Why Pfizer (PFE) Stock Is Down Today

NEW YORK (TheStreet) -- Pfizer  (PFE) dipped Tuesday after AstraZeneca  (AZN) detailed its plan to increase sales in the next decade as an independent company as Pfizer continues to pursue a takeover of the British company.

AstraZeneca said in a statement investors would benefit from a "strong and consistent revenue growth" as annual sales would increase to more than $45 billion by 2023. The company posted sales of $25.7 billion last year.

The British company again rebuffed Pfizer's takeover bid on Friday. Pfizer's third offer was for approximately $106 billion, but the No.8 drugmaker called this offer inadequate and said a buyout would disturb its new drugs in development.

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The stock was down 1.54% to $29.50 at 3:01 p.m.

PFE Chart

PFE data by YCharts

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Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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