These drugs all work in one mechanism. If someone came out with a different type of erectile dysfunction drug there might be potential to expand the ED market, but these three drugs essentially do the same thing.

We've seen [generic challengers'] success rate go down dramatically over last year. The drug companies are getting more experienced at defending these challenges.

There were some people who were giving it only a 50-50 chance [Pfizer] would win. We thought it was a big probability that they'd win. It's not a surprise the stock is moving up. A lot of value investors were on the sidelines, because they just don't buy things that have a huge risk in front of them.

We think it might make sense for them to try and focus on what they do well, which is Phase III testing and marketing,

You just can't grow the top line. I view Pfizer as a duck. They're floating and it looks easy, but they're paddling like crazy underneath.

It was not your typical Pfizer conference call,