Pfizer(US:PFE) Ping An Securities·2025-03-09 13:25Investment Rating - The industry investment rating is "Outperform the Market" [33] Core Views - Pfizer's oncology segment has become the fastest-growing segment, driving revenue growth, with the Nectin-4 ADC drug Padcev showing remarkable performance [4][15] - In 2024, Pfizer achieved revenue of $63.63 billion, a 7% year-on-year increase, and a net profit of $8.03 billion, up 279% [4][7] - The company expects global sales in 2025 to be between $61 billion and $64 billion [24][25] Summary by Sections Part 1: 2024 Financial Overview and Key Events - Pfizer's total revenue in 2024 was $63.63 billion, a 7% increase from the previous year, with a net profit of $8.03 billion [4][7] - The oncology business generated $15.61 billion in revenue, a 25% increase year-on-year, making it a key growth driver [4][15] Part 2: Core Product Sales Analysis - Padcev (Nectin-4 ADC) generated $1.588 billion in revenue, a staggering increase of 2896% due to expanded indications and effective combination therapy [4][15] - Other notable products include Adcetris (CD30 ADC) with $1.089 billion in revenue (+1845%) and Tukysa (HER2 inhibitor) with $480 million (+2567%) [4][15] Part 3: 2025 Pipeline Milestones - Pfizer anticipates 4 regulatory decisions, 9 Phase III data readouts, and 13 key project initiations in 2025 [20][22] Part 4: 2025 Financial Outlook - The projected global sales for 2025 are between $61 billion and $64 billion, with adjusted R&D expenses expected to be between $10.7 billion and $11.7 billion [24][25] Part 5: Investment Recommendations - The report recommends focusing on domestic companies involved in Nectin-4 ADC, such as Maiwei Biotech, Kelun-Botai, and Hengrui Medicine [28]