[Pfizer's CFO stepping down in August](https://www.cnbc.com/2026/06/18/pfizer-cfo-dave-denton-to-step-down-in-august.html) is being framed as routine succession planning. It's not. Mid-cycle finance chief departures before earnings pressure hits are classic pre-announcement tells — the CFO doesn't want to be the face of guidance cuts. Pharma stocks are holding multiples on patent cliffs that haven't materialized yet.

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