Subject: Re: Pfizer a permanent presence
I wonder what the same calculation done 5 or 10 years ago would have been.

20 PE? Unlikely even if they discovered a cure for Alzheimer. Investors would have to be convinced they wouldn’t squander all the cash on expensive acquisitions.

If they actually achieved 8% EPS CAGR for 5 years, they might get a PE of 15, otherwise probably 12 or less.