Analysts expect Pfizer shares to rise as high as $45
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Shares of biopharmaceutical giant $Pfizer(PFE)$ will rise about 75% over the next few quarters and surpass $45, according to Cantor Fitzgerald, a analyst from Louise Chen, based on his bullish outlook for the company's transformation. That's a shift in revenue from reliance on COVID-19 drugs like Paxlovid and Comirnaty to cancer treatments.
With the oncology pipeline starting to take off, is Pfizer a good buy at around $26 a share?
The new strategy is going very well. Pfizer's strategic plan to become a leader in the cancer drug market is no joke.
The company currently has 17 cancer programs in Phase 3 clinical trials or awaiting regulatory approval from FDA. This year, two product candidates are expected to be approved for market, two more research and development programs will release blockbuster data, and up to eight preliminary clinical trials in oncology will be initiated. It is no exaggeration to say that this R&D density is quite high, which also provides a lot of potential upside catalysts for the stock.
According to the company's management forecast, Pfizer's operating income will grow by up to 10% in 2024 (excluding revenue from COVID-19 products). By 2030, the company plans to add about $45 billion in revenue through acquisitions and its research and development pipeline.
At the peak of the pandemic revenue in 2022, the new coronavirus drugs brought more than $100 billion in revenue to the company. But after that, Pfizer's ability to turn the ship around quickly is surprising.
If things go as planned, the company will have successfully transformed its business and product portfolio by 2030, generating significant returns for shareholders in the process.
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