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Pfizer Inc. (NYSE: PFE) Stock Price Analysis
- Current Stock Price: $32.77 (as of the latest update).
- 12-Month Price Target: Analysts’ average price target is $32.77, with a high estimate of $45 and a low estimate of $27.
- Forward P/E Ratio: 11.20x (as of August 26).
- Recent Share Price: $28.92 (as of August 26).
- Hedge Fund Holders: 84 funds hold PFE in their portfolios.
- Short Interest: 1.15% of shares outstanding are shorted (as of July 31, 2024).
Financial Performance
- Q2 Earnings: Pfizer reported an adjusted earnings of 60 cents per share on $13.3 billion in revenue. Earnings declined by 11%, while sales rose 3% operationally, marking the first year-over-year sales increase since December 2022.
- Heart Disease Treatment: Vyndaqel’s sales surged 71% to $1.32 billion, significantly beating forecasts.
- Cancer Drug: Padcev, acquired through Seagen, generated $394 million in sales, surpassing projections of $352.6 million.
- COVID-19 Products: Revenue from the Comirnaty vaccine declined and missed expectations, while the COVID treatment Padcev exceeded expectations with a 79% increase.
Future Outlook
- Q3 Projections: Analysts project earnings of 60 cents per share and $14.98 billion in sales, representing a reversal from the previous year’s loss and a 13% increase in sales.
- 2024 Guidance: Pfizer expects adjusted earnings between $2.45 and $2.65 per share and total sales of $59.5 billion to $62.5 billion. This forecast suggests a 39% surge in earnings and a 4% increase in sales at the midpoints.
Obesity Treatment Focus
- Key Developments: Pfizer is advancing in obesity treatment with danuglipron, a daily pill under additional testing. However, effectiveness and safety results are not expected until 2026.
- Market Competition: The oral weight-loss drug market is becoming competitive, with other companies like Eli Lilly (LLY), Novo Nordisk (NVO), Roche (RHHBY), Viking Therapeutics (VKTX), and AstraZeneca (AZN) also in the race.
Valuation Analysis
- Intrinsic Value: The intrinsic value of one PFE stock is estimated at $26.49 under the Base Case scenario, suggesting that the current market price of $29.01 indicates Pfizer is overvalued by 9%.