Biotech Values

[Rocky3]

Almost any company who has made one or more major acquisitions will have large line items on the balance sheet for goodwill and intangible assets. However, AZN’s balance sheet is unusual for such a large company insofar as NAV stripped of intangibles and goodwill is negative (#msg-80110943).

Unusual? As you point out, major acquisitions are a big issue. I have questioned PFE for years under the same reasoning, but I think there are actually lots of companies in the same situation,