My opinion on PFE's potential split-up is unchanged: Regardless of what happens with AZN, I don't think a split-up will create material shareholder value and it may destroy shareholder value.
For capital-gains-tax reasons, I hope the PFE-AZN merger doesn't go through. I manage family accounts where PFE is owned at a minuscule cost basis.
Since 2005, PFE’s worldwide employment has decreased by 56K (from 133K to 77K) despite the fact that Wyeth had 44K employees when PFE acquired it in 2009. Thus, adjusting for the Wyeth acquisition, PFE has eliminated 100,000 net jobs during the past nine years!