Pfizer Inc.

Paper Summary:

This paper provides a brief insight into Pfizer Inc., a giant in the Pharmaceutical Sector, which is traded on the New York Stock Exchange and whose principle activities include the research and manufacturing of prescription medicines for human and veterinary applications on a global scale. It examines how Pfizer stock has been on a downtrend since mid-year 2001 after a boom in the biotechnology sector which is closely related to the pharmaceutical sector. It analyzes whether Pfizer stock is a good buy at such a low price, or whether it is better left alone for fear that it will fall further. It attempts to determine this by considering their overall financial health and by a comparison of the price/earning ratios to the averages for the sector in which it operates and to the market as a whole.

From the Paper:

"Pfizer is subject to several risks associated with the industry in general. Changes in the health care environment, litigation costs, competition, legislative changes, changes in Medicare and Medicaid payments and foreign exchange rates all have the potential to effect the profitability of company in the future (Pfizer, Inc., 2003a). The Warner-Lambert merger caused Pfizer to make several accounting changes (Pfizer, Inc., 2003a). Pfizer is subject to many risks. However, it has formal risk management strategies with a proven track record in mitigating risks in the past. Pfizer has multiple income streams to cushion against the loss of one income stream, such as the loss of licenses from the FDA, as happened when their product Rezulin was pulled from the market (Pfizer, Inc., 2003a). In addition, Pfizer is constantly conducting research and development to bring more products to market."

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