Script Growth Amid Falling Sales Is Vyndacation Of Tafamidis Pricing Erosion

研报英文原文证据摘录

Script Growth Amid Falling Sales Is Vyndacation Of Tafamidis Pricing Erosion

Pharmaceuticals (Major) & Large Cap Biotechnology

Pharmaceuticals - Major - Market Weight

PFIZER (PFE) May 26, 2026

Script Growth Amid Falling Sales Is Vyndacation Of Rating:

Tafamidis Pricing Erosion Underperform

Price:

$25.90

The Wolfe Byte Price Target:

Vynda scripts are growing, but net price is eroding faster. PFE script commentary $26

% Upside:points to a y/y price erosion of -16%/-20%/-18% for 3Q25/4Q25/1Q26. Our base 0.4%

case for 2026? Demand continues to decline while price erosion holds steady.

View PFE Model

Wolfe FY26 US sales $3.5B (cons $3.8B). View Comp Table

Company Information

Despite market leadership, emerging competition has led to pricing headwinds. 52-Week Range $23 - $29

Pfizer's (PFE) Vynda family has continued to grow in the US, driven by improved Market Cap. (MM) $147,616

diagnosis rates, strong commercial access, and favorable affordability dynamics. Enterprise Value (MM) $200,116 Shares Out. (MM) 5,699.4

However, the launch of BridgeBio's Attruby and Alnylam's Amvuttra (BBIO and ALNY Avg. Value Traded (MM) $578.81

covered by Andy Chen) have forced PFE to compete on GtN to maintain formulary Adj. Debt to Cap 44.7%

SI% of Float 2.5%

positioning. Medicare Part D Redesign has also contributed to pricing headwinds. FCF Yield (24.8)%

EV/ EBITDA 12.0x

Pricing cuts are outpacing demand growth. PFE told us y/y scripts grew +18% in Target Multiple NA

3Q25, +17% in 4Q25, and +12% in 1Q26. Using y/y sales declines (-1% in 3Q25, -7% Dividend Yield 6.6%

in 4Q25, and -8% in 1Q26), our math says ASP fell -16% in 3Q25, -20% in 4Q25, and Price Performance

-18% in 1Q26. See our calculations and complete assumptions in the full report. YTD LTM

PFE 3% 10%