The drug giant said it would reorganize into three units: Innovative medicines, established medicines and consumer healthcare, which it had been trying to sell since last year. The changes take effect at the start of fiscal 2019.
"I think it's a prelude to splitting up," Cramer said on "Squawk on the Street."
Cramer, the host of "Mad Money," mentioned that Pfizer had spun off its animal health business Zoetis in 2013, which he said, "was the best." Since then, shares of Zoetis have gained more than 150 percent.
Back in October, Pfizer said it was considering the sale or spinoff of the consumer health-care business, which it believed could fetch about $15 billion. Pfizer said in May that it had not received an acceptable offer.
"There is still intrinsic value within Pfizer. [They] have a good dividend," said Cramer, adding its business is "boring" but he "likes that."
Pfizer's reorganization announcement comes a day after it said would roll back price increases that had gone into effect July 1 for a maximum of six months.
President Donald Trump has publicly criticized Pfizer and other drugmakers for raising prices.
With a market cap of nearly $220 billion, Pfizer has seen its shares rise more than 12 percent over the past 12 months. The stock was slightly lower midday Wednesday.
Pfizer did not immediately respond to CNBC's request for comment on Cramer's theory.
— Reuters contributed to this report.