Pfizer's 6.7% dividend yield is safe for now but faces risks from cash flow and debt levels.

Pfizer is undergoing a major transformation, relying on new oncology and obesity assets to offset declining COVID revenues and patent losses. The company offers a 6.7% dividend yield with a payout ratio of about 53% of earnings, but free cash flow coverage is tight, slightly below 100%. Pfizer's debt from recent deals adds financial pressure, though management prioritizes maintaining and growing the dividend. The dividend is considered moderately safe currently, but risks remain if free cash flow does not improve or if key product revenues decline further.