Adobe's valuation is considered high, with a forward P/E of 17, but its strong earnings growth and consistent free cash flow generation, combined with potential share buybacks, suggest a positive outlook. Pfizer, on the other hand, is trading at a low P/E of 8.5 and has strong free cash flow, but faces significant headwinds from patent expirations, leading to a reduced revenue guidance. Despite the challenges, Pfizer's dividend yield remains attractive, and its stock might present a value opportunity if it can successfully navigate its patent cliff and leverage its free cash flow for buybacks or new ventures.