Pfizer (NYSE:PFE) shares are inching upward today after the healthcare giant posted a largely anticipated 54% drop in its second quarter top line owing to falling sales of COVID-19 products Paxlovid and Comirnaty. At $12.7 billion, its Q2 revenue missed estimates by $700 million. EPS at $0.67, on the other hand, landed past expectations by $0.10.
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Excluding Paxlovid and Comirnaty, the company’s second-quarter revenue rose by 5% on the back of gains from Nurtec/Vydura, Oxbryta, and the Vyndaqel family of products.
Importantly, Pfizer is aiming to launch 19 new products and indications in a period of 18 months and has already executed 11 launches so far. Additionally, its clinical pipeline promises significant growth beginning in 2025 with marstacimab in hemophilia A or B, and elranatamab in multiple myeloma.
Looking ahead, for full-year 2023, Pfizer now expects revenue to hover between $67 billion and $70 billion (prior outlook between $67 billion and $71 billion). EPS for the year is anticipated to land between $3.25 and $3.45.
Overall, the Street has a $46 consensus price target on Pfizer alongside a Moderate Buy consensus rating. This points to a hefty 26.4% potential upside in the stock.
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