Pfizer had operating income of $14 billion in 2004. Over the most recent four quarters, that is down to $8.8 billion. Many analysts would blame that on competition from generics. Others would say Pfizer's R&D has been badly managed and has not come to market with the number of significant new drugs necessary to replace those going off label. Wall St. had also hoped for more rapid cost reductions at the firm. It can't keep operating margins on falling revenue without better expense control. Some of the company's drugs have recently had safety problems, another sign that R&D controls may be week. Goldman Sachs recently downgraded PFE because trouble with anti-smoking drug Chantix and cancer drug Sutent. In April, Pfizer's CEO said that the company was in the process of creating better shareholder value. That was after Wall St. was disappointed that the company's Lipitor blockbuster would take advantage of troubles with competing drugs Vytorin and Zetia. Instead Lipitor sales fell in the last quarter. First quarter numbers missed almost every brokerage estimate. With its shares performing much worse than those of its competitors, investor view the company's management style as unfocused. The shares are down from almost $39 in 2004 to under $18.