Posted 1/31/2024, 4:59:52 PM
Pfizer Stock Slumps Despite Leading Pharma Sales, But Pipeline and Deals Offer Growth After COVID Comedown
- Pfizer's stock price has fallen over 50% in the past 3 years despite becoming the largest global pharma by revenue in 2022
- Massive declines expected in 2023-24 revenues and profits due to falling COVID product sales after temporary pandemic boost
- However, strong performance of non-COVID products with 7% operational growth in 2023
- Potential for significant future growth from recent pipeline approvals and M&A deals funded by windfall COVID profits
- Contrarian view that COVID franchise has strengthened Pfizer long-term, but market unenthusiastic about 2024 guidance and prospects for share price recovery