Pfizer Inc (PFE)

[BottomBounce]

Pfizer $PFE CFRA KEEPS BUY OPINION ON SHARES OF PFIZER INC. Following solid Q1 results, we lift our price target by $2 to $45, 12.9x our 2022 EPS estimate, in line with PFE's 10-year historical forward P/E average. We lift our '21 EPS by $0.56 to $3.82, which stands above the new guidance range. We lift our 2022 EPS estimate by $0.18 to $3.50. Q1 EPS of $0.93 vs. $0.63 (+47% Y/Y) was $0.12 above our estimate and $0.15 above the consensus. Q1 sales of $14.6B, up a robust 45% Y/Y, was a strong consensus beat by $960M. Covid-19 vaccine sales had a significant contribution by $3.5B to the top-line (21% of total sales) combined with solid performance from key drugs Eliquis (+25%), Vyndaqel/Vyndamax (+88%) and Xeljanz (+28%). We initially estimated PFE to generate around $20B in sales from the Covid-19 vaccine in 2021, which was $5B higher than previous guidance. With the updated guidance today to $26B in sales for 2021, which we find conservative given the strong global demand, we raise our 2021 our total revenue forecast to $73.2B, pointing to a 75% Y/Y growth.