Pfizer: Washed-Out And On The Verge Of A Huge Turnaround
Management updated investors in a conference call yesterday as it elaborated on the critical aspects of its COVID franchise and cost-cutting programs. While Pfizer is expected to incur one-time restructuring charges of about $3B, it has also identified cost savings of approximately $3.5B through 2024. In addition, Pfizer expects the Seagen acquisition to be unaffected by the recent guidance change as Pfizer looks to shake off the COVID growth headwinds. Notwithstanding the near-term hit, Pfizer is optimistic about the long-term opportunities for its COVID franchise as it moves into the commercial market. As such, management remains confident about its $30B long-term outlook as Pfizer looks to increase its vaccination rates in line with the annual