Powerful Valuation Argument Outweighs Mixed Fundamental
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Positive Factors ......................................................................................... 5
Neutral Factors... .................................................................................... 10
Negative Factors... .................................................................................. 16
Appendix: Tables Of Industry Fundamentals .......................................... 23
Company Discussions
AstraZeneca ................................................................................................... 27
Bristol-Myers Squibb ...................................................................................... 79
Eli Lilly ........................................................................................................ 121
GlaxoSmithKline........................................................................................... 171
Merck........................................................................................................... 223
Novartis ....................................................................................................... 275
Pfizer ........................................................................................................... 329
SanofiAventis ............................................................................................... 381
Schering-Plough ........................................................................................... 427
Wyeth .......................................................................................................... 467