HALISTER1: Pfizer Indicated Higher After BMO Upgrade On Pipeline Potential

Pfizer Indicated Higher After BMO Upgrade On Pipeline Potential

(Bloomberg) -- Pfizer indicated $32.95-$32.98 pre-market on ~12k volume vs $32.76 close after BMO analyst Alex Arfaei upgraded to outperform from market perform, PT $37 from $33.
  • Expects incrementally positive updates on PFE’s pipeline in the next few years that could "gradually change the narrative" on R&D productivity and M&A dependency
  • Co. appears to have a number of potential blockbuster growth opportunities, and does not expect significant impact from loss of exclusivity from 2020-2025
  • Drugmaker seems poised for several years of ~2%-3% rev. growth, which along with margin expansion, should lead to high- single-digit EPS growth
  • Says large-scale M&A remains a possibility
  • NOTE: August 1, Pfizer Full Year Adjusted EPS Forecast Midpoint Tops Estimates
    • Related: Pfizer CEO Read Dashes Hopes for Big M&A in Near Future
To contact the reporter on this story: Tatiana Darie in New York at tdarie1@bloomberg.net To contact the editors responsible for this story: Arie Shapira at ashapira3@bloomberg.net Richard Richtmyer

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
PFE US (Pfizer Inc)

People
Alex Arfaei (Bank of Montreal)
Ian C Read (Pfizer Inc)

Topics
May Move Equities

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