Hi there. There is no doubt the company benefitted from the COVID-19 pandemic, and I imagine you're looking at the company right now because of the significant drawdown in price.
To me, this is a bit of the market simply adjusting for slower growth in the future. For the most part, Medtronic is expected to post flat earnings growth over the next 2-3 years. This isn't all that surprising considering the pandemic related tailwinds have certainly faded.
To me, the company is fairly valued to slightly undervalue here. it's trading at 25x trailing cash flows, which is right in line with historical averages. I'd actually view Pfizer as the more attractive American pharma company, if one is looking for exposure that is.