Pfizer Exceeds Q1 Expectations with Strong Earnings and Raises 2024 Guidance: A Buy Rating by Evan Seigerman

Evan Seigerman, an analyst from BMO Capital, assigned the Buy rating on Pfizer (PFE – Research Report). The associated price target is $33.00.

Evan Seigerman has given his Buy rating due to a combination of factors including Pfizer’s strong performance in the first quarter of 2024, which surpassed expectations in both revenue and earnings per share. The company’s top-line revenue of $14.9 billion exceeded the consensus of $13.9 billion, and the bottom-line earnings of $0.82 per share were significantly higher than the consensus estimate of $0.51 per share. Additionally, Pfizer raised its full-year 2024 earnings guidance, reflecting a positive outlook for the year ahead.
Supporting this optimistic stance, Seigerman acknowledges the effective cost-saving measures that Pfizer is implementing, with anticipated savings of $4 billion by the end of 2024. The successful integration of Seagen and the promising growth from Pfizer’s oncology segment further bolster the company’s financial prospects. Seigerman also notes that the market is responding well to these developments, as evidenced by the pre-market share increase. The strategic acquisitions made using the profits generated from COVID-related products are expected to significantly enhance Pfizer’s pipeline, indicating potential for sustained growth and margin expansion in comparison to its U.S. BioPharma peers.

In another report released today, Goldman Sachs also maintained a Buy rating on the stock with a $31.00 price target.

PFE’s price has also changed moderately for the past six months – from $30.510 to $27.180, which is a -10.91% drop .

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Pfizer (PFE) Company Description:

Pfizer Inc. develops, manufactures and sells healthcare products, including innovative medicines and vaccines. Its key focus areas include oncology, inflammation & immunology, rare disease, vaccines and internal medicine. The company was founded by Charles Pfizer Sr. and Charles Erhart in 1849 and is headquartered in New York, NY.