v.

Pfizer: A Case Study of the Market's Extremely Low Valuations

Lipitor's revenue for 2006 (couldn't find anything more recent just now) were $12.9 billion. Total revenue was over $48 billion.
Even if totally exclude Lipitor sales (which is obviously much to pessimistic, people will still buy it, it will only cost less), that would have been over $35 billion of revenue or 3/4th of 48 billion.
If we extrapolate this to net income we would still see an EPS of about $1.8 or a P/E of around 10.
Not bad for a company with a huge pile of cash, low debt and a 7+% dividend