Document



UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549

FORM 11-K

FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2019

OR

__ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

COMMISSION FILE NUMBER 1-3619

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

PFIZER SAVINGS PLAN FOR EMPLOYEES RESIDENT IN PUERTO RICO

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

PFIZER INC. 235 EAST 42ND STREET NEW YORK, NEW YORK 10017

PFIZER SAVINGS PLAN FOR EMPLOYEES RESIDENT IN PUERTO RICO

Table of Contents



	Page

Report of Independent Registered Public Accounting Firm	1

Financial Statements
Statements of Net Assets Available for Plan Benefits as of December 31, 2019 and 2018	2
Statement of Changes in Net Assets Available for Plan Benefits for the year ended December 31, 2019	3
Notes to Financial Statements	Beginning on page 4

Supplemental Schedule*
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)	10

Exhibit Index	11

Signature	12


*Note:	Other schedules required by 29 CFR 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended, have been omitted because they are not applicable.

Report of Independent Registered Public Accounting Firm

To the Plan Participants and Savings Plan Committee

Pfizer Savings Plan for Employees Resident in Puerto Rico:

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for plan benefits of the Pfizer Savings Plan for Employees Resident in Puerto Rico (the Plan) as of December 31, 2019 and 2018, the related statement of changes in net assets available for plan benefits for the year ended December 31, 2019, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for plan benefits of the Plan as of December 31, 2019 and 2018, and the changes in net assets available for plan benefits for the year ended December 31, 2019, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Accompanying Supplemental Information

The supplemental information in the accompanying Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2019 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ KPMG LLP

We have served as the Plan’s auditor since 1990.

Memphis, Tennessee

June 17, 2020

PFIZER SAVINGS PLAN FOR EMPLOYEES RESIDENT IN PUERTO RICO

STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS



	As of December 31,
(THOUSANDS OF DOLLARS)	2019		2018
Assets
Investments, at fair value
Pfizer Inc. common stock	$	93,115	$	104,128
Pfizer Inc. preferred stock	2,533		2,941
Common/collective trust funds	289,149		229,126
Mutual funds	22,849		29,318
Total investments, at fair value	407,647		365,513

Receivables
Participant contributions	166		275
Company contributions	9,841		11,379
Notes receivable from participants	7,864		8,573
Securities sold	—		237
Interest and other	205		181
Total receivables	18,075		20,645
Total assets	425,722		386,158

Liabilities
Investment management fees payable	6		4
Total liabilities	6		4
Net assets available for plan benefits	$	425,717	$	386,154

Amounts may not add due to rounding.

See accompanying Notes to Financial Statements.

PFIZER SAVINGS PLAN FOR EMPLOYEES RESIDENT IN PUERTO RICO

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS



(THOUSANDS OF DOLLARS)	Year Ended December 31, 2019
Additions/(reductions) to net assets attributed to:
Investment income
Net appreciation in investments	$	38,092
Pfizer Inc. common stock dividends	3,504
Pfizer Inc. preferred stock dividends	65
Interest and dividend income from other investments	2,348
Total investment income	44,009
Interest income from notes receivable from participants	469
Less: Investment management, redemption and loan fees	(231		)
Net investment and interest income	44,248

Contributions
Participant	12,573
Company	13,825
Rollovers into the Plan	1,410
Total contributions	27,808
Total additions	72,056

Deductions from net assets attributed to:
Benefits paid to participants	32,493

Net increase	39,563

Net assets available for plan benefits
Beginning of year	386,154
End of year	$	425,717

Amounts may not add due to rounding.

See accompanying Notes to Financial Statements.

PFIZER SAVINGS PLAN FOR EMPLOYEES RESIDENT IN PUERTO RICO

NOTES TO FINANCIAL STATEMENTS

1. Description of the Plan

The following description of the Pfizer Savings Plan for Employees Resident in Puerto Rico (the Plan) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

General

The Plan is a defined contribution plan. Participation in the Plan is open to any employee of Pfizer Pharmaceuticals LLC (the Company or Plan Sponsor) or an affiliate which has, with the consent of the Plan Sponsor or Pfizer Inc. (the Parent), adopted the Plan and who is included within a group or class designated by the Plan Sponsor as set forth in the Plan document. The Plan excludes any employees covered by another Company-sponsored defined contribution plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA), and the New Puerto Rico Internal Revenue Code, Act No. 1 of January 31, 2011, as amended (the Puerto Rico Code).

On July 31, 2019, the Company formed a consumer healthcare joint venture with GlaxoSmithKline plc that operates globally under the GSK Consumer Healthcare name. As a result, the Plan was amended in July 2019 to reflect that certain employees transferred to the GSK Consumer Healthcare joint venture and were no longer eligible for the Plan; however, such employees remained eligible to receive the quarterly Company matching contributions and the 2019 Retirement Savings Contribution (RSC), each as described in the Contributions section below, through the end of the third quarter of 2019 and the end of the calendar year 2019, respectively. Additionally such employees also became 100% vested in their RSC account in the Plan.

Plan Administration

The Plan is administered by the Savings Plan Committee of the Parent (the Plan Administrator), the named fiduciary of the Plan. The Plan Administrator monitors and reports on (i) the selection and termination of the trustee, custodian, investment managers and other service providers to the Plan and (ii) the investment activity and performance of the Plan, with the exclusion of the Company stock funds, which are reviewed by an independent fiduciary appointed by the Savings Plan Committee.

Administrative Costs

Plan participants pay quarterly fees from their account balances. These fees include general plan administrative fees and expenses, such as recordkeeping, trustee and investment reporting fees. The quarterly fee deductions take place on the first business day following the end of each quarter (and are deducted from any full account distribution occurring during a quarter). In addition, certain transaction fees such as check fees, loan fees and qualified domestic relations order fees are paid by Plan participants.

Contributions

Participants may contribute (i) 1% to 20% of their eligible compensation on a before-tax basis, up to the maximum before-tax amount permitted by the Puerto Rico Code; and (ii) 1% to 10% of their eligible compensation on an after-tax basis. For all participants, contributions of up to 3% of eligible compensation are matched 100% by the Company and the next 3% are matched 50% by the Company. Participant contributions in excess of 6% are not matched.

Company matching contributions are deposited into the Plan each quarter, rather than on each pay date. In addition, generally participants must be actively employed on the last day of the quarter to receive the match; however, if the participant separates from the Company prior to the last day of the quarter due to retirement (defined as at least age 55 with at least 10 years of service or age 65), death, or disability, such participant will receive the matching contribution. In January 2019, the Company funded the fourth quarter 2018 Company matching contributions in the amount of approximately $1.3 million. In January 2020, the Company funded the fourth quarter 2019 Company matching contributions in the amount of approximately $0.5 million. These contributions are reported in the Company contributions receivable in the accompanying statements of net assets available for plan benefits.

Total combined before-tax and after-tax contributions may not exceed 20% of a participant’s eligible compensation, but total after-tax contributions, including spillover from before-tax contributions, cannot exceed 10% of a participant’s eligible

PFIZER SAVINGS PLAN FOR EMPLOYEES RESIDENT IN PUERTO RICO

NOTES TO FINANCIAL STATEMENTS

compensation. Contributions are subject to certain legal limits set forth by the Puerto Rico Department of the Treasury and the Puerto Rico Code.

The Plan includes an RSC, which is an additional annual Company-provided contribution based on age and years of service. With the exception of certain participants who are specifically excluded by the Plan terms, participants generally are eligible to receive the RSC. Effective January 1, 2018, the Parent froze its non-union U.S. and Puerto Rico defined benefit plans and began providing RSC eligibility for those active employees. The RSC contributions are deposited into the Plan annually following the close of the Plan year, usually in February. In general, participants must be actively employed on the last day of the year to receive the RSC; however, if the participant separates from the Company prior to the last day of the year due to retirement (defined as at least age 55 with at least 10 years of service or age 65), death, or disability, such participant will receive the RSC. In February 2019, the Company funded the RSC for Plan year 2018 in the amount of approximately $10.1 million. In February 2020, the Company funded the RSC for Plan year 2019 in the amount of approximately $9.3 million. These contributions are reported in the Company contributions receivable in the accompanying statements of net assets available for plan benefits.

Participant Accounts

Each participant’s account is credited with the participant’s contributions, the Company’s contributions and an allocation of Plan earnings/(losses). Allocations are based on participants’ account balances, as defined in the Plan document.

Vesting

Participants are immediately 100% vested in their contributions and all Company contributions with the exception of the RSC. For the RSC, participants are 100% vested after three years of credited service.

Forfeited Amounts

Forfeited amounts of terminated participants are generally used to reduce future Company contributions. At December 31, 2019 and 2018, the market value of the forfeiture account in the Plan totaled approximately $370,000 and $57,000, respectively. In 2019, Company contributions were reduced by $50,000 from the forfeiture account. In 2018, no forfeited nonvested accounts were used to reduce Company contributions.

Rollovers into the Plan

Participants may elect to roll over one or more account balances from Company-sponsored or other qualified plans into the Plan.

Investment Options

Each participant in the Plan elects to have his or her contributions and Company contributions invested in any one or a combination of investment funds in the Plan. Transfers between funds must be made in whole percentages or dollar amounts. Based on the investment option, certain short-term redemption fees or restrictions may apply. Any contributions for which the participant does not provide investment direction are invested in the participant’s Qualified Default Investment Alternative (QDIA), which is the Vanguard Target Retirement Fund based on the participant’s year of birth.

Eligibility

All employees of the Company who are employed within the Commonwealth of Puerto Rico are eligible to enroll in the Plan on their date of hire, except for certain employees who (i) are covered by a collective bargaining agreement and have not negotiated to participate in the Plan, (ii) are employed by an employee group not designated for participation in the Plan or (iii) are otherwise eligible for another Company-sponsored savings plan.

Notes Receivable from Participants

Participants may borrow from their account balances with the interest rate set at 1% above the prime rate. The minimum loan is $1,000 and the maximum amount is the lesser of (i) 50% of the vested account balance reduced by any current outstanding loan balance, or (ii) $50,000, reduced by the current outstanding loan balance. Loans must be repaid within five years, unless the funds are used to purchase a primary residence. Primary residence loans must be repaid within 15 years. Loans transferred

PFIZER SAVINGS PLAN FOR EMPLOYEES RESIDENT IN PUERTO RICO

NOTES TO FINANCIAL STATEMENTS

to the Plan due to the merger of legacy plans into the Plan maintain the terms of the original plan. Interest rates on outstanding loans ranged from 3.25% to 9.50% at December 31, 2019 and 2018.

Interest paid by the participant is credited to the participant’s account. Interest income from notes receivable from participants is recorded by the trustee as earned in the investment funds in the same proportion as the original loan issuance. Repayments may not necessarily be made to the same fund from which the amounts were borrowed. Repayments are credited to the applicable funds based on the participant’s investment elections at the time of repayment.

In the event of termination, participants will have 90 days to repay the outstanding loan balance or to set up recurring monthly payments before it is considered a distribution and subject to ordinary income tax in the year it is considered distributed. In addition, a 10% excise tax will generally apply if the participant is younger than age 59½ at the time the distribution occurs.

Payment of Benefits

Participants are entitled to receive distributions upon termination, and may be able to take voluntary, in-service withdrawals, which include hardship withdrawals. Mandatory distributions are made in accordance with Plan provisions.

2. Summary of Significant Accounting Policies

Basis of Accounting

The financial statements of the Plan are prepared on the accrual basis of accounting.

Some amounts in the financial statements, notes to financial statements and supplemental schedule of the Plan may not add due to rounding.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Plan management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

Investment Valuation and Income Recognition

Common stock is valued at the closing market price on the last business day of the year. Mutual funds are recorded at fair value based on the closing market prices obtained from national exchanges of the underlying investments of the respective fund as of the last business day of the year. Common/collective trust funds (CCTs) are stated at redemption value as determined by the trustees of such funds based upon the underlying securities stated at fair value on the last business day of the year. The Plan generally has the ability to redeem its investments at the net asset value (NAV) at the valuation date. There are no significant restrictions, redemption terms or holding periods that would limit the ability of the Plan or the participants to transact at the NAV.

The per-share stated value of the Pfizer Inc. preferred stock is $40,300 and each share is convertible, at the holder’s option, into 2,574.87 shares of Pfizer Inc. common stock. The Pfizer Inc. preferred stock may also be redeemed by Pfizer Inc. at any time or upon termination of the employee stock ownership plan trust in which it is held, at Pfizer Inc.’s option, in cash, in shares of common stock or a combination of both at a price of $40,300 per share. Pfizer Inc. preferred stock share balances maintained by the Plan’s trustee and recordkeeper are on a basis equal to a multiple of 1,000 of the share balance and one-thousandth of the $40,300 stated value and are valued using either the higher of the per-share equivalent stated value of $40.30 ($40,300 stated value divided by 1,000) or the quoted market price on the New York Stock Exchange of Pfizer Inc. common stock multiplied by 2.57487 on the last business day of the Plan year. At December 31, 2019 and 2018, Pfizer Inc. preferred stock was valued at $100.88 per share and $112.39 per share, respectively, based on the closing Pfizer Inc. common stock price of $39.18 per share and $43.65 per share on December 31, 2019 and 2018, respectively.

See Note 4, Fair Value Measurements, for additional information regarding the fair value of the Plan’s investments.

Purchases and sales of securities are recorded on a trade-date basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded as earned. The net appreciation/(depreciation) in the fair value of investments consists of the realized gains or losses on the sales of investments and the net unrealized appreciation/(depreciation) of investments.

PFIZER SAVINGS PLAN FOR EMPLOYEES RESIDENT IN PUERTO RICO

NOTES TO FINANCIAL STATEMENTS

Notes Receivable from Participants

Notes receivable from participants, which are subject to various interest rates, are recorded at amortized cost.

Payment of Benefits

Benefits are recorded when paid.

3. Tax Status

The Puerto Rico Department of the Treasury has determined and informed the Plan Sponsor by letter dated February 17, 2017 that the Plan and related trust are designed in accordance with the applicable sections of the Puerto Rico Code. Additionally, the Company’s counsel believes the Plan is currently designed and being operated in compliance with the applicable requirements of the Puerto Rico Code. Accordingly, no provision has been made for Puerto Rico income taxes in the accompanying financial statements.

U.S. GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Puerto Rico Department of the Treasury. The Company’s counsel has confirmed that there are no uncertain positions taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan Administrator believes the Plan is generally no longer subject to income tax examinations for years prior to 2016.

4. Fair Value Measurements

The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There are three levels of inputs to fair value measurements - Level 1 meaning the use of quoted prices for identical instruments in active markets; Level 2 meaning the use of quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or are directly or indirectly observable; and Level 3 meaning the use of unobservable inputs.

See Note 2, Summary of Significant Accounting Policies: Investment Valuation and Income Recognition, for information regarding the methods used to determine the fair value of the Plan’s investments. These methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.



The following tables set forth by level, within the fair value hierarchy, the Plan’s investments at fair value:
	Fair Value as of December 31, 2019
(THOUSANDS OF DOLLARS)	Level 1		Level 2		Total
Pfizer Inc. common stock	$	93,115	$	—	$	93,115
Pfizer Inc. preferred stock	—		2,533		2,533
Common/collective trust funds	—		289,149		289,149
Mutual funds	22,849		—		22,849
Total	$	115,964	$	291,683	$	407,647



	Fair Value as of December 31, 2018
(THOUSANDS OF DOLLARS)	Level 1		Level 2		Total
Pfizer Inc. common stock	$	104,128	$	—	$	104,128
Pfizer Inc. preferred stock	—		2,941		2,941
Common/collective trust funds	—		229,126		229,126
Mutual funds	29,318		—		29,318
Total	$	133,446	$	232,067	$	365,513

Amounts may not add due to rounding.

PFIZER SAVINGS PLAN FOR EMPLOYEES RESIDENT IN PUERTO RICO

NOTES TO FINANCIAL STATEMENTS

5. Related Party Transactions and Party-In-Interest Transactions

Banco Popular de Puerto Rico, the trustee of the Plan, is deemed a party-in-interest and a related party. Northern Trust manages investments in its sponsored funds and, therefore, is deemed a party-in-interest and a related party. Fidelity, the record keeper of the Plan, manages investments in its sponsored funds and, therefore, is deemed a party-in-interest and a related party. The Plan also invests in shares of the Parent; therefore, these transactions qualify as party-in-interest transactions.

6. Plan Termination

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of termination of the Plan, each participant shall be entitled to the full value of his or her account balance as though he or she had retired as of the date of such termination. No part of the invested assets established pursuant to the Plan will at any time revert to the Company, except as otherwise permitted under ERISA.

7. Risks and Uncertainties

Investment securities, including Pfizer Inc. common stock and, through May 4, 2020, Pfizer Inc. preferred stock, are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in their fair values will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for plan benefits. See Note 8, Subsequent Events, for additional information.

8. Subsequent Events

In December 2019, illnesses associated with novel coronavirus disease of 2019 (COVID-19) were reported and the virus has since caused widespread and significant disruptions to daily life and economies across geographies. The World Health Organization has classified the outbreak as a pandemic. Since December 31, 2019, there has been volatility in the financial markets largely driven by concerns over COVID-19; however, Plan participants may select investments from a portfolio of diversified investment options, which may mitigate market instability. Effective April 16, 2020, the Plan adopted certain provisions for special disaster relief withdrawals as permitted by the Puerto Rico Treasury Department Internal Revenue Circular Letter (CC RI) Number 20-23 due to the global pandemic.

Prior to May 4, 2020, Pfizer’s Series A convertible perpetual preferred stock (the Preferred Stock) was held by an employee stock ownership plan trust (the Trust). The Preferred Stock was held in the Pfizer Preferred Stock ESOP Fund within the Plan. On April 28, 2020, the independent fiduciary under the Trust directed the trustee and custodian of the Trust to convert all of the shares of the Preferred Stock held in the Trust to shares of Pfizer common stock, in accordance with the certificate of designations for the Preferred Stock. All outstanding shares of Preferred Stock were converted into shares of Pfizer common stock on May 4, 2020. The Trust received 63,884 shares of Pfizer common stock upon conversion, which were deposited into the Pfizer Preferred Stock ESOP Fund, with zero shares of Preferred Stock remaining outstanding as a result of the conversion. It is expected that after the close of business on June 29, 2020, the Pfizer Preferred Stock ESOP Fund will be transferred into the Pfizer Stock Match Fund.

The Plan Sponsor has evaluated subsequent events from the statement of net assets available for plan benefits date through June 17, 2020, the date at which the financial statements were available to be issued, and no additional events were noted which warrant adjustments to, or disclosure in, the financial statements.

PFIZER SAVINGS PLAN FOR EMPLOYEES RESIDENT IN PUERTO RICO

NOTES TO FINANCIAL STATEMENTS

9. Reconciliation of Financial Statements to Form 5500

Amounts allocated to withdrawing participants are recorded as benefits paid on Form 5500 for benefit claims that have been processed and approved for payment prior to December 31^st but not yet paid as of that date. Deemed distributions, representing withdrawing participants with outstanding loan balances for which no post-default payment activity has occurred, are not reported on Form 5500 in net assets available for plan benefits.



The following is a reconciliation of net assets available for plan benefits per the financial statements to the Form 5500:
	Year Ended December 31,
(THOUSANDS OF DOLLARS)	2019			2018
Net assets available for plan benefits per the financial statements	$	425,717		$	386,154
Amounts allocated to withdrawing participants	(72		)	(44		)
Deemed distributions	(636		)	(631		)
Net assets available for plan benefits per Form 5500	$	425,009		$	385,479



The following is a reconciliation of benefits paid to participants, including rollovers, per the financial statements to the Form 5500:
(THOUSANDS OF DOLLARS)	Year Ended December 31, 2019
Benefits paid to participants, including rollovers, per the financial statements	$	32,493
Amounts allocated to withdrawing participants and deemed distributions at end of year	708
Amounts allocated to withdrawing participants and deemed distributions at beginning of year	(675		)
Benefits paid to participants, including rollovers, per Form 5500	$	32,526

PFIZER SAVINGS PLAN FOR EMPLOYEES RESIDENT IN PUERTO RICO

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

As of December 31, 2019

(THOUSANDS OF DOLLARS)

Identity of Issuer, Borrower, Lessor or Similar Party

Description of Investment

Rate of Interest

Maturity

Date

Cost**

Current Value

Pfizer Inc. Common Stock

Common stock

93,115

Pfizer Inc. Preferred Stock

Preferred stock

2,533

NTGI - S&P 500 Index Fund

Collective trust fund

55,404

NTGI - Russell 2000 Small Cap Index Fund

Collective trust fund

9,246

NTGI - Collective Government Short-Term

Investment Fund

Collective trust fund

1,233

BlackRock Mid Cap Equity Index Fund

Collective trust fund

18,856

BlackRock International Index Fund

Collective trust fund

1,183

Fidelity Large Cap Growth Fund

Collective trust fund

31,646

Oppenheimer Developing Markets Fund

Collective trust fund

4,159

Boston Partners Large Cap Value Fund

Collective trust fund

5,218

T. Rowe Price Stable Value Common Trust Fund

Collective trust fund

79,342

Wellington International Research Equity ex

Emerging Markets Fund

Collective trust fund

13,754

Vanguard Target Retirement Income Trust Select

Collective trust fund

4,315

Vanguard Target Retirement 2015 Trust Select

Collective trust fund

1,106

Vanguard Target Retirement 2020 Trust Select

Collective trust fund

16,589

Vanguard Target Retirement 2025 Trust Select

Collective trust fund

6,090

Vanguard Target Retirement 2030 Trust Select

Collective trust fund

18,890

Vanguard Target Retirement 2035 Trust Select

Collective trust fund

8,117

Vanguard Target Retirement 2040 Trust Select

Collective trust fund

8,827

Vanguard Target Retirement 2045 Trust Select

Collective trust fund

2,892

Vanguard Target Retirement 2050 Trust Select

Collective trust fund

875

Vanguard Target Retirement 2055 Trust Select

Collective trust fund

1,149

Vanguard Target Retirement 2060 Trust Select

Collective trust fund

258

Total common/collective trust funds

289,149

T. Rowe Price Small Cap Stock Fund

Mutual fund

6,397

Diversified Bond Fund - Core

Mutual fund

14,773

Diversified Bond Fund - High Yield

Mutual fund

842

Diversified Bond Fund - Emerging Markets

Mutual fund

838

Total mutual funds

22,849

Total investments

407,647

Notes receivable from participants

Interest Rates: 3.25% - 9.50%

7,864

Maturity Dates: 2019- 2033

Total

415,510


*	Party-in-interest as defined by ERISA

** Cost information omitted as all investments are fully participant-directed. This information is not required by ERISA or the Department of Labor to be reported for participant-directed investments.

Amounts may not add due to rounding.

See accompanying Report of Independent Registered Public Accounting Firm.



Exhibit Index

	Exhibit 23.1	-	Consent of Independent Registered Public Accounting Firm

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the members of the Savings Plan Committee have duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.

PFIZER SAVINGS PLAN FOR EMPLOYEES RESIDENT IN PUERTO RICO

By: /s/ Kevin Dillon

Kevin Dillon

Member, Savings Plan Committee

Date: June 17, 2020