Key Takeaways MRK faces major headwinds as Keytruda, its top seller, nears the loss of exclusivity in 2028. Gardasil sales dropped 40% in Q1 2025 due to weak China demand, despite strength in other regions. MRK expects IRA's Medicare drug pricing to impact Januvia in 2026 and Keytruda starting in 2028.Merck (MRK) is expected to face several hurdles over the next few years that could affect its long-term growth trajectory, starting with the anticipated loss of exclusivity of its blockbuster PD-L1 inhibitor ...

When it comes to your hard-earned money, you have a lot of choices about where to spend it. If your physician prescribes a new branded drug, though, you and your insurance company have few options.Patent-protected exclusivity is the reason pharmaceutical stocks are known for delivering reliably growing dividend payments. Unfortunately, some of Pfizer's (PFE 1.08%) most important patents are expiring soon.Shares of Pfizer have been beaten down about 60% from their previous peak in 2021. The price is way down ...

Key Takeaways PFE expects steady 2025 COVID sales but anticipates major LOE losses and IRA headwinds in the future. Medicare Part D changes may cut into sales of key PFE drugs like Vyndaqel, Ibrance, Xtandi and Xeljanz. PFE trades at 7.82x forward earnings, below industry average, with EPS estimates rising for 2025 and 2026.Pfizer (PFE) is likely to encounter several headwinds in the next couple of years that can hurt its sales and profits, the first being declining sales of COVID products, Comirnaty and ...

Key Takeaways Pfizer's oncology sales make up 25% of total revenues, boosted by its 2023 Seagen acquisition. Bristol Myers expands its oncology pipeline with Mirati and RayzeBio acquisitions and new drug approvals. PFE shows better stock performance and a 7.2% dividend yield, edging out BMY's 5.29% amid valuation parity.Pharma/biotech giants Pfizer (PFE) and Bristol Myers (BMY) boast of a dominant position in the lucrative oncology space.Oncology or cancer is one of the most sought-after areas in the phar ...

Core Viewpoint - Pfizer is a pharmaceutical company with solid growth potential and a high dividend yield, making it a stock worth considering for investment [1][6]. Company Overview - Pfizer has a market value of approximately $133 billion and has been in operation since 1849, offering multiple treatments and a robust pipeline of products [3]. - The company currently has 108 candidates in its pipeline, with 47 in phase 1, 28 in phase 2, and 30 in phase 3, focusing significantly on oncology and various vaccines [4]. Current Products - Major medications include the COVID-19 vaccine, Paxlovid, Prevnar, Ibrance, and Xtandi [5]. Investment Considerations Reasons to Invest - The stock offers a dividend yield of 7.3%, generating around $730 for every $10,000 invested, with a commitment to maintain and grow this dividend over time [6][9]. - Pfizer's valuation is low, with a forward-looking P/E ratio of 8, below its five-year average of 10, and a price-to-sales ratio of 2.1, lower than its five-year average of 3.1 [11]. - The company has strong growth prospects, particularly in oncology, bolstered by the acquisition of Seagen for $43 billion [11]. Reasons Against Investment - The payout ratio is 122%, indicating that the company is paying out more than its earnings in dividends, which may not be sustainable [11]. - Pfizer has experienced average annual losses of 18.6% over the past three years, with revenue declining from $100.3 billion in 2022 to $63.6 billion in 2024 [11]. - Several key products are losing patent protection, and concerns have arisen regarding the safety of its weight-loss drug candidate [11]. - Ongoing tariff wars and government efforts to lower drug costs may pose additional challenges for the company [11].

本文来自彭博终端，终端用户可运行NSN SWW3Z7DWLU68 阅读原文。非终端用户可点击文末 "阅读原文" 预约演示。 全球市场版图日新月异，彭博行业研究（Bloomberg Intelligence）为您的企业战略助力。在 制药与生物技术领域，无论是全球行业资讯与热点，还是制药管线里程碑及催化剂事件、财务 预测…… BI涵盖广泛且深度的关键信息，旨在为您的决策提供可靠且具有竞争力的洞见支撑。 扫描二维码 立即订阅 彭博生物制药双周报 降低药品价格最合理的监管方法——医疗保险和医疗补助创新中心(CMMI)示范模式——可 能会面临法律挑战。通过CMMI，白宫可以免除医疗保险和其他计划要求，以测试在不影响 质量的情况下降低成本的支付模式。模型必须针对有证据表明临床效果不佳或有机会减少支 出的特定人群。特朗普在第一任期内就提出了这一建议，将医疗保险中支出最高的5 0种B部 分药品的报销与国外支付价格挂钩。由于程序上的原因，实施受到阻碍，因为政府不允许通 知和评论。特朗普可能会重新推出这种方法并强制做出实质性决定，但价格变化不会像《通 胀削减法案》那样立即发生。 您可在彭博终端了解更多背景信息： 社区肿瘤联盟（C ...

Core Viewpoint - Pfizer's high dividend yield of 7.5% attracts income-seeking investors, but underlying concerns about future growth and financial stability exist due to revenue declines and patent expirations [1][2][13]. Dividend Overview - Pfizer currently pays an annual dividend of $1.72 per share, translating to a quarterly payment of $0.43 per share, resulting in a dividend yield of 7.5% as of May 22, 2025 [2][3]. - The company has a strong track record of increasing dividends for 16 consecutive years, appealing to investors seeking reliable income [4]. Financial Metrics - Pfizer's annualized 3-year dividend growth stands at 2.50%, with a dividend payout ratio of 124.64% based on trailing earnings, indicating that dividends exceed earnings [4][6]. - The dividend payout consumes approximately 47.69% of its cash flow, suggesting a more sustainable dividend based on cash generation [5]. Revenue Challenges - In Q1 2025, Pfizer's total revenues decreased by 8% year-over-year to $13.7 billion, primarily due to a 75% drop in Paxlovid sales as COVID-19 demand normalized [7]. - The company faces a significant revenue loss of $17-$18 billion annually between 2026 and 2028 due to the impending loss of exclusivity for key drugs like Eliquis and Prevnar [8]. Strategic Initiatives - Pfizer is pursuing a strategy focused on pipeline rejuvenation, particularly in oncology, highlighted by the $43 billion acquisition of Seagen in March 2023, which contributed $3.4 billion to revenue in FY 2024 [9]. - The company has entered a licensing agreement with 3SBio, Inc. for SSGJ-707, with an upfront payment of $1.25 billion, potentially worth up to $6 billion, aiming to launch eight new cancer medicines by 2030 [10]. Pipeline Developments - Positive developments in the oncology pipeline include FDA approval for Adcetris in large B-cell lymphoma and promising clinical data for Padcev in urothelial cancer [11]. - The Abrysvo RSV vaccine has seen expanded recommendations, potentially increasing market reach, although setbacks occurred with the discontinuation of the oral GLP-1 candidate danuglipron [12]. Investment Outlook - Pfizer's stock forecast indicates a 12-month price target of $29.17, representing a 25.08% upside, with a Moderate Buy rating based on 15 analyst ratings [13]. - The current high dividend yield is attractive, but the company faces significant operational challenges and uncertainties regarding future revenue growth [14][15].

Positive recommendation based on phase III INAVO120 data showing ItovebiTM (inavolisib) in combination with palbociclib and fulvestrant more than doubled progression-free survival in the first-line setting1The Itovebi-based regimen also demonstrated a statistically significant and clinically meaningful benefit in overall survival (OS) in the final OS analysisFinal OS data will be presented in an oral session at the 2025 American Society of Clinical Oncology Annual Meeting Basel, 23 May 2025 - Roche (SIX: RO ...

5月20日，三生制药宣布，公司及附属子公司沈阳三生、三生国健与辉瑞签署协议，将向辉瑞独家授予 公司自主研发的突破性PD-1/VEGF双特异性抗体SSGJ-707在全球（不包括中国内地）的开发、生产、 商业化权利。三生制药及沈阳三生将保留SSGJ-707在中国内地的开发、生产、商业化权利，并基于届 时商定的财务条款授予辉瑞对SSGJ-707在中国内地开展商业化的选择权。 根据协议，三生制药将获得12.5亿美元首付款，刷新了国产创新药对外授权的最高首付款纪录，仅首付 款就超过了三生制药2024年一整年的收入。同时，还将获得最高可达48亿美元的开发、监管批准和销售 里程碑付款。此次交易的潜在总金额高达60.5亿美元，以当前汇率计算，约为430亿人民币。此外，辉 瑞将于协议生效日认购三生制药价值1亿美元的普通股股份。 资本市场对此反应强烈。5月20日，三生制药涨超35%；5月21日，延续上涨势头，涨超8%。 今年4月，SSGJ-707获国家药监局突破性治疗药物认定，适应症为一线治疗PD-L1表达阳性的局部晚期 或转移性非小细胞肺癌（NSCLC）。此前，SSGJ-707已获得FDA（美国食品药品监督管理局）的IND （ ...

Core Viewpoint - Pfizer reported mixed first-quarter results for 2025, with adjusted earnings per share of 92 cents exceeding estimates but revenues of $13.72 billion falling short of expectations, reflecting a year-over-year decline of 8% [1][2][15]. Revenue Performance - Total revenues were $13.72 billion, down 8% year-over-year, missing the Zacks Consensus Estimate of $13.89 billion, with operationally a decrease of 6% and a negative currency impact of 2% [2]. - International revenues increased by 4% operationally to $5.34 billion, while U.S. revenues declined by 12% to $8.37 billion [3]. Product Segment Analysis - Primary Care segment sales fell 20% operationally to $5.7 billion, with Eliquis sales declining 4% to $1.92 billion due to pricing pressures from the Inflation Reduction Act [4][5]. - Specialty Care sales rose 6% to $4.0 billion, driven by Vyndaqel family revenues increasing by 33% to $1.49 billion [4][10]. - Oncology sales increased by 7% to $3.76 billion, with Padcev sales rising 25% to $426 million, while Ibrance revenues declined by 6% to $977 million [4][12][13]. Key Product Performance - Paxlovid revenues dropped 75% year-over-year to $491 million, missing estimates [8]. - Comirnaty sales rose 62% year-over-year to $565 million, exceeding expectations [7]. - The RSV vaccine, Abrysvo, recorded sales of $131 million, down 6% year-over-year, missing estimates [9]. Cost Management - Adjusted selling, informational, and administrative expenses decreased by 12% to $3.01 billion, while adjusted R&D expenses also fell by 12% to $2.17 billion [3]. 2025 Guidance - Pfizer reaffirmed its 2025 guidance, projecting total revenues between $61.0 billion and $64.0 billion, with adjusted earnings per share expected in the range of $2.80 to $3.00 [14][16]. Market Context - Pfizer's stock has declined 11.7% year-to-date, contrasting with a 1.5% increase in the industry [16]. - The company faces challenges from declining COVID-19 product sales and potential patent expirations impacting key products from 2026 to 2030 [17]. Strategic Outlook - Pfizer anticipates that non-COVID drug sales and new product contributions will drive revenue growth in 2025, alongside cost-cutting measures expected to yield savings of $7.7 billion by the end of 2027 [20].