Core Viewpoint - Pfizer's Q1 earnings report shows a decline in overall revenue despite cost-cutting measures and better-than-expected profits, primarily due to setbacks in its weight-loss drug development and decreased revenue from COVID-related products [1][2]. Group 1: Financial Performance - Pfizer reported Q1 revenue of $13.72 billion, an 8% year-over-year decline, falling short of the analyst consensus of $13.91 billion [1]. - The company's net profit for Q1 was $2.97 billion, or $0.52 per share, compared to $3.12 billion, or $0.55 per share, in the same period last year; adjusted EPS was $0.92, exceeding the average analyst estimate of $0.66 [1]. - Pfizer maintains its full-year 2025 revenue outlook between $61 billion and $64 billion, with adjusted EPS expectations of $2.80 to $3.00, despite external pressures from potential tariffs on imported drugs [4]. Group 2: Cost-Cutting Initiatives - Following the failure of its weight-loss drug Danuglipron, Pfizer is expanding its cost-cutting plans, aiming for an additional $1.2 billion in savings by the end of 2027, primarily from reductions in sales, information, and administrative expenses [2]. - The company previously announced a cost-cutting plan targeting $4.5 billion in net savings by the end of 2025, with an additional $500 million expected to be saved through research and organizational restructuring by the end of 2026 [2][3]. - Pfizer's independent multi-year cost reduction plan aims to save $1.5 billion by the end of 2027, helping the company recover from the rapid decline in COVID-related business and stock price [3]. Group 3: Market Outlook and Challenges - Pfizer's decision to abandon the development of Danuglipron has led to adjustments in market forecasts for weight-loss drugs, with Goldman Sachs removing Pfizer's projections for the drug from their models, previously estimating sales of $1.2 billion and $1.9 billion for 2030 and 2035, respectively [1]. - The company anticipates that the Inflation Reduction Act will reduce its sales by $1 billion, with a projected growth rate decrease of approximately 1.6% compared to 2024 [4]. - CEO Albert Bourla expressed confidence in the company's ability to adapt to uncertain external conditions, emphasizing the inherent strengths of its business [4].

作者 | JR Research 编译 | 华尔街大事件 总部位于丹麦的诺和诺德公司长期以来在 减肥药领域的领先地位 是否最终会走到尽头？尽管其 主要竞争对手 礼来公司 (NYSE:LLY) 在过去两年的大部分时间里都在不断创新，试图追赶 诺和 诺德的主导地位，但仍不足以超越这家丹麦生物制药公司。 这家美国生物制药巨头已逐渐占据上风，并正在蚕食诺和诺德的市场份额。预计该药物将于2025 年底提交FDA批准用于减肥，并于2026年提交FDA批准用于糖尿病，这可能意味着礼来在市场领 先地位方面将显著提升，超越诺和诺德及其同行。 尽管毫无疑问这两家公司仍有望在庞大的减肥药物市场中占据主导地位，但竞争对手正在投入资 金并试图削弱这些优势，无论是通过内部管道创新，还是通过并购目标来整合实力以对抗诺和诺 德和礼来。 | | | Efficacy Estimand Results | | | | --- | --- | --- | --- | --- | | | Orforglipron | Orforglipron | Orforglipron | Placebo | | | 3 mg | 12 mg | 36 mg | ...