67% product sales ($530M)30% unconsolidated joint businesses ($234M)03% royalties ($25M)The product sales breakdown is as follows:$455M for Avonex$063M for Tysabri$012M for all other------$530M for Q3-07------There are really only two products comprising product sales - Multiple sclerosis drugs Avonex and Tysabri.Most other revenues come from unconsolidated partnerships.Consensus estimates out to 2011 indicate earnings per share of $4.20 on the 289 million shares - or about $1.2B. By extension, perhaps $1.35B would be seen in 2012. That is less than the $1.5B that I was penciling in for acquisitions and the consensus estimates also could very well be high. PFE can do a lot better than this with $25B.
Of course it's less than you "penciled in"! Your guesses about all matters related to PFE are always insanely, crazily, preposterously, wildly high & overoptimistic!Maybe PFE can do better, but not by much. There are no bargains in biotech. But buying back shares means the end of PFE as a growth company.
Don't be so negative on BIIB...I own lots of it and am hopeful that PFE will buy the company for $85 per share...BIIB has a huge pipeline and with the help of PFE could dominate over the next decade.