Pfizer Quiver Now Bare

This column was originally published on RealMoney on Dec. 4 at 7:23 a.m. ET. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here.

Maybe they really are a bunch of jokers at Pfizer (PFE Quote). Either that, or their timing is just nightmarish. I can't believe that two days after the company discussed a new cholesterol drug at its analyst day that they scrap it.

I know most people who peripherally follow this company may ask how one far-away drug could be so important. But frankly, I didn't see anything else at Pfizer that could make up for even a fraction of the lost revenues for Lipitor.

You are now in Bristol-Myers (BMY Quote) mode for Pfizer, meaning that BMY post-Plavix going generic had surprisingly little going on. I still believe BMY may have to cut its dividend when the full brunt of 2007 losses at Plavix get realized. (Either that or sell itself to Pfizer now that Pfizer has lost its future.) ...