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During the coronavirus pandemic, investors got a little too excited about Pfizer's (NYSE: PFE) vaccine opportunity. When demand for COVID vaccines cooled off, the stock plunged. And it hasn't really gone anywhere since, still down over 50% from its 2021 high. But Pfizer isn't dead money if you have a long-term view of investing. Here's why you might still want to buy it.

Pfizer is dealing with some headwinds. The drop in demand for COVID vaccines is just one example of the issues management is dealing with. Another is a series of upcoming patent cliffs, when generic competition is likely to lead to material revenue declines for some of the company's key drugs. And then there is the fact that Pfizer has yet to bring a GLP-1 weight-loss drug to market, leaving others to benefit from strong demand for such products.

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However, investors shouldn't count Pfizer out just yet. It has quickly pivoted on the GLP-1 side, buying a company with an attractive weight-loss drug in development. It also partnered with a Chinese company working on a GLP-1 pill, signing up to distribute the drug if it gets approved. It also has ongoing, and advanced, efforts to develop drugs in the oncology and migraine spaces.

Pfizer remains a highly innovative company. And a strong competitor in the highly competitive pharmaceutical sector. It may not be hitting on all cylinders right now, but history suggests that the company will eventually get back on track.

The real problem here is that investors are so focused on companies like Eli Lilly (NYSE: LLY), which are doing very well thanks to its GLP-1 drugs, that they are ignoring Pfizer. That's not surprising, but it could be a mistake, particularly if you are a dividend investor. Eli Lilly's yield is a tiny 0.6% as it trades near all-time highs, while Pfizer's yield is a huge 6.4% as it languishes at low levels.

Pfizer's dividend will be under pressure until the company introduces new blockbuster drugs to replace those set to lose patent protection over the next couple of years. However, management has specifically stated that supporting the current dividend payment is a key corporate goal.

Investors are getting paid very well to deal with some near-term uncertainty while waiting for Pfizer's research and development efforts to bear fruit. And, if history is any guide, when Pfizer gets back on track, it will likely be afforded a higher valuation. So this income stock could turn into a growth stock if you stick around long enough.

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Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Pfizer. The Motley Fool has a disclosure policy.

Pfizer Stock: Still Priced Like It's Dead Money was originally published by The Motley Fool