Zinger Key Points
- Goldman Sachs projects Pfizer’s 2025 EPS at $3.13, beating consensus of $2.89.
- Paxlovid sales expected to reach $4.3 billion vs. consensus of $3.7 billion; Vyndaqel forecast misses.
Pfizer Inc. PFE will conduct an investor call on Tuesday to provide full-year 2025 financial guidance.
Ahead of the call, Goldman Sachs has outlined its expectations for the guide and commentary on the upcoming year.
The analyst anticipates that Pfizer’s management will guide to EPS in the mid-to-high $2 range with core business growth offset by the $0.30 in favorable but non-recurring items during 2024.
Pfizer highlighted several factors affecting its 2024 EPS that won’t carry over to 2025.
The 2024 EPS includes one-time boosts: a $1.2 billion benefit from Paxlovid stockpiling and a U.S. government true-up and equity income from its stake in Haleon Plc HLN. However, Haleon income will not appear in 2025, as Pfizer’s ownership in Haleon is dropping below 20%.
Goldman forecasts for 2025 revenues of $64.9 billion and EPS of $3.13, which compares to consensus estimates of $63.2 billion and $2.89, respectively.
Goldman Sachs notes that the impact of the IRA Part D redesign will likely be addressed in the company’s 2025 guidance. However, the analyst does not expect the details to be broken down by individual products but instead based on the overall commercial portfolio.
The analyst expects Paxlovid sales of $4.3 billion vs. consensus of $3.7 billion, though slightly more conservative on Vyndaqel sales of $5.9 billion vs. consensus of $6.2 billion.
Year-to-date, Eliquis has performed well, showing 12% growth thanks to market expansion and increased market share. This growth has been supported by Pfizer’s commercial team and boosted by Part D catastrophic coverage in 2024.
Looking ahead to 2025, Pfizer expects continued growth opportunities driven by market expansion and the potential for further share gains.
“We highlight dynamics across key topics and frame potential points of discussion with potential read-across beyond Pfizer specifically, noting that they are the only large cap pharma company in our coverage that we expect to opine on 2025 ahead of the new year,” Goldman analyst writes.
Price Action: PFE stock is down 0.39% at $25.48 at last check Monday.
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