Introduction
Oh, how the mighty Big Pharma dinosaurs have fallen, or at least are stumbling. Maybe Pfizer (NYSE:PFE) has not actually fallen, but if so, it's because it never really rose much after falling so far after the glory years that ended 10 or more years ago.
PFE has gotten so weak that of 21 drugs or groupings of drugs it lists on its 42-page Q4 earnings report, that it groups in with its growth group of "Innovative Health" drugs, 9 showed Y-O-Y declines in revenues last year.
It increasingly reminds me of IBM (NYSE:IBM), a once-dominant innovation leader that got too fat, happy and bureaucratic and since became an also-ran in the race to win the future, keeping the Street happy with lots of deals (fees to the Street) and aggressive financial engineering.
