$32 a Share No Matter WHAT December 28, 2005March 3, 2017 RELATIVE VALUE Joe Cherner: ‘Pfizer and Philip Morris are both worth about $150 billion. Both pay about 4% dividend. Both trade at similar P/Es. One cures diseases for millions of people worldwide. One kills millions of people worldwide. PFE is at a yearly low. MO is trading near an all time high.’ ☞ Actually, since Joe sent me that earlier in the month, PFE is up a bit – but the irony remains. NTMD Sales seem to be on track to come in at about $2 million for the quarter just ending – down from the $20 million UBS Securities had first estimated when it set a $32 target price for the stock, and even down from the $4.7 million to which it revised its estimate (while retaining the $32 price target). As of 12/24, the 7-day rolling average for BiDil prescriptions was 131. For the week ending December 16th, according to weekly IMS data, prescriptions totaled 1082, down from 1114 the week before. Anything is possible, but – with the company currently losing about $25 million a quarter – if you bought them with money you can truly afford to lose, don’t sell your puts. POLITICS Jason Frey: ‘I used to enjoy and respect you as a financial commentator, I found your blog recently and unfortunately find it to be a monomaniacal political rant. Yikes, what happened to you?’ ☞ I started believing in evolution, fiscal restraint, and the general message of the Sermon on the Mount.