What difference does it make that it was in stock? The point remains that the current market cap is lower than was paid for the companies, whether in stock or cash.
Clearly the ZTS spinoff must be added, but the other divestitures should be in the current value of the company in some way, shouldn't they?
But PFE is clearly not the only pharma company that has not grown much if at all during the same period - MRK and LLY have growth issues too even though they have not had as many purchases.