Pfizer Finally Sees Its Payoff

Not too long ago, you'd have had a devil of a time finding a Wall Street money manager with many kind words for Pfizer Chairman Edmund T. Pratt Jr. Back in 1989, analysts skewered the longtime CEO for doing precious little to boost the company's flagging stock price or sliding earnings. What really sent their blood pressures soaring, though, was the fact that Pfizer Inc. hadn't launched a major new product since 1982. In fact, some investors were hanging on to Pfizer stock as a possible takeover play.

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