Pfizer is a defensive high-yield blue chip owned by millions of conservative income investors for safe and steadily rising dividends in all economic conditions.

The Upjohn-Mylan merger will create a new non-patented drug focused company, given PFE $12 billion in cash, and turn Pfizer into a pure-play patented drug maker.

Pfizer's higher margins and strong drug pipeline should make it one of the fastest-growing pharma blue chips over the next few years.

But in the short-term PFE's dividend might have to be cut by as much as 20% and the newCo dividend might not be enough to compensate.

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