It makes no difference what analysts guess. All that counts is what institutional investors see. They aren't fooled by ridiculous cooked book adjusted "earnings" that management foists off on gullible little retail losers, upon whom funds delight in dumping their surplus shares acquired in the '80s & '90s.
Pro forma "earnings" are strictly for suckers. Wise investors learned that during the dot com bust, if they didn't already know what a scam adjusted "earnings" are.
Why do you think that shorts on this board have made out like bandits while longs just keep losing & losing & losing, no matter how many options hoops they jump through?
Right there on Catherine Arnold's May 9 report update, she shows the surplus between Pfizer's Cash/Investments and its Total debt at $2.4B as of 12/31/12. After two years of earnings and dividend payments (96 cents a year annually for the dividend payments), she sees Cash/Investments exceeding Total Debt by $27.4B.
That's a WHOPPING difference there of $25B after payment of $16B in dividends, buying back 100 million shares (call it $2.5B to $3B) and making some undetermined small acquisitions.
All of the GAAP bookkeeping entries requiring amortization of acquired intellectual assets doesn't detract one iota from the CASH being earned. And Ms. Arnold sees over $45B of that commodity being earned by Pfizer in the two years 2013 and 2014 combined before dividends, stock buybacks and small acquisitions.
The figures she show doesn't lie. And these days she's not even one of the more-bullish Pfizer analysts either. For example, she is estimating just $62.1B in 2012 revenues which is far below what Kindler envisions.