PFE: Upgrade to Sector Perform: Risk/reward now more balanced

研报英文原文证据摘录

PFE: Upgrade to Sector Perform: Risk/reward now more balanced

Ops Diluted

for the year. In the mid-term, the settlement of the Vyndaqel case should 2025 0.92A 0.78A 0.87A 0.66A

2026 0.75A 0.67E 0.75E 0.74E lead to "relatively stable" revenues between now and Vynda's LOE, but the

company still has the slowest growth profile in our universe with question Revenue: in millions

marks around when the company can return to growth post-LOEs in 2028. EPS,All valuesOps Diluted:in USD unlessNon GAAPotherwise noted.

Priced as of prior trading day's market close, EST (unless otherwise noted).

SV and mevro the next key catalysts: With valuation in a better place, we

think the risk/reward is heading into a catalyst rich period of SV and mevro

which is much more fair. We believe recent changes to SV ph3 2L+ NSQ

NSCLC (Be6A-Lung-01) gives the study a better chance than the original

protocol with full alpha spend on OS, and we are somewhat comforted

that the event rate is tracking in line with company expectations. We

forecast a 60% PoS on peak sales of $1.2bn. For mevro, a EZH2 inhibitor,

the company remains confident in the ph3 MEVPRO program and, when

combined with Xtandi, can become the new SoC in mCRPC. Data from

mevro-1/2 is expected 2H26. We forecast a 60% PoS on peak sales of

$2.7bn.

Obesity phase 2 played out as expected; but phase 3 execution risk

remains: Berobenatide VESPER data met our modest expectations; efficacy

showed limited differentiation versus competitors while safety/tolerability

at the monthly dose was less compelling vs. weekly and current marketed

products. Higher dosing may improve efficacy, but we could see trade offs

on tolerability with the complex titration protocol in ph3 creating execution

risk relative to simpler regimens already marketed.