How Has Pfizer's Story Changed?

Pfizer's revenue over the past twelve months was 0.2% lower than a year earlier. When sales are flat, look at what management leads with on earnings calls to see where it expects growth. Since early 2025, Pfizer's management has changed what it leads with. It used to lead with the work of absorbing a company it had bought. It now leads with drugs it has not launched. What was that deal.