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Saturday, February 16, 2008 10:42:39 PM
Barron's 2/18/08 edition, pages 34-35, have interesting comments by Joe Rosenberg, Chief Investment Strategist, Loews Corp.
"Q. What about Pfizer?
I liked Pfizer two years ago, but I'm less bullish now. The stock has done very little. ... but the company has very little to show for the $35B(!) or so that it has spent on research and development in the past five years. If you spend $35B on R&D, you ought to be showing incremental earnings of $5B annually, but Pfizer isn't."
"Q. Pfizer's drug pipeline is pretty bare.
Yes. It's easy for me to be a Monday-morning quarterback, but the board at Pfizer ought to be asking whether it should continue to spend $7B a year on R&D, given the company's record."
OK. IDM has 25.15M shares outstanding, with about 3.2M warrants, for a total of 28.35M shares.
28.35 x $ 1.00= $ 28,350,000M
28.35 x $10.00= $ 283,500,000M
28.25 x $100.00= $ 2,835,000,000B
So, IDM, at $100 a share, is about 40% of Pfizer's R&D spending for one year.
Any comments?
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