It has lessened its risk associated with the uncertainties of drug pipeline events, built up free cash flow, maintained a healthy dividend, and put the company on a path for steady growth. The headwind Pfizer faces is loss of exclusivity for the aging portfolio of drugs in its essential health division, which had a revenue decline of 11% in the most recent quarter . The winner I think Pfizer is the better bet for long-term, conservative investors who are looking for a steady source of dividend income that should outgrow inflation, and the potential for capital gains as well.