Step up right to the big show, folks. At 8:30 a.m. EST, Pfizer ceo Jeff Kindler will brief impatient Wall Street analysts and fund managers on his progress - or what some say is a lack of progress. The drugmaker, as you know, faces the same challenges as its rivals - expiring patents and a struggle to develop new drugs. You can sign up for the webcast right here.

A key to Kindler’s short-term longevity - the dividend, which yields something like 6 percent. Maintain the dividend and some investors may remain happy, even though drug stocks aren’t holding their usual appeal these days as a defensive play. Just the same, Kindler must convince a skeptical crowd why Pfizer is a better buy than, say, Merck, which is being pushed by some analysts as a successful turnaround story.

If you expect bombshells today, well, it appears unlikely. This is a carefully managed process, of course. Kindler has turned down most, though not all, media requests for interviews - the preferred method is for the public relations people to ignore the requests. Keep an eye, though, on any Pfizer board members in the audience, who may just be on hand to gauge Kindler’s performance. Remember, Pfizer just hired a seasoned Lilly vet, Bill Ringo, as vp of strategy and development.