CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:
We lower our target by $3 to $40, 11.3x our 2024 EPS, below PFE’s 10-year historical forward P/E average. We lower our 2023 EPS view by $1.80 to $1.67 and lower our 2024 EPS estimate by $0.25 to $3.53. Pfizer cut its 2023 revenue and EPS guidance for the remainder of 2023, and we are revising our model to take into account the newly shared information regarding Covid-19-related products sales expectations for the rest of 2023. The main reason for the revision comes from an estimated 7.9M Paxlovid return by the U.S. government from the Emergency Use Authorization Use authorized inventory, which is expected to result in a $4.2B revenue reversal this year. The company is also taking into account lower expectations for the Covid-19 vaccine sales for the remainder of the year and a delay in the commercialization of Paxlovid. We maintain our long-term positive outlook on shares of PFE, yet now forecast the company to record $60.3B in total revenue in 2023 versus $67.8B.