There many good points about BMY's pipeline being very weak. Yes it has been that way for years. Years ago I owned BMY and the experts said it wasn't worth owning. I sold it and I wished I hadn't. This time I've had it for two years and still hear the same thing. One of the things I try to do is look at management and what their track record is. This management seems to understand their weak pipeline. They license others products with out using their own R&D. I know it will take years for them to get their R&D up to par. Yet their earnings keep growing and yes it's not as fast as PFE. "which I also own" I am thinking that BMY will split before PFE, maybe Iam wrong maybe I am right. Time will tell. I believe BMY's management is underated by most people. The BMY's 10Q's indicate they are working around the weakness that have been built in. I am betting they can pull it off. So I will continue to hold and collect my increasing DIV's.
Good points, good food for thought. Hope I am right.