PFE has beaten analyst estimate both top- and bottom line. The firm has also raised its full-year guidance. Investors have not taken the earnings news too positively, however, because significant portion of the growth has been driven by Covid-19 related products or non-recurring items. Based on a single stage dividend discount model and a set of traditional price multiples, PFE appears to be undervalued.
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Pfizer scored a double beat on revenue and adjusted EPS, bolstered by the surprising performance of its COVID franchise. Despite that, the lukewarm post-earnings response suggests Pfizer needs to flex its muscles on its ex-COVID growth optionalities. PFE has likely moved past its long-term lows in early 2024, underscoring the market's conviction that the worst is over.
After Pfizer (PFE) posted a third quarter earnings beat and raised its full-year guidance, CEO Albert Bourla joins Market Domination to discuss the "exceptional quarter." Bourla notes that Pfizer in addition to earnings and revenue, the company's COVID and non-COVID businesses also topped expectations.
Pfizer's dividends should keep flowing and growing.
Pfizer Inc (NYSE:PFE, ETR:PFE)'s reliance on a rebound in demand for Covid-19 products in expectation-beating third-quarter results likely hit sentiment, according to Bank of America analysts. Though the drug maker hiked guidance on better-than-estimated revenue on Tuesday, shares fell by 1.8% following the results.
Throughout the Q3 reporting cycle, several companies, including Pfizer, Philip Morris, and Tenet Healthcare, have stolen the spotlight, with each raising guidance.
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The specter of an activist investor looms over the company.
In a Tuesday interview with CNBC's Jim Cramer, Pfizer CEO Albert Bourla struck a positive tone about activist investor Starboard Value, saying he agreed with some of its criticisms, but maintained that the company is headed in a good direction. "I think we are doing a lot of changes.
Pfizer, Inc. (NYSE:PFE ) Q3 2024 Earnings Conference Call October 29, 2024 10:00 AM ET Company Participants Francesca DeMartino - Chief Investor Relations Officer & SVP Albert Bourla - Chairman & CEO Dave Denton - CFO Mikael Dolsten - Chief Scientific Officer and President of Research & Development Chris Boshoff - EVP & Chief Oncology Officer Alexandre de Germay - EVP & Chief International Commercial Officer Conference Call Participants Chris Shibutani - Goldman Sachs Kripa Devarakonda - Truist Umer Raffat - Evercore Trung Huynh - UBS Louise Chen - Cantor Geoff Meacham - Citi Terence Flynn - Morgan Stanley Evan Seigerman - BMO Capital Markets Courtney Breen - Bernstein Steve Scala - TD Cowen Rajesh Kumar - HSBC Akash Tewari - Jefferies Vamil Divan - Guggenheim Securities Dave Risinger - Leerink Partners Chris Schott - JPMorgan Mohit Bansal - Wells Fargo Operator Good day, everyone, and welcome to Pfizer's Third Quarter 2024 Earnings Conference Call. Today's call is being recorded.
Pfizer shares have performed abysmally in recent years, as the company has failed to win investor confidence ahead of a wave of patent expirations coming by the end of the decade.