Pfizer shares downgraded as patent expirations loom
Pfizer Inc. shares (PFE) were downgraded to market perform from outperform at TD Cowen on Thursday, as analysts see upcoming patent expirations and shaky confidence in the drugmaker's management clouding the outlook. Despite a brutal 2023, when the stock dropped more than 40%, it's "tough to pound the table even from these levels," the analysts wrote, adding that expected strong earnings growth through 2026 will be weighed down longer term by losses of market exclusivity on key drugs like the blood thinner Eliquis and breast cancer treatment Ibrance. The analysts said their confidence in Pfizer management is "not the highest," noting that much of the company's recent guidance has proven overly optimistic and decisions to divest assets through Roivant Sciences Ltd. (ROIV) and Cerevel Therapeutics Holdings Inc. (CERE) look questionable given the values placed on those assets by competitors. Pfizer shares fell 0.2% premarket on Thursday and are down 40.7% over the past 12 months, while the S&P 500 has gained 22%.
-Eleanor Laise
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
01-04-24 0843ET
Copyright (c) 2024 Dow Jones & Company, Inc.-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Q4 Stock Market Outlook: Where We See Opportunities for Investors
-
Markets Brief: Non-Farm Payrolls in the Spotlight Again
-
6 Top-Performing Large-Growth Funds
-
What’s the Difference Between the CPI and PCE Indexes?
-
10 Top-Performing Dividend Stocks of Q3 2024
-
33 Undervalued Stocks
-
Communication Services: Cable’s Broadband Dominance Isn’t as Strong as It Once Was
-
Technology: Strength Continues, With Software Presenting the Best Buying Opportunities
-
Best- and Worst-Performing Stocks of Q3 2024
-
Top Stocks to Own From the Best Fund Managers
-
2 Cheap Stocks Top Managers Have Been Buying
-
The 10 Best Companies to Invest in Now