The euro has gone from $1.21 to $1.31 and analysts haven't raised estimates. A big reason why the stock had been underperforming was the weakness of the euro but obviously such is not the case. The company should once again blow away the estimates and then raise forecasts for the full year.
In the meantime, Q4 should see FDA approval of both Eliquis and Tofacitinib and there will also be a 9% dividend hike in three months. I still see $26 before the year is out which would mean that the nearly-infallible Pfizer 23.7% Minimum Annual Range Theory would have worked for at least the 31st consecutive year.
Pfizer management historically hasn't done much hedging for currentcy translations. Management lowballed estimates again expecting a very weak euro but when they handily beat again, there will be no choice but to raise full-year 2012 estimates as three of the four quarters will already be in the bag and with euro strength continuing. Pfizer stock really takes off on those rare occasions when management is forced to raise full-year estimates. The next report should be out in about six weeks.