Pfizer Inc. (PFE) – Strong financial performance ex-COVID products

Pfizer Inc. (PFE) (Q2FY23)

Stock Performance – Pfizer’s stock price showed a volatile trend in the past 3 months. It declined by 7.43% during the period. The stock price declined by 21.71% in the past 1 year. The stock has a 52-week high of $54.93 and its 52-week low is $34.66.

In the past 3 years, the stock has given returns of 3.81%. PFE has a 50-day moving Avg. and 200-day moving Avg. of $36.15 and $41.44, respectively.

Quarter Performance: PFE revenues decreased $15bn, or 54%, in the second quarter of 2023 to $12.7bn from $27.7bn in the second quarter of 2022, reflecting an operational decrease of $14.7bn, or 53%, as well as an unfavorable impact of foreign exchange of $283mn, or 1%. The operational decrease was primarily driven by declines in Paxlovid and Comirnaty.

Company Guidance for FY23 – Pfizer expect revenue of $67 to $70bn for FY23. It anticipate Adjusted Cost of Sales as a Percentage of Revenues of 28.0% to 30.0%. Adjusted SI&A Expenses of $13.8 to $14.8bn, Adjusted R&D Expenses of $12.4 to $13.4bn, Acquired IPR&D Expenses of ~$0.1bn.

The company expect Adjusted Other (Income)/Deductions of ~$1.5bn of income, Effective Tax Rate on Adjusted Income of ~15%, and Adjusted Diluted EPS of $3.25 to $3.45.

Highlights

The company has established a strategic focus on growing its leadership position in the field of blood cancers. The company’s referred to as “ELREXFIO” has the potential to play a central role in this strategy by anchoring the franchise.

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Highlights

Valuation

– Enterprise Value
– CrispIdea Forecast
– CrispIdea Segment Forecast
– Drug Sales (Actual)
– Drug Sales (Forecasted)
– Economic Value Added Analysis
– Discounted Cash Flow Analysis.
– P/E Analysis
– Peer Valuation
– CrispIdea Forecast Relative to Consensus
– Consensus History and Surprise
– Consensus Momentum

Actual & Historical Performance

– Income Statement
– Balance Sheet
– Cash Flow
– 10 Year Historical Performance
– Ratio Analysis
– Du Pont Analysis
– ROIC & ROCE Analysis
– Segment Performance
– Key Developments
– M&A Deals

Peer Performance

– Summary
– Profitability
– Growth
– Price Performance

Ownership

Stock Price Performance

Crispidea Coverage

No of Pages: 41

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