You seem to be confusing the one-time drop in EPS from Lipitor’s patent expiration with the permanent boost to EPS that PFE could obtain from leveraging the balance sheet.
I am not confusing anything. I am sure you have cash in your account. You wouldn't buy pfe because their earnings are going to go down.
They shouldn't buy their own stock for the same reason.
A better use of their cash is to buy a company that would be accretive to their earnings.
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