Pipeline Wins Needed To Build Confidence In Growth Recovery

研报英文原文证据摘录

Pipeline Wins Needed To Build Confidence In Growth Recovery

TD Cowen Pharmaceuticals/Major

Global Research

Pfizer

TD SECURITIES (USA) LLC

July 14, 2026

Price: $24.25 (07/14/2026) Pipeline Wins Needed To Build Confidence In

Price Target: $30.00 Growth Recovery

HOLD (2)

Steve Scala, R.Ph., CFA THE TD COWEN INSIGHT

617 946 3923

We forecast down sales/EPS in 2026-32 as LOEs pressure. Pfizer aspires to a high-single digit

stephen.scala@tdsecurities.com

2028-33 revenue CAGR, which implies $20-30B+ in incremental revenue by 2033. Pipeline

Michael Nedelcovych, Ph.D. wins or BD are needed to build confidence in this target. Key assets to watch: mevrometostat,

617 946 3744 atirmociclib, berobenatide once-monthly, IL-4/-13 trispecifics, and PCV-25.

michael.nedelcovych@tdsecurities.com

Chris LoBianco EPS Flat Or Declining In Most Years 2026-32

617 946 3734

In 2026-32, we forecast EPS growth of -7% to +2%, with EPS flat or declining in most years.chris.lobianco@tdsecurities.com

Over the same period, we forecast sales growth of -3% to flat as multiple U.S. LOEs are

Paul Kuhn, Ph.D. partially offset by contributions from launch products and pipeline. Our model assumes

646 562 1328

relatively stable GPM and limited OpEx margin erosion thanks to ongoing productivity

paul.kuhn@tdsecurities.com

initiatives. All told, we project 2025-32 sales and EPS CAGRs of -1% and -2%, respectively.

Key Data

LOE Pressure In 2027-28; Multiple Could Trough In H2:26, Re-Rate Thereafter

Symbol NYSE: PFE

Beta: 0.31 During 2027-28, we assume multiple U.S. LOEs will be a headwind to sales growth, most

52-Week Range: $28.55-$23.29 notably: (1) Ibrance (est. $2.6B U.S. sales in '26) and (2) Xtandi (est. $2.1B U.S. sales in '26)

Market Cap: $138.2B LOEs in 2027; and 3) Eliquis (est. $4.0B in U.S.