Long established company, e.g. >20 year track record, preferably with a diverse product range to back up earnings (not a one-trick pony).

- Demonstrated ability to execute on R&D,'

The market as a whole doesn't agree with you on those two points.

Pfizer's 20 year total return has been terrible. At low 40s its price is same as in late 1990s. No price appreciation for almost 25 years. Some of Pfizer's spin-offs like Zoetis has done well, so if you held on to them your returns would be better.

Pfizer's home grown R&D has not been productive. It continuously resorts to expensive acquisitions to replace its patent expiration revenues. The R&D for its spectacularly successful MRNA Covid vaccine was actually done by its German partner BioNTech. In the past Pfizer made acquisitions of mega companies to acquire rights to parented drugs (Lipitor from WarnerLambert, Prevnar from Wyeth). As is the case with most large acquisitions Pfizer overpaid and struggled to justify it. Pfizer is the poster child for a company pursuing growth through expensive acquisitions.

The current CEO pretty much had to promise Wall St that it would no longer pursue acquisition of large successful companies, only make selective acquisitions/partnerships of promising companies/drug candidates. The recent news thar Pfizer is negotiating to acquire Soligen a $30 billion company at a substantial premium, is probably the reason for the recent slide in share price.

Wall St and most investors just don't trust Pfizer management won't squander billions pursuing expensive growth. Among large cap pharmaceutical companies the premium valuation goes to disciplined companies like Eli Lilly and Novo Nordisk with strong franchises in growth areas like diabetes treatments.