Pfizer declared a $0.43 fourth-quarter dividend, its 352nd consecutive quarterly payout, which annualizes to $1.72 per share and a 5.9% yield, well above the roughly 1% average S&P 500 yield. The article asks whether the payout is sustainable, noting Pfizer halved its dividend in 2009 but has raised it every year since 2010. Eliquis and Xeljanz lose U.S. patent exclusivity this year, and Ibrance and Xtandi follow next year, which pressures revenue. Nurtec grew 18% in the second quarter, Lorbrena 37% and Padcev 23%, and free cash flow of about $11 billion over four quarters exceeded dividend payments by more than $1 billion. The author concludes that the dividend's durability depends on whether new pipeline drugs can replace the expiring ones.
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