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MarketScreener Homepage  >  Equities  >  Nyse  >  Pfizer    PFE

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Pfizer : Fitch Puts Pfizer on Watch Negative, Notes Leverage Increase

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06/19/2019 | 02:24pm EDT

By Michael Dabaie

Fitch Ratings said it placed Pfizer ratings on Rating Watch Negative.

Pfizer's proposed deal for Array BioPharma makes strategic sense, according to Fitch, increasing its presence in oncology. Pfizer this week agreed to buy Array for $10.64 billion in cash.

Fitch said it expects the acquisition will increase leverage, which is already currently stressed for Pfizer's current "A+" rating.

"The company continues to demonstrate little appetite for reducing leverage, despite the more tax-efficient access to its international cash generation provided by 2017 tax reform," Fitch said.

The ratings agency said it will resolve the Negaive Watch when the deal closes and it anticipates a one-notch downgrade of the Long-Term Issuer Default Rating to "A" is likely.

Write to Michael Dabaie at michael.dabaie@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
ARRAY BIOPHARMA INC 0.39% 46.82 Delayed Quote.227.30%
PFIZER 0.63% 43.09 Delayed Quote.-1.90%
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Financials (USD)
Sales 2019 53 448 M
EBIT 2019 19 420 M
Net income 2019 12 762 M
Debt 2019 25 930 M
Yield 2019 3,33%
P/E ratio 2019 18,0x
P/E ratio 2020 16,8x
EV / Sales2019 4,96x
EV / Sales2020 4,98x
Capitalization 239 B
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 47,23  $
Last Close Price 43,09  $
Spread / Highest target 27,6%
Spread / Average Target 9,61%
Spread / Lowest Target -4,85%
EPS Revisions
Managers
NameTitle
Albert Bourla Director, Chief Executive & Operating Officer
Ian C. Read Executive Chairman
Frank A. D'Amelio Chief Financial Officer & EVP-Business Operations
Freda C. Lewis-Hall Chief Medical Officer & Executive Vice President
W. Don Cornwell Independent Director
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