Pfizer: the constraint is manufacturing, not demand

The mechanism is capacity conversion. Fill-finish lines are built and validated on a multi-year schedule, and validated capacity, not demand, sets the revenue ceiling in any given year. Capacity is disclosed as a capital project with dates. Two additional lines are validated this year and a third next, which sets the supply curve independently of demand. The position: long on Pfizer, entry locked at publication and the exit dated rather than open-ended. The target is stated in the call block above and the horizon with it. Sized to the catalyst rather than to conviction, with the invalidation written into the kill-switch card instead of left implicit. Binary risk is exactly that: the readout can fail, and the position is sized so that outcome is survivable rather than hedged.