Paul J

Pfizer Moat Check Is Positive

Pfizer hasn't had a blockbuster developed in house since 1996, when the Sandwich site discovered Viagra and that was a lucky side benefit, not the original target. Since then they have bought Warner-Lambert to get Lipitor and Pharmacia for Celebrex. These buys have made them larger and more dependent on a research group that is not producing.

It is very possible that very large research groups inhibit innovation through their scale, bureaucracy and general unattractiveness to the most brilliant researchers.

Pfizer has simply gotten too big.