Despite having spent some $240bn on three big acquisitions since 2000, its market capitalisation is just $185bn today.
That comparison is somewhat misleading insofar as a substantial portion of the payment for the WL, Pharmacia, and Wyeth deals was in stock rather than cash.
Moreover, one should take into account PFE’s $40B+ of divestitures, including animal health (ZTS), infant formula (Nestlé), and OTC products (JNJ).
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”
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