NEW YORK (TheStreet) - Goldman Sachs is reiterating a view that Pfizer (PFE) CEO Ian Read may consider breaking up the pharmaceuticals giant in the wake of its failed effort to merge with U.K.-drug-maker AstraZeneca (AZN).

Read More: Pfizer Could Remain In Dow After U.K. Move

On Monday, Pfizer said it did not intend to improve upon a $118.8 billion bid for AstraZeneca that was swiftly rejected by the target company's board of directors.

Those comments from Pfizer, signaled the company would not pursue a hostile merger effort by engaging directly with AstraZeneca's shareholders. Nor was Pfizer willing to raise its bid to a price where AstraZeneca's board of directors said it might support a merger.

"We continue to believe that our final proposal was compelling and represented full value for AstraZeneca based on the information that was available to us. As we said from the start," Pfizer CEO Ian Read said in a statement.

"We will continue our focus on the execution of our plans, bringing forth new treatments to meet patients' needs and remaining responsible stewards of our shareholders' capital," Read added.

Without an improved offer or a hostile effort, Pfizer's biggest merger effort in a generation may be on ice. Goldman Sachs analyst Jami Rubin took that development as reason to reiterate her belief Pfizer's CEO Ian Read may breakup the New York-based pharma giant.

Already, Read has been an active seller of Pfizer's non-core operations, allowing the company to refocus on its drug pipeline and research and development efforts. In 2012, Pfizer sold its nutrition business to Nestle for $11.85 billion in cash, one of the company's largest-ever divestitures.

If you liked this article you might like

The 6 Medications Being Used to Tackle the Opioid Epidemic

Dow, S&P 500 Set New Records as Fed Moves to Unwind Balance Sheet

Stocks In Negative Territory as Chances for December Hike Surge

The Wait for 'Milestone' Fed Meeting Keeps Stocks in Flux