PFE is a dividend play for me and it doesn't seem that overpriced. The biggest concern is management and these two articles address that concern. http://industry.bnet.com/pharma/10008710/trials-and-errors-pfizers-drug-failures-are-the-result-of-bad-management-not-clinical-misfortune/ http://finance.yahoo.com/news/Latest-Pfizer-drug-failure-apf-1870991012.html?x=0&.v=6 PFE had high hopes for tanezumab. Click on highlights and go to the 2nd slide. http://www.pfizer.com/investors/financial_reports/annual_reports/2009/itl-uniquemodel.jsp