Pfizer Inc

Pfizer had a strong start to Q1 and managed an all-around beat. The company’s non-COVID revenues increased 5% operationally compared to the previous quarter, while overall revenues decreased 26% due to a previously stated and expected reduction in Comirnaty sales. Despite the decrease in Comirnaty, Pfizer’s COVID franchises continued to be a substantial contributor to the business, with a combined $7.1 billion in revenue during the quarter. This expansion was primarily driven by recently acquired products, including Nurtec for migraine and Oxbryta for sickle cell disease, as well as the anti-infective Sulperazon, Eliquis, and Vyndaqel family of products for the treatment of transthyretin amyloid cardiomyopathy. The company also had a positive patient impact. Their medicines and vaccines were used to treat more than 250 million patients during the first quarter. Additionally, based on the TALAPRO-2 results, the European Medicines Agency accepted Pfizer’s MAA filing for Talzenna review for use along with Xtandi for patients with newly diagnosed metastatic castration-resistant prostate cancer and the US Food & Drug Administration had granted priority review. Pfizer’s major therapeutic focus is still oncology, and the company thinks the proposed acquisition of Seagen will strengthen its position in this crucial market. We give Pfizer Inc. a ‘Buy’ rating with a revised target price.