Pfizer (NYSE: PFE) is a global pharmaceutical company that develops and produces a wide range of products, including vaccines, oncology drugs, and consumer healthcare products.

The company was founded in 1849 and is headquartered in the United States. Its shares trade on the New York Stock Exchange under the ticker symbol PFE. The company’s main big pharma competitors include Johnson & Johnson (NYSE: JNJ), Merck (NYSE: MRK), and AbbVie (NYSE: ABBV).

The company’s top selling drugs include Comirnaty, Ibrance, and Eliquis. Its Comirnaty drug, which was used to treat COVID-19 symptoms, generated more than $37 billion in revenue in 2022.

Currently, Pfizer holds a market cap of over $200 billion and offers an attractive 4.1% dividend yield. The company has paid dividends since 1901 and has increased its annual dividend over the last 14 years.

Pfizer shares however have underperformed the S&P 500 over the last five years.

In response to this underperformance, the company has completed multiple spinoffs over the last year, which it says will result in a more focused and innovative company well-positioned for future growth.

The company's expertise in research and development, as well as strong product diversification, provide a strong foundation for future success. Additionally, the financial position of the company is bolstered by the profitability of its COVID-19 vaccine, which should provide funds for investment in internal drug development and acquisitions.

Despite the expected slowdown in COVID-19 vaccine sales, investors company's overall growth outlook remains positive.

Pfizer's recent spinoffs have accelerated its growth, allowing it to become a smaller, more agile company focused on developing innovative drugs.

The remaining Pfizer business is well-diversified and generates significant cash flow, which the company will use for further R&D investments, acquisitions, and returning cash to shareholders.

The company’s strong drug pipeline, particularly in the areas of cancer and immunology, is expected to drive future growth.

Pfizer's recent acquisition of cancer company Seagen (NASDAQ: SGEN) is also expected to further strengthen its offerings, with the potential to add more than $10 billion in sales to the combined company by 2030. This deal is expected to close in late 2023 or early 2024 and will add to earnings by the third or fourth year.

Pfizer, which currently trades at a price-to-earnings ratio of 11.9 times 2023 earnings estimates, is below peers' average of 13.2 times.

With Pfizer's strong growth outlook, the shares look to be attractively valued. Although the stock has underperformed in the past year due to fears of slowing COVID-19 sales, the company's recent spinoffs and focus on innovation make it a strong long-term investment.