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“With Pfizer’s stock prices falling below $30, investors face a crucial question: Is it prudent to invest in Pfizer stock in 2024 considering its current performance? Before we delve into answering this question, let’s first gain a comprehensive understanding of Pfizer’s core operations and explore its potential stock outlook for 2024.
Pfizer Inc. is a multinational pharmaceutical powerhouse headquartered in New York City, United States. As one of the world’s largest pharmaceutical companies, Pfizer is renowned for its diverse portfolio of medications and vaccines. Founded in 1849 by cousins Charles Pfizer and Charles F. Erhart in Brooklyn, New York, Pfizer initially focused on fine chemicals before shifting its focus to pharmaceuticals.
Now, let’s delve into the Pfizer stock 2024 outlook and assess the factors influencing its investment potential.
Company Overview
- Products: Pfizer has a diverse portfolio of prescription medicines, vaccines, and consumer healthcare products. Some of its well-known products include Viagra (sildenafil), Lipitor (atorvastatin), Celebrex (celecoxib), and Prevnar 13 (pneumococcal 13-valent conjugate vaccine).
- Vaccines: Pfizer is notable for developing and manufacturing several important vaccines. In recent years, the company gained significant attention for its collaboration with BioNTech in developing one of the first COVID-19 vaccines to receive emergency use authorisation in many countries.
- Research and Development: Pfizer invests heavily in research and development (R&D) to discover and develop new medicines and treatments across various therapeutic areas such as oncology, immunology, cardiology, and rare diseases.
- Global Presence: Pfizer operates globally, with offices, manufacturing facilities, and research centers in multiple countries. Its products are distributed worldwide, contributing to its status as a major player in the pharmaceutical industry.
- Partnerships and Acquisitions: Pfizer has a history of strategic partnerships, collaborations, and acquisitions to strengthen its product pipeline and expand its market presence. Notable acquisitions include the purchase of Wyeth in 2009 and the merger with Allergan (subsequently terminated) in 2016.
Pfizer (PFE) Stock Overview
Pfizer (PFE) stock stock was quite stable during 2017-2019. Pfizer’s stock performance in 2021 was influenced by the ongoing global vaccination efforts against COVID-19. The Emergency Use Authorisation (EUA) and subsequent full approval of the Pfizer-BioNTech COVID-19 vaccine by regulatory agencies worldwide contributed to investor confidence and positively impacted the stock price. Resulting in stock price tanking to the all time high.
Pfizer (PFE) stock, peaked in December 2021, has now fallen for two years as the drugmaker looks for its next big break after developing the first Covid vaccine with Germany’s BioNTech (BNTX). On a bearish note, Pfizer projected a bad outlook for 2024 due to its expected and continuing declines for Covid vaccines. The company expects $58.5 billion to $61.5 billion in sales including from all its acquisitions.
Pfizer surprised analysts with a 10-cent-per-share profit in Q4, excluding certain items, reversing expectations of an 18-cent loss. This was due to better gross margins and reduced R&D spending, but earnings dropped 91% year over year.Q4 sales fell sharply by 41% to $14.25 billion, missing the expected $14.37 billion. Excluding Covid-related products like Comirnaty and Paxlovid, sales rose 8% operationally.Revenue from Comirnaty, Paxlovid, and Prevnar declined as projected. Sales from cancer drugs Ibrance and Xtandi also missed targets.
On the positive side, Eliquis and Vyndaqel sales exceeded expectations. Vyndaqel sales rose 41% to $961 million, and Eliquis brought in $1.61 billion, up 9%.Analysts forecast Q1 earnings of 54 cents per share and $14.43 billion in sales, marking a 56% earnings dive and a 21% sales drop.
Investors favour stocks with 20%-25% recent sales and earnings growth, which Pfizer lacks. Institutional investors, driving up to 70% of trades, prefer stocks with accelerating growth.
Assessing Pfizer’s Sales Trends and Pfizer Stock 2024 Outlook: Key Performers, Challenges, and Projections
In analyzing Pfizer’s sales performance leading to 2024, the company faced a notable downturn post its 2022 peak, witnessing a 42% sales drop to around $58.5 billion. Despite this decline, standout performers like Comirnaty and Paxlovid, though experiencing significant drops of 70% and 93% in sales, still generated $11.22 billion and $1.28 billion, respectively.
On a brighter note, Eliquis, a key blood thinner, demonstrated a positive trajectory with a 4% sales increase to $6.75 billion, while Prevnar sales also experienced a slight uptick to $6.44 billion.
However, challenges were evident in other key products such as Xeljanz, which saw a 5% revenue decrease to $1.7 billion, and Enbrel, with sales dropping by 17% to $830 million. It’s important to note that Pfizer markets Enbrel outside the U.S. and Canada.
Looking forward to Pfizer’s stock performance in 2024, the company anticipates adjusted earnings of $2.05 to $2.25 per share and sales ranging from $58.5 billion to $61.5 billion. These projections hint at a potential 17% increase in earnings and a 3% rise in sales at the midpoint, showcasing a cautiously optimistic Pfizer stock 2024 outlook.
Assessing Pfizer Stock Potential and Growth Outlook for Investors in 2024
Based on savvy rules of investing, PFE stock isn’t a buy right now for investors eyeing Pfizer stock in 2024. Pfizer’s stock still has to prove its fundamental and technical merit. Also, shares aren’t forming a chart pattern with a clear entry for investors, despite recently regaining ground and briefly retaking their 50-day line. Now, shares are below that ceiling.
It will be important to watch how Pfizer stock performs as the company shores up its pipeline and seeks new approvals in its efforts to move beyond the astronomical growth it saw at the height of the pandemic in 2022. Though it has a booster Covid shot, like rivals Moderna (MRNA) and Novavax (NVAX), analysts don’t expect sales to climb.
Instead, the Street is closely watching the adult RSV vaccine, which hit the market at the same time as a competitor from GSK. Pfizer’s efforts now that it owns Seagen could also be key to future growth for Pfizer stock in 2024.
Final Thoughts on Pfizer Stock 2024 Outlook: Key Insights for Investors
In conclusion, the assessment of Pfizer’s stock potential and growth outlook for investors in 2024 reveals a nuanced landscape. While current trends advise caution in buying PFE stock due to ongoing challenges in proving fundamental and technical merit, there are pivotal areas of interest for future growth in Pfizer stock 2024 outlook. Monitoring Pfizer’s stock performance amid strategic initiatives, such as enhancing its product pipeline, securing new approvals, and focusing on promising sectors like the adult RSV vaccine, will be vital. These endeavors, combined with potential advancements post the Seagen acquisition, could significantly impact Pfizer’s trajectory and make it a compelling consideration for investors navigating the dynamic market conditions of 2024.
