Pfizer(US:PFE) 美股IPO·2025-08-06 13:22Core Viewpoint - Pfizer is engaged in productive discussions with the Trump administration regarding drug tariffs and the "Most Favored Nations" pricing policy, with potential for lower initial tariffs and a grace period, but the specifics will ultimately determine the real impact on Pfizer and the industry [1][3][4]. Group 1: Drug Tariffs - Pfizer's CEO, Albert Bourla, indicated that ongoing negotiations may provide some buffer for the industry against high tariffs and pricing pressures [3]. - Bourla revealed that initial tariffs could be "very small" and that the President has opened a window for a grace period [3][9]. - The definition of "country of origin" for drugs is crucial, as it will affect how tariffs are applied, particularly concerning active pharmaceutical ingredients (APIs) [10]. Group 2: Most Favored Nations Pricing - Pfizer has received a letter from the White House requesting significant price reductions for drugs under the "Most Favored Nations" principle, aligning U.S. prices with those of other developed countries [11]. - The company is preparing for the implementation of price reductions while seeking ways to mitigate negative impacts [12]. - Bourla emphasized that the details of this policy are still under discussion, highlighting the importance of specifics in determining the policy's effects [13]. Group 3: Financial Performance - Pfizer reported strong Q2 earnings with revenue of $14.65 billion, a 10% year-over-year increase, surpassing market expectations [6]. - The adjusted earnings per share were $0.78, significantly above the expected $0.58, leading to an upward revision of the 2025 adjusted EPS guidance to a range of $2.90-$3.10 [6]. - Despite the strong performance, the revenue guidance for 2025 remains unchanged at $61-$64 billion, partly due to uncertainties regarding COVID-19 product revenues [8]. Group 4: Analyst Perspectives - Analysts from Bank of America noted that most questions during Pfizer's earnings call focused on policy impacts, particularly regarding the "Most Favored Nations" policy and drug tariffs, but many questions went unanswered [5][7]. - The uncertainty surrounding the implementation details of these policies has led to concerns about the long-term outlook for Pfizer's major businesses, especially with upcoming patent expirations and competitive threats [5][12]. - Pfizer's current valuation is relatively low compared to peers, but the long-term prospects remain uncertain due to these challenges [5].