PFE: Our Expectations for the MEVPRO-1 (EZH2) Readout

研报英文原文证据摘录

PFE: Our Expectations for the MEVPRO-1 (EZH2) Readout

Equity Research

Company Update — June 11, 2026

Large Cap Pharmaceuticals

Pfizer Inc.

Our Expectations for the MEVPRO-1 (EZH2) Readout Equal Weight

Price Target: $28.00

Our Call Ticker PFE

Upside/(Downside) to Target 9.4%

This morning, we published our MEVPRO-1 deep dive, a key catalyst for PFE in 2H'26. We

see >50% probability of success in this setting but note potential readthrough to earlier Price (06/10/2026) $25.60

line studies could be limited. We see 5% up/down into data. 52 Week Range $23.11 - 28.74

Market Cap (MM) $146,714

MEVPRO-1 represents a key catalyst and is essential to fill PFE's upcoming LOE gap. Enterprise Value (MM) $198,094

With Xtandi losing exclusivity in 2027, Mevrometostat is seen as replacement. Therefore, Average Daily Value (MM) $938

upcoming MEVPRO-1 trial in post-abiraterone prostate cancer (second line) setting is Dividend Yield 6.6%

important. Some investors believe the opportunity could even exceed Xtandi as Mevro

moves in earlier lines. Based on our deep dive, we see a >50% probability of success for the $ (Dec) Q1 Q2 Q3 Q4 FY

upcoming MEVPRO-1 readout in 2H'26. EPS

2026E 0.75 A 0.73 E 0.91 E 0.59 E 2.98 E

What's "good" look like for MEVPRO-1? The bar is higher than simply hitting stats. 2027E 0.66 E 0.69 E 0.86 E 0.64 E 2.86 E

KOLs indicate a rPFS of ≥10mos for Mevro, implying an HR (hazard ratio) of 0.65-0.70, Source: Company Data, Wells Fargo Securities estimates, and Factset.

is needed to support meaningful future utilization. This aligns with street expectations NA = Not Available, NC = No Change, NE = No Estimate

and our base case. While a more modest efficacy benefit could still support uptake if

tolerability is improved vs.