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When FCF is halved, 2/3 or more of it will go to the dividend. The rest will go to debt, then to the new acquisitions needed to make up for lack of pipeline products.
Even if FCF isn't quite halved, there won't be enough left over for the massive share repurchase plan advocated by Ueberloserloon.Which would only depress P/E, wiping out any gain from the buyback to EPS.
True. PFE's situation is hopeless, failing a pipeline miracle.