Steve Jobs once told biographer Walter Isaacson, "Deciding what not to do is as important as deciding what to do." Pfizer (NYSE: PFE) has taken that message to heart, using a joint venture and merger to become a research-based pharmaceutical company with a singular focus on innovation.
Will the transformation be enough for shareholders who have seen the stock fall 12% since the end of 2018 while the S&P 500 has climbed almost 50% over those same two years? The new year is likely to provide the answer.
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Source Fool.com