Daiwa Downgrades Pfizer (PFE) to Neutral Following Full-Year 2025 Earnings

Group 1 - Pfizer Inc. reported Q4 2025 earnings with revenue of $17.6 billion and EPS of $0.66, exceeding expectations, while Bernstein maintained a Market Perform rating and a price target of $30 [1] - The company raised its 2025 EPS guidance to $3.22, but Bernstein remains cautious as Pfizer is in a transitional period [1][3] - Pfizer's long-term valuation is closely linked to the outcomes of significant investments and clinical milestones in the upcoming year [3] Group 2 - Bernstein emphasized that 2026 will be a critical year for Pfizer, with the market monitoring its clinical development progress and key decisions on dosing, frequency, and trial design [2] - The FDA granted Priority Review for Pfizer's sBLA for HYMPAVZI, which seeks to expand its indication for hemophilia A or B patients aged 6 and older with inhibitors, and for pediatric patients aged 6 to 11 without inhibitors [4]