higher. The Street really doesn't like it when companies have no better use for cash than to buy back more stock. Even a good punt that hangs in the air a long time & goes out of bounds on the one yard line is still a punt.
PFE's current profit margin is high because of Lipitor's, which is in the 40 to 70% range. After it loses exclusivity, PFE's overall margin will fall steeply.