Pfizer (NYSE:PFE) may find itself doing something it has not done in years—break records. The New York-based pharmaceutical giant found itself stuck as PFE stock spent years mired in a trading range.

During the summer, it finally climbed above this range. Now it looks poised to reach and surpass the highs that have eluded Pfizer for almost two decades.

Between its low multiple and the clearer path to replace its key revenue drivers, Pfizer stock looks positioned for the stock price growth that has long eluded the equity.

Pfizer Is Solid but Stagnant

Pfizer has become the second-largest drugmaker in the world. In this industry, only Johnson & Johnson (NYSE:JNJ) exceeds PFE in market cap. These two companies join Merck (NYSE:MRK) as the only three pharmaceutical companies in the Dow 30.

Like the stereotypical Dow stock, it has remained a solid, but slower-growth, dividend-paying stock. For this reason, many investors see PFE stock as a suitable equity for an index fund, but not one they would own individually. Nonetheless, an opportunity for growth has emerged that could change that perception.

PFE spent the last few years mired in uncertainty. The impending patent expiration of Lyrica in the United States has weighed on the stock. The company has also lost exclusivity on Viagra and saw reduced revenues on Enbrel. Lowered revenue from these drugs left the stock range-bound for years.

Pfizer Is on the Move

However, in recent months it has surged out of that range. After almost 19 years, PFE stock finally looks poised to surpass its all-time high. Currently, it trades around 10% below the 2000 peak of $49.25 per share.

Both valuation and growth also indicate PFE could break previous records. Its price-to-earnings (PE) ratio comes in at 14.75, well below the five-year average PE on PFE stands at about 22.2. Profit growth forecasts for the year have reached 13.6%. They also see profits growing by an average of 7.42% per year over the next five years.

New Drugs and a New Pfizer

However, investors should look beyond multiples. A new generation of drugs should also drive this revenue. Lyrica and Viagra may have become less critical. However, treatments such as Eliquis and Ibrance have picked up the slack. Other drugs will help boost revenues as well.

Organization changes likely also influenced growth. Pfizer announced a reorganization plan in July. They will split Pfizer into three divisions—innovative medicines, established medicines, and consumer healthcare.

PFE has also considered a sale or a spin-off of the consumer healthcare division. The stock price began to move higher soon after Pfizer made this announcement.

Investors also have other options if gains take longer than anticipated to materialize, namely through the dividend. The payout for this year stands at $1.36 per share.

As a result, PFE stock yields just over 3%, more than 50% above the S&P 500 average of about 2%. This stock has also enjoyed eight consecutive years of dividend growth.

Profit growth indicates the company will continue to build that streak, increasing returns as stockholders wait for a recovery in PFE stock.

Final Thoughts on PFE Stock

With a low valuation and a new generation of revenue producing drugs, PFE looks poised to return to growth. For many years, PFE behaved like the typical Dow stock. Although it remained stable and produced dividends, it generated little excitement and meager growth amid impending patent expirations.

However, the PE fell to a low level, taking the dividend yield above S&P 500 averages. Even more importantly, a new round of approved drugs will probably replace revenues lost after Lyrica loses all patent protection.

Given the multiple reasons to buy Pfizer stock, the question now becomes when and not if the stock price will exceed its all-time high.

As of this writing, Will Healy did not hold a position in any of the aforementioned stocks. You can follow Will on Twitter at @HealyWriting.