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Pfizer delays major M&A as it awaits U.S. tax reform clarity

(Reuters) - Pfizer Inc's (PFE.N) chief executive said on Tuesday he would prefer to wait for clarity on U.S. tax reform before engaging in any big deals in order to get a better understanding of any potential acquisition target's value.

The largest U.S. drugmaker has been under increasing pressure from investors and Wall Street to pull off a large deal to help reignite growth.

That pressure may intensify after Pfizer's second-quarter revenue missed Wall Street estimates on Tuesday due to a decline in sales of the blockbuster pneumonia vaccine Prevnar and generic competition for Pristiq for depression.

"There are short-term events in the marketplace, such as tax reform, that may change asset values. Any focus on (business development) is somewhat delayed by resolution of that," CEO Ian...