Pfizer Inc

PFE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$46.00	Rcrk	Gpcpsrll

Pfizer Earnings: Cost-Cutting Remains on Track to Adapt to COVID-19 Product Sales Declines

Damien Conover

Jan 30, 2024

Pfizer reported fourth-quarter earnings ahead of our expectations, largely due to lower-than-expected research and development spending. However, we don’t expect this will continue, so there is no major impact to our fair value estimate. We view the stock as undervalued, with the market likely not fully appreciating the cost-cutting program, recently launched drugs, and the potential of Pfizer’s pipeline, which are key factors that support its moat.

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