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  "documentTitle": "Pfizer Inc. (PFE)",
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      "text": "The Company is expected to generate lower returns on R&D already spent.",
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      "text": "Source: Public company filings and Bloomberg. (1) Cumulative R&D spend from 2019 to 2023. Includes IPR&D not captured by M&A. (2) Cumulative M&A spend from 2019 to 2023. (3) Cumulative R&D excludes estimated COVID-related R&D of $4 billion.",
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      "text": "Critically, the Company’s Lower Revenue Growth Reflects Lower Return on R&D Spend",
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