Street View: Pfizer's long-term prospects remain uncertain
** Pfizer PFE.N raised its annual profit forecast on Tuesday, helped by cancer treatments and strong sales of its heart disease drug as the company deals with a sharp revenue drop from COVID products
** Investors fled from Pfizer as COVID worries declined and the company's shares are trading at around half their pandemic-era highs
LONG-TERM OUTLOOK UNCERTAIN
** BofA Global Research ("neutral", PT: $35) says while co reported solid Q2 results, it still thinks there is uncertainty on its long-term revenue outlook
** "There is still much wood to chop on 2025+ outlook as the company's new product launches appear underwhelming relative to potential future headwinds, including growing competition in key markets and IRA risk exposure" - brokerage
** J.P. Morgan ("neutral", PT: $30) continues to see PFE shares as range-bound in the near term due to "limited top-line growth over the next 5 years and with cleaner stories elsewhere in major pharma"
** Wells Fargo ("equal weight", PT: $30) says PFE's Q2 raise was "not totally unexpected"; adds "looking forward, medium to long-term growth challenges keep us on the sidelines as we do not see much upside from current valuation"
** Leerink Partners ("market perform", PT:$31) raises its 2024 adj. profit forecast for PFE to $2.88/share from $2.63/share, but adds "long-term prospects remain uncertain"
Reporting by Sneha S K in Bengaluru
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
