I think Hank's credibility has been hurt but I think he has admitted that. I think he needs to be upfront about how they are handling all the variables facing the business.

It is our top pick. I like the lack of patent expirations...They have a portfolio of new products.

Trading at 12 times 2005 earnings, shares are reflecting a seemingly bearish view of Pfizer's growth prospects, in our opinion. With these low expectations built into the shares, we are encouraged that Pfizer's $4 billion cost restructuring will stabilize near-term earnings.

We view this announcement, following Pfizer's 26% dividend increase in December 2005, as another sign that Pfizer is addressing shareholder concerns and as another step in the right direction for the company.

A lack of mergers has allowed them to stay focused on strategy, Their alliances have been a success.

We view this as a critical event in the Pfizer story and a potential positive catalyst for the stock.