Pfizer Inc PFE reported first-quarter earnings Wednesday with adjusted EPS of 82 cents. That’s down 33% year-over-year, beating the consensus of 54 cents.
The New York-based firm witnessed a big lower in Comirnaty and Paxlovid revenues globally and an unfavorable affect of international alternate of $107 million, or 1%.
The U.S. drugmaker reported gross sales of $14.9 billion, down 20%, beating the consensus of $14.2 billion.
- Goldman Sachs maintains the Purchase ranking with a value goal of $31.
- BMO Capital raises the value goal from $33 to $36 and reiterates the Outperform ranking
- Financial institution of America Securities maintains a Impartial ranking with a value goal of $35.
Goldman Sachs: Pfizer shares outperformed after the earnings and interprets the Paxlovid beat with out a top-line income steerage increase as aligning with the administration’s tone concerning the ‘cautious optimism’ near-term outlook.
Takeaways embody: Padcev impressed, Prevnar didn’t disappoint, and Vindaqel additionally delivered.
In distinction, business execution with Nurtec and Oxbryta stays a piece in progress. Goldman additionally highlights Abrysvo (RSV), the place upcoming information (2-year) and potential label growth are elementary catalysts.
BMO Capital: Pfizer’s earnings name was marked by renewed focus (oncology, RSV, hematology). This might lastly be the pivot traders have been ready for, “not as a result of it eliminates challenges, however as a result of it disarms them.”
BMO expects margin enchancment, giving steerage that displays well-managed expectations with room for upside on the highest and backside traces.
BofA Securities: The agency stays centered on Pfizer’s six new product launches (Nurtec/Vydura, Oxbryta, Abrysvo, Elrexfio, Velsipity, and Litfulo) and two label expansions (Padcev in 1L bladder most cancers and Xtandi in nmCSPC with higher-risk BCR).
At present, there’s evident development stemming from the label expansions with Padcev, the BofA analyst writes.
In keeping with first-quarter discussions, it’s unsure when different essential merchandise will expertise a big change in 2024. That’s primarily resulting from challenges associated to reimbursement and entry.
Value Motion: PFE shares are up 2.15% at $27.77 ultimately examine Thursday.
Now Learn: Pfizer Sees Much less Income From Covid-19 Remedies, Inventory Faces Headwinds Forward Of Q1 Earnings
