It seems to me that there are only two kinds of people who own stock in Wyeth
It was a mixed bag at the top of Wyeth's profit/loss statement this quarter: Revenue decreased 6%, but would have been up 2% if currencies had remained the same. Last year Wyeth's heartburn treatment, Protonix, was hit hard with generic competition from Teva Pharmaceuticals
Pfizer wants to buy Wyeth partly for its biologics capabilities. While Enbrel didn't perform all that well in the U.S., where consumers might be cutting back because of lost insurance or high co-pays, international sales looked good -- up 23% at constant currencies. Another star biologic, Prevnar, a childhood vaccine for pneumococcal bacteria, saw sales jump 19% at constant currencies.
The take-home message for current and future Pfizer shareholders is that they're not getting a growth monster, but Wyeth's revenue is fairly stable. If Pfizer can make the integration happen smoothly, shareholders should benefit from Pfizer's deployment of capital. But that's a big if.
Fool contributor Brian Orelli, Ph.D., doesn't own shares of any company mentioned in this article. Johnson & Johnson is a selection of the Income Investor newsletter. The Fool has a disclosure policy.