion Dollar Products"                               

7 "Billion Dollar" Products                                                     

Norvasc                                                                         
Lipitor                                                                         
Zoloft                                                                          
Zithromax                                                                       
Difulcan                                                                        
Celebrex                                                                        
Viagra                                                                          

Source:  IMS International, Pfizer Analysis                                     

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[Pfizer LOGO]  Pfizer Consumer Healthcare                                       

1999 Revenues ($ Millions)                                                      

o      Desitin                                                        
o      Ben-Gay                                                        
o      Visine                                                         
o      Cortizone                                                      
o      Unisom                                                         
o      RID                                                            
o      Plax                                                           
o      Barbasol                                                       

1999 Sales    
$561 Million    
7% Growth     

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[Pfizer LOGO] Animal Health                                                     

1999 Revenues ($ Millions)                                                      

o      RespiSure                                                      
o      Revolution                                                     
o      Rimadyl                                                        
o      Anipryl                                                        
o      Dectomax                                                       
o      Zeniquin                                                       

1999 Sales    
$1.3 Billion    
2% Growth     

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[Pfizer LOGO]                                                                   

Warner-Lambert and Pfizer:    
Two Great Companies     

The New Pfizer:     
Not Just Bigger, But Better     

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[Pfizer LOGO] The New Pfizer                                                    

(1999 Pro Forma, $ Billions)                                                    

[Pfizer LOGO]     

Pharmaceuticals   Consumer Products   Animal Health     Confectionery         
$20.7              $3.6               $1.3             $2.0         

International 40%     
U.S. 60%    

TOTAL $27.7 Billion     

Source:  Pfizer and Warner-Lambert                                              

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[Pfizer LOGO] Clear and Obvious Benefits                                        

o      $32 Billion in 2000E Revenues                                
o      Broad, Young Portfolio                                       
(2000E: 8 "Billion Dollar Products)                   
o      $1.6 Billion in Annual Cost Savings by 2002                  

ANNUAL AVERAGE    
NET INCOME GROWTH     
(2000-2002)     
25%     

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[Pfizer LOGO] 1999 Diluted EPS Growth*                                          

(% Change)                                                                      

[Bar graph illustrating the following:]                                         

AHP              (1)                                                            
GLX              5                                                              
ABT              10                                                             
SBH              12                                                             
JNJ              14                                                             
PNU              14                                                             
MRK              14                                                             
BMY              15                                                             
LLY              18                                                             
SGP              20                                                             
PFE              30                                                             
WLA              35                                                             

*Excluding Unusual Items                                                        

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[Pfizer LOGO] Not Just Bigger, But Better                                       

Fastest Growing Pharmaceutical Companies                                        
o      1999 Sales Up 22%                                            
o      #1 in US                                                     
o      Strong Patent Protection                                     

Powerful Product Synergies                                                      
o      Breadth of CV, CNS and Anti-Infective Products               
o      15 Products > $500 Million                                   

Enhanced Global Reach                                                           
o      Top Five Positions in Most Markets                           
o      Largest, Most Admired Field Force                            

Complimentary, High Quality R&D Organizations                                   
o      >$4.0 Billion R&D Spend                                      
o      Six Major State-of-the-Art Research Campuses                 
o      Agouron, World-Class Biotechnology Firm                      

Similar Corporate Cultures                                                      
o      Team-Based                                                   
o      Performance-Driven                                           
o      Innovative                                                   

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[Pfizer LOGO]  Significant Operational Synergies                                

Lipitor              o      Exploit Worldwide Strengths                         
Opportunities               o      Japan                                        
          o      Lipitor-Norvasc Combination
Sales &              o      Enhanced Field Force Productivity / Shared Best     
Marketing                   Practices                                           
Research &           o      Depth, Breadth, and Scope of Therapeutic Areas /    
Development                 Leverage New Technologies                           

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[Pfizer LOGO]  Industry-Leading U.S. New Prescription Growth                    

1999, Pro Forma                                                                 

[Bar graph illustrating the following:]                                         

New Pfizer                          + 22%                                       
Merck                               + 13%                                       
AstraZeneca                         + 11%                                       
PNU/Monsanto                        +  8%                                       
Glaxo/SKB                           +  7%                                       
Johnson & Johnson                   +  5%                                       
Novartis                            +  1%                                       
- 3%                                Aventis                                     
- 6%                                BMS                                         
- 6%                                Lilly                                       

Source:  IMS, Scott-Levin, Includes Pro Forma Top 10 Pharmaceutical Companies   
Worldwide Based on Sales                                                        

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[Pfizer LOGO]     Three Most Successful Launches in Pharmaceutical Industry     
History                                     

Most Successful Product Launched Each Year Since 1997             

1997 Lipitor              1998 Viagra               1999 Celebex                
[graph depicting revenue  [graph depicting revenue  [graph depicting revenue    
in months post-launch]    in months post-launch]    in months post-launch]      

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[Pfizer LOGO]     U.S. 1999 Product Sales Rankings Within Therapeutic           
Category                                    

PRODUCT                          RANK                                           
NORVASC                           #1                                            
ARICEPT                           #1                                            
DIFLUCAN (VC)                     #1                                            
VIAGRA                            #1                                            
CELEBREX                          #1                                            
ZITHROMAX                         #1                    Ten #1                  
LIPITOR                           #1                   Products                 
VIRACEPT                          #1                                            
REZULIN                           #1                                            
NEURONTIN                         #1                                            
CARDURA (BPH)                     #2                                            
ZOLOFT                            #2                                            
GLUCOTROL XL                      #2                                            
ZYRTEC                            #2                                            
ACCUPRIL                          #3                                            
DILANTIN                          #3                                            
LOESTRIN                          #8                                            

Source:  IMS                                                                    

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[Pfizer LOGO]     Top 20 Products by Worldwide Sales                            

1999 ($Millions)                                                                

PRODUCT            SALES             PRODUCT           SALES                    
Losec              $5,896            Renitec           $1,899                   
Zocor              $3,995            Augmentin         $1,817                   
LIPITOR            $3,789            Epogen            $1,782                   
NORVASC            $3,039            Cipro             $1,615                   
Prozac             $2,961            Erypo             $1,606                   
Ogastro            $2,305            Pravachol         $1,601                   
Paxil              $2,120            CELEBREX          $1,433                   
ZOLOFT             $2,036            Risperdal         $1,399                   
Claritin           $1,963            Glucophage        $1,386                   
Zyprexa            $1,895            ZITHROMAX         $1,338                   

                  More Products in Top 20 Than Any Other
Company             
Source:  IMS Health                                                             

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[Pfizer LOGO]     Rising to Top of Worldwide Sales Rankings                     

Pro Forma - Rx Only Co-Promote Share, Preliminary Results                       

1990                                1999        
1      Merck                         1    NEW PFIZER                            
2      BMS                           2    Glaxo/SKB                             
3      Glaxo Wellcome                3    Merck                                 
4      SKB                           4    AstraZeneca                           
5      Ciba-Geigy                    5    BMS                                   
6      American Home Products        6    Novartis                              
7      Hoechst                       7    Aventis                               
8      J&J                           8    J&J                                   
9      Lilly                         9    Lilly                                 
10     Bayer                         10   PNU/Monsanto                          
11     Roche                         11   American Home Products                
12     Sandoz                        12   Roche                                 
13     Rhone-Poulenc                 13   Schering-Plough                       
14     PFIZER                        14   Abbott                                

Source:  IMS MIDAS: 4Q 1999 Preliminary                                         
Excludes OTCs (When Possible) and Nutritionals                                  
Includes Alliance Sales Proportionate to Promotional Effort                     

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[Pfizer LOGO]     Expanded Current Product Portfolio                            

                            [Pfizer LOGO]  [Warner-Lambert
                                 LOGO]
CNS               Depression/Anxiety         X                                  
Alzheimer's                X                
 Epilepsy                                    X
Cardiovascular    ACE                                         X                 
 CCB                        X                X
 Cholesterol Lowering                        X
Anti-             Macrolide                  X                                  
Infective /                                                                     
Antiviral                                                                       
Antifungal                 X                
 HIV                                         X
Diabetes                                     X                X                 
Women's Health    Menopause                                   X                 
 Contraception                               X
Vaginal Candidiasis        X                
Respiratory       Allergy                    X                                  
Other             Arthritis                  X                                  
 Analgesic                                   X
Erectile Dysfunction       X                
BPH                        X                

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[Pfizer LOGO]     Unbeatable Platform:  R&D                                     

COMPANY                             1999E TOTAL R&D SPENDING                    
    ($ BILLIONS)
New Pfizer                          4.1                                         
Glaxo/SmithKline                    3.6                                         
Aventis                             2.9                                         
PFIZER                              2.8                                         
AstraZeneca                         2.8                                         
Johnson & Johnson                   2.5                                         
Novartis                            2.5                                         
Roche                               2.3                                         
Merck                               2.1                                         
Bristol-Myers Squibb                1.8                                         
Eli Lilly                           1.8                                         
American Home Products              1.7                                         
Pharmacia & Upjohn                  1.3                                         
WARNER-LAMBERT                      1.3                                         
Schering-Plough                     1.2                                         

           $4.7 Billion Estimated for 2000

Source:  Analysts' Consensus                                                    

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[Pfizer LOGO]     Unbeatable Platform:  Therapeutic Categories                  

Products in Development                                                         

CARDIOVASCULAR    Avasimibe**        HIV            Remune**                    
Accupril - New                    VFend*    
     Indications**                     Zithromax - MAC
                                  Treatment*
Norvasc - New                     AG-1549** 
Indications*                      AG 1776** 
                                 AG-1029**
VEGF**                                      
CI-1031 -                                   
Anticoagulant**                             

CHOLESTEROL       Norvasc*-Lipitor** RHINOVIRUS     AG-7088**                   
LOWERING          Combo*                                                        
CI-1027**                                   

DIABETES          Zenarestat**       ONCOLOGY       Prinomastat                 
                                (MMPI)**
                                      Losoxantrone**
     Inhaled insulin*                  Celebrex - FAP*
 CP-368,296*                       CP-358,774*
                                CI-994**
                                 CI-1042**
                                 CI-1006**

CNS               Relpax*            WOMEN'S        Darifenacin*                
HEALTH
   Zeldox*                           Lasofoxifene*

Neurontin**                       Viagra*   
Pagoclone**                       femhrt**  
 Pregabalin**                      Estrostep**
CP-101,606*                                 
UK-279,276*                                 
CI-1032-Combo**                             
CI-1017**                                   
Pfizer*                                                                         
Warner-Lambert**                                                                

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[Pfizer LOGO]     Similar Culture, Similar Values                               

[Pfizer LOGO]  [Warner-Lambert LOGO]                                            

Teamwork    Performance                     
Innovation                      

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[Pfizer LOGO]     Recent Accolades                                              

[Pfizer LOGO]                  [Warner-Lambert LOGO]      

Forbes "Company of the Year"        Financial Times "42nd Among Largest         
             500 Global Companies"

Fortune "America's Most Admired     Business Week "12th Among the               
Pharmaceutical Company"             Standard and Poor's 500 Index in            
          Financial Success"

Industry Week "100 Best Managed     Forbes "Platinum 400 List for Best          
Companies"                          Performing Companies"                       

Working Mother "100 Best Companies  Money "Top Pick to Deliver Consistent for   
Working Mothers"                    Earnings for the Next Five Years"           

Council of State Governments        Barron's "31st of Top 500 Companies"        
"Corporate Citizen Award"                                                       

Council on Economic Priorities                                                  
"Corporate Conscience Award"                                                    

Former Surgeon General E. Koop's    Working Mother "100 Best Companies          
"National Health Award"             for Working Mothers"                        

Association of Worksite Health                                                  
Promotion "Excellence Award"                                                    

Scott-Levin "Highest Quality Image                                              
Sales Force" Five Years in a Row                                                

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[Pfizer LOGO]     PPG Major Challenge                                           

o     Achieve and Sustain #1 Position                                           
o     Maintain Product-by-Product, Market-by-Market, Customer-by-Customer       
Focus                                                               

$ 6 Billion                                                                     
[Warner-Lambert LOGO]                                                           
   $24 Billion             $30 Billion
     [Pfizer LOGO]           [Pfizer LOGO]
$12 Billion                                                                     
[Pfizer LOGO]                                                                   
1998                    2000 Budget             2002E                           

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The Best Get Better                                                             

[Pfizer LOGO]                       [Warner-Lambert LOGO]                       
[PHOTO]                             [PHOTO]                                     

Merger Will Create a    
Pharmaceutical Powerhouse     

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* * * * * *     

These communications include certain "forward-looking statements" within        
the meaning of the Private Securities Litigation Reform Act of 1995. These      
statements are based on management's current expectations and are naturally     
subject to uncertainty and changes in circumstances. Actual results may         
vary materially from the expectations contained herein. The forward-looking     
statements in this document include statements about future financial and       
operating results and the proposed Warner-Lambert/Pfizer transaction. The       
following factors, among others, could cause actual results to differ           
materially from those described herein: inability to obtain, or meet            
conditions imposed for, governmental approvals for the merger between           
Warner-Lambert and Pfizer; failure of the Warner-Lambert or Pfizer              
stockholders to approve the merger; the risk that the Warner-Lambert and        
Pfizer businesses will not be integrated successfully; the costs related to     
the merger; and other economic, business, competitive and/or regulatory         
factors affecting and Warner-Lambert's and Pfizer's businesses generally.       
More detailed information about those factors is set forth in                   
Warner-Lambert's and Pfizer's filings with the Securities and Exchange          
Commission, including their Annual Reports filed on Form 10-K for the           
fiscal year ended 1998, especially in the Management's Discussion and           
Analysis section, their most recent quarterly reports on Form 10-Q, and         
their Current Reports on Form 8-K. Warner-Lambert and Pfizer are under no       
obligation to (and expressly disclaim any such obligation to) update or         
alter their forward-looking statements whether as a result of new               
information, future events or otherwise.                                        

* * * * * *     

On November 15, 1999, Pfizer filed a joint proxy statement/prospectus in        
connection with its proposed merger with Warner-Lambert. Pfizer and             
Warner-Lambert jointly prepared and filed amendments to the joint proxy         
statement/prospectus with the Securities and Exchange Commission on             
February 22 and March 9, 2000. The joint proxy statement/prospectus was         
declared effective by the SEC on March 9, 2000. WE URGE INVESTORS TO READ       
THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS TO BE     
FILED WITH THE SEC, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors       
and security holders may obtain a free copy of the joint proxy                  
statement/prospectus and other documents filed by Pfizer Inc. and               
Warner-Lambert Company with the Commission at the Commission's web site at      
www.sec.gov. In addition, the joint proxy statement/prospectus and other        
documents filed with the SEC by Pfizer may be obtained for free from Pfizer     
by directing a request to Pfizer Inc., 235 42nd Street, New York, New York      
10017, Attention: Investor Relations, telephone: (212) 573-2668. Documents      
filed with the SEC by Warner-Lambert may be obtained for free from              
Warner-Lambert by directing a request to Warner-Lambert Company, 201 Tabor      
Road, Morris Plains, New Jersey 07950, Attention: Corporate Secretary,          
telephone (973) 385-4593.                                                       

Warner-Lambert and certain other persons will be soliciting proxies from        
Warner- Lambert shareholders in favor of the merger. Information concerning     
the participants in the solicitation is included in the filing under Rule       
425 made by Warner-Lambert with the SEC on February 9, 2000.

Dates Referenced Herein   and   Documents Incorporated By Reference

This 425 Filing   Date   Other Filings
11/15/9910-Q
2/9/00425
3/9/00
Filed On / Filed As Of3/29/00
 
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