Pfizer

Pfizer (PFE) reported Q1 adjusted earnings Wednesday of $0.82 per diluted share, down from $1.23 a year earlier. Analysts polled by Capital IQ expected $0.51. Revenue for the quarter ended March 31 was $14.88 billion, down from $18.49 billion a year earlier. Analysts surveyed by Capital IQ expected $13.92 billion. The drug company said it now expects 2024 adjusted EPS of $2.15 to $2.35, up from its prior guidance of $2.05 to $2.25. Analysts polled by Capital IQ expect $2.21. Revenue for the current year is still projected to be $58.5 billion to $61.5 billion, the company said. Analysts surveyed by Capital IQ are looking for $59.94 billion. Shares of the company were up 1.7% in recent Wednesday premarket activity.

Pfizer (PFE) said Tuesday that its current pivotal phase 3 trial of Abrysvo against placebo in participants aged 18 to 59 years met primary endpoints. The patients were at an increased risk of developing respiratory syncytial virus-associated lower respiratory tract disease, the company said. In the trial, patients attained at least a four-fold increase in serum neutralizing titers for respiratory syncytial virus-A and respiratory syncytial virus-B after one month of Abrysvo as compared with pre-vaccination, according to the company. Pfizer also said Abrysvo was “well-tolerated” during the trial, while safety results were also “consistent” from prior Abrysvo studies. The company plans to share data with regulatory authorities for approval of Abrysvo in adults 18 to 59 years of age.

By Elena Vardon Pfizer plans to sell a stake in Haleon currently valued at around 2 billion pounds ($2.55 billion), trimming its ownership in the consumer-healthcare business for the first time since its listing. The pharmaceutical giant intends to reduce its stake in Haleon to 24% from 32% currently, Haleon said Monday. With the move, Pfizer follows U.K. drugmaker GSK, which has been offloading its initial 12.9% shareholding in the company in recent months and now owns a 4.2% stake. This comes at a time of intense merger-and-acquisition activity in the pharmaceutical industry, which has seen big companies snapping up smaller biotechnology businesses. Haleon–which houses Sensodyne toothpaste and Aquafresh mouthwash as well as over-the-counter medicines Panadol and Advil–also agreed to buy back shares valued at GBP315 million from Pfizer at the same price as the public offer’s. The offer price will be determined via an accelerated bookbuild offering process which

Cantor Fitzgerald analyst Louise Chen reiterates Pfizer (NYSE:PFE) with a Overweight and maintains $45 price target.

Pfizer (NYSE:PFE) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/23/2024 30.03% Guggenheim → $36 Initiates Coverage On → Buy 01/31/2024 62.54% Cantor Fitzgerald → $45 Reiterates Overweight → Overweight 01/09/2024 62.54% Cantor Fitzgerald → $45 Reiterates Overweight → Overweight 01/04/2024 15.59% TD Cowen → $32 Downgrades Outperform → Market Perform 12/14/2023 30.03% Truist Securities $42 → $36 Maintains Buy 12/14/2023 -2.47% UBS $34 → $27 Maintains Neutral 12/14/2023 1.14% Barclays $34 → $28 Maintains Equal-Weight 12/04/2023 51.71% Truist Securities → $42 Reiterates Buy → Buy 11/20/2023 170.9% Cantor Fitzgerald → $75 Reiterates Overweight → Overweight 11/01/2023 22.81% Barclays $35 → $34 Maintains Equal-Weight 11/01/2023 33.65% Morgan Stanley $39 → $37 Maintains Equal-Weight 10/20/2023 22.81% UBS $36 → $34 Assumes Neutral → Neutral 10/17/2023 51.71% Truist Securities $62 → $42 Maintains Buy 10/17/2023 40.87% Morgan Stanley $40 → $39 Maintains Equal-Weight 10/17/2023

Pfizer Inc. (NYSE:PFE) recently held its fourth-quarter earnings call, revealing a year of contrasts for the pharmaceutical giant. While the company faced setbacks, particularly with its COVID-19 products, it also made significant strides in other areas, setting a foundation for future growth. The Positives: 1. Market Leadership: Despite a decline in revenue from COVID-19 products, Pfizer reported that it was the number one pharmaceutical company in terms of revenues from pharma-only products for the first nine months of 2023, a jump from fourth position in 2019. 2. FDA Approvals: Pfizer had a record year for FDA approvals, with nine new molecular entities approved, indicating a productive year for the company’s pipeline execution. 3. Seagen Acquisition: The successful closure of the Seagen acquisition amidst a challenging regulatory environment demonstrates Pfizer’s ability to navigate complex regulatory waters and positions the company for leadership in oncology. 4. Strategic Priorities: Pfizer outlined five key priorities for the year,

Pfizer (NYSE:PFE) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/31/2024 64.11% Cantor Fitzgerald → $45 Reiterates Overweight → Overweight 01/09/2024 64.11% Cantor Fitzgerald → $45 Reiterates Overweight → Overweight 01/04/2024 16.7% TD Cowen → $32 Downgrades Outperform → Market Perform 12/14/2023 31.29% Truist Securities $42 → $36 Maintains Buy 12/14/2023 -1.53% UBS $34 → $27 Maintains Neutral 12/14/2023 2.12% Barclays $34 → $28 Maintains Equal-Weight 12/04/2023 53.17% Truist Securities → $42 Reiterates Buy → Buy 11/20/2023 173.52% Cantor Fitzgerald → $75 Reiterates Overweight → Overweight 11/01/2023 24% Barclays $35 → $34 Maintains Equal-Weight 11/01/2023 34.94% Morgan Stanley $39 → $37 Maintains Equal-Weight 10/20/2023 24% UBS $36 → $34 Assumes Neutral → Neutral 10/17/2023 53.17% Truist Securities $62 → $42 Maintains Buy 10/17/2023 42.23% Morgan Stanley $40 → $39 Maintains Equal-Weight 10/17/2023 27.64% Wells Fargo $39 → $35 Maintains Equal-Weight 10/16/2023 20.35%

Financial Performance: Pfizer recorded full-year 2023 revenues of $58.5 billion with 7% operational growth, despite a 41% operational decrease YoY largely due to sales declines in COVID products. Full-year 2023 diluted EPS was $0.37, demonstrating a 93% YoY decline, with adjusted diluted earnings per share at $1.84, down 72% YoY. Pfizer returned $9.2 billion to shareholders via dividends, invested $10.7 billion in R&D, and completed business development transactions worth approximately $44 billion. Q4 saw an operational revenue growth of 8% YoY excluding COVID products, despite an overall revenue decline of 42% driven by lower sales of COVID products. Total company full-year ’24 revenues are expected to range between $58.5 billion and $61.5 billion, with expected operational revenue growth of 8%-10% excluding Comirnaty and Paxlovid. The expected adjusted diluted earnings per share for full-year 2024 range from $2.05 to $2.25. Business Progress: The acquisition of Seagen has doubled Pfizer’s oncology research

Pfizer Reports Full-Year 2023 Results and Reaffirms Full-Year 2024 Financial Guidance — 2023 Sets Stage for Future Growth Potential: Completed Seagen Acquisition, Creating World-Class Oncology Organization; Launched Significant Number of New Products and Indications; and Realigned Commercial Organization to Improve Focus, Speed and Execution — Full-Year 2023 Revenues of $58.5 Billion — Expected Decline in Comirnaty(1) and Paxlovid Revenues Drove 41% Operational Decrease in Year-Over-Year Revenues — Excluding Contributions from Comirnaty(1) and Paxlovid, Revenues Grew 7% Operationally, Driven by a Combination of New Product and Indication Launches and In-Line Product Growth — Full-Year 2023 Reported(2) Diluted EPS of $0.37, Down 93% Year-Over-Year, and Adjusted(3) Diluted EPS of $1.84, Down 72% Year-Over-Year, Significantly Impacted by One-Time Events(4) — Fourth-Quarter 2023 Revenues of $14.2 Billion — Expected Decline in Comirnaty(1) and Paxlovid Revenues Drove 42% Operational Decrease in Fourth-Quarter Revenues — Excluding Contributions from Comirnaty(1) and Paxlovid, Revenues Grew 8% Operationally —

Pfizer: On Track For at Least $4B Annual Cost Savings by End 2024 From Cost-Realignment Program.

Pfizer (NYSE:PFE) reported quarterly earnings of $0.10 per share which beat the analyst consensus estimate of $(0.22) by 145.45 percent. This is a 91.23 percent decrease over earnings of $1.14 per share from the same period last year. The company reported quarterly sales of $14.25 billion which beat the analyst consensus estimate of $14.21 billion by 0.27 percent. This is a 41.34 percent decrease over sales of $24.29 billion the same period last year.

Pfizer’s 4Q revenue dropped 41% to $14.25B, below analyst forecasts, due to an expected decline in demand for its Covid-19 vaccine Comirnaty and Covid-19 treatment Paxlovid. Excluding those products, revenue was up 7% operationally, driven by new product launches and in-line product growth. The same trend followed for the full year, with 2023 revenue falling 42% overall but being up 8% when excluding Covid products. Pfizer is targeting operational revenue growth of 8% to 10% in 2024 when excluding Comirnaty and Paxlovid, as well as its Seagen subsidiary, though the company still expects to see about $8B in annual revenue from the two Covid products.