"Pfizer's planned exit of Upjohn exposes lower-than-expected earnings for both the RemainCo (Innovation) business and Upjohn (off patent business being spun to MYL)" Risinger continued. Factors include Prevnar and Xeljanz pressures due to recent negative regulatory action, lower Innovative margins (including possible dissynergies from Upjohn exit), and weaker Upjohn financials (including China price cut pressure).