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Biotech / Medical : PFE (Pfizer) How high will it go? -- Ignore unavailable to you. Want to Upgrade?

To: Perry who wrote (2048)	5/5/1998 11:11:00 AM
From: Z Analyzer	Read Replies (2) \| Respond to of 9523

<<Z Analyzer, your analysis appears to be satisfactory although you make the major mistake that most analyst do and that is that you are assuming that products now on the market, drugs soon to be approved and the strong pipeline are not going to dramatically improve the earnings picture. >> Actually, if growth and the pipeline were not taken into consideration, a p/e of 30 would never be justified. Historically, such bright prospects for the drug industry leadrs only garnered p/e in the low to mid twenties at best and low teens at worst. And reinvestment of Viagra earnings is no more valuable than reinvestment of any other earnings.