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Investment Idea: Pfizer

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Investment Idea: Pfizer

  • The company estimates that it needs only around 40% of its non-risk-adjusted projected pipeline revenue to accomplish its 6% annual growth objective, which provides some comfort even if there are clinical trial setbacks. However, with another major patent expiration cycle around FY25, we see Pfizer's share upside tied to pipeline success.
  • Several early trials will guide to the extent to which it needs to replenish its pipeline with mergers and acquisitions.
  • On a forward P:E basis, the share now trades at 15.1 times, a 13.3% premium to its historical average, and a 16.9% premium to its FactSet peers.
  • At current prices, we feel the share is fairly valued.
  • For more information about this counter, please contact your PSG Wealth adviser.
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