Financials Pfizer, Inc.

Equities

PFE

US7170811035

Pharmaceuticals

Real-time Estimate Cboe BZX Other stock markets 10:32:46 2023-11-29 am EST			5-day change	1st Jan Change
30.17 ^USD	+1.60%		-0.71%	-41.25%

11:42am	Hisun Pharmaceutical's Unit Gets Import Drug Certificate for Methylprednisolone Tablets	MT
Nov. 28	Pfizer disappointed in RSV shot's market share, CFO says	RE

Valuation

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	252 318	216 827	204 605	331 440	287 626	167 642	-	-
Enterprise Value (EV) ¹	275 225	259 147	232 220	338 807	300 723	189 235	181 792	176 955
P/E ratio	23,3x	13,7x	21,5x	15,3x	9,37x	39,2x	11,2x	9,77x
Yield	3,12%	3,68%	4,13%	2,64%	3,14%	5,62%	5,63%	5,89%
Capitalization / Revenue	4,70x	4,19x	4,88x	4,08x	2,87x	2,83x	2,65x	2,57x
EV / Revenue	5,13x	5,01x	5,54x	4,17x	3,00x	3,20x	2,87x	2,71x
EV / EBITDA	12,6x	12,3x	13,0x	13,3x	7,10x	17,5x	7,99x	7,20x
EV / FCF	20,0x	24,9x	19,1x	11,3x	11,6x	16,7x	10,0x	9,71x
FCF Yield	5,01%	4,02%	5,23%	8,82%	8,66%	5,97%	9,96%	10,3%
Price to Book	3,94x	3,43x	3,24x	4,30x	3,00x	1,86x	1,85x	1,79x
Nbr of stocks (in thousands)	5 780 475	5 534 122	5 558 397	5 612 867	5 613 315	5 646 413	-	-
Reference price ²	43,7	39,2	36,8	59,1	51,2	29,7	29,7	29,7
Announcement Date	29/01/19	28/01/20	02/02/21	08/02/22	31/01/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	53 647	51 750	41 908	81 288	100 330	59 141	63 300	65 240
EBITDA ¹	21 814	21 097	17 801	25 426	42 336	10 841	22 750	24 585
EBIT ¹	20 042	19 420	13 024	20 235	37 272	8 560	21 268	23 668
Operating Margin	37,4%	37,5%	31,1%	24,9%	37,1%	14,5%	33,6%	36,3%
Earnings before Tax (EBT) ¹	11 885	17 682	7 497	24 311	34 729	2 212	15 378	17 007
Net income ¹	11 153	16 273	9 616	21 979	31 372	3 274	13 299	14 695
Net margin	20,8%	31,4%	22,9%	27,0%	31,3%	5,54%	21,0%	22,5%
EPS ²	1,87	2,87	1,71	3,85	5,47	0,76	2,64	3,04
Free Cash Flow ¹	13 785	10 412	12 151	29 869	26 031	11 306	18 108	18 228
FCF margin	25,7%	20,1%	29,0%	36,7%	25,9%	19,1%	28,6%	27,9%
FCF Conversion (EBITDA)	63,2%	49,4%	68,3%	117%	61,5%	104%	79,6%	74,1%
FCF Conversion (Net income)	124%	64,0%	126%	136%	83,0%	345%	136%	124%
Dividend per Share ²	1,36	1,44	1,52	1,56	1,61	1,67	1,67	1,75
Announcement Date	29/01/19	28/01/20	02/02/21	08/02/22	31/01/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : December	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	18 977	24 094	23 838	25 661	27 742	22 638	24 290	18 282	12 734	13 232	14 300	15 443	13 509	14 889	17 759
EBITDA ¹	8 243	9 876	4 403	11 135	13 583	10 325	6 772	7 857	4 925	-1 244	-1 178	-	-	-	-
EBIT ¹	6 746	8 516	3 126	9 948	12 408	9 142	5 253	6 370	3 319	-1 625	-949	5 076	3 895	4 551	4 613
Operating Margin	35,5%	35,3%	13,1%	38,8%	44,7%	40,4%	21,6%	34,8%	26,1%	-12,3%	-6,64%	32,9%	28,8%	30,6%	26,0%
Earnings before Tax (EBT) ¹	-	-	-	9 050	-	-	5 231	-	-	-3 352	-3 139	-	-	-	-
Net income ¹	5 563	8 146	3 393	7 864	9 906	8 608	4 995	5 543	2 327	-2 382	-2 249	-	-	-	-
Net margin	29,3%	33,8%	14,2%	30,6%	35,7%	38,0%	20,6%	30,3%	18,3%	-18,0%	-15,7%	-	-	-	-
EPS ²	0,98	1,42	0,59	1,37	1,73	1,51	0,87	0,97	0,41	-0,42	-0,40	-	-	-	-
Dividend per Share ²	0,39	0,39	0,39	0,40	0,40	0,40	0,41	0,41	0,41	0,41	0,41	0,42	0,42	0,42	0,42
Announcement Date	28/07/21	02/11/21	08/02/22	03/05/22	28/07/22	01/11/22	31/01/23	02/05/23	01/08/23	31/10/23	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	22 907	42 320	27 615	7 367	13 097	21 593	14 150	9 313
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1,05x	2,01x	1,55x	0,29x	0,31x	1,99x	0,62x	0,38x
Free Cash Flow ¹	13 785	10 412	12 151	29 869	26 031	11 306	18 108	18 228
ROE (net income / shareholders' equity)	16,6%	25,7%	15,2%	31,3%	43,5%	9,07%	14,6%	17,3%
Shareholders' equity ¹	67 357	63 275	63 180	70 220	72 106	36 093	91 049	84 871
ROA (Net income/ Total Assets)	6,73%	9,96%	5,98%	13,1%	19,9%	3,92%	7,20%	8,10%
Assets ¹	165 609	163 456	160 910	167 853	157 490	83 554	184 703	181 424
Book Value Per Share ²	11,1	11,4	11,4	13,7	17,1	16,0	16,1	16,6
Cash Flow per Share ²	2,65	2,22	2,56	5,71	5,11	2,72	3,11	3,33
Capex ¹	2 042	2 176	2 252	2 711	3 236	3 111	2 711	2 773
Capex / CA	3,81%	4,20%	5,37%	3,34%	3,23%	5,26%	4,28%	4,25%
Announcement Date	29/01/19	28/01/20	02/02/21	08/02/22	31/01/23	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Pfizer, Inc.

Trading Rating :

Investor Rating :

ESG Refinitiv :

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

29.69USD

Average target price

40.55USD

Spread / Average Target

+36.58%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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