PFE: Takeaways from the pre-Q2 call

研报英文原文证据摘录

PFE: Takeaways from the pre-Q2 call

USA | Large Cap Pharma

Pfizer EquityJulyResearch2, 2026

FLASH NOTEPFE: Takeaways from the pre-Q2 call

We caught up with PFE IR ahead of Q2 earnings. Here are our takeaways from RATING BUY

the call: PRICE $23.88^

PRICE TARGET | % TO PT $34.00 | +42%

Q2 YoY product dynamics: Q2'25 had one-time items that are impt to consider when looking at 52W HIGH-LOW $28.75 - $23.11

YoY changes for Q2'26. These include: a) legacy SGEN products reporting 2-3wks favorable sales FLOAT (%) | ADV MM (USD) 99.3% | 1,040.29

benefits from a transition to wholesale distributor model, b) one-time adjustments on Paxlovid,

MARKET CAP $136.9B

Xeljanz, Abrysvo, etc.

TICKER PFE

Guidance & dividend: PFE pointed to its June 18 10-K, which reiterated FY'26 guidance, and last ^Prior trading day's closing price unless otherwise

noted.

week's dividend release, which reaffirmed its commitment to maintaining & longer term growing the

dividend as part of capital allocation strategy. Specifically, co outlined its capital allocation priorities

as: 1) protect the dividend, 2) maintain net leverage, 3) pursue BD opportunities, 4) share buybacks

(which remain de-prioritized & aren't currently being executed).

Innovent: Transaction is expected to close in Q3'26 w/ $650M upfront milestone to be booked as

acquired IPR&D at close. PFE will provide more updates re: deal impact to guide on Q2'26 EPS call.

COVID/Paxlovid: Co highlighted low COVID incidence rates in early '26. PFE flagged that cons

Paxlovid revs have a wide variance, but continues to expect COVID revs to be back-half-weighted.

Xeljanz and Xtandi LOE dynamics: As Xeljanz's US patent expired in early June '26, PFE noted

Q2'26 will reflect ~1 mo post-LOE impact. On Xtandi, co pointed to Astellas commentary that post