Topic: How To Invest

Wall Street Stock Forecaster Hotline – Friday, December 15, 2023

Article Excerpt

PFIZER INC., $26.63, New York symbol PFE, remains a buy for long-term gains. The company is one of the world’s largest makers of prescription drugs. Its top-selling brands include Enbrel (arthritis), Ibrance (breast cancer) and Prevnar (pneumonia). Pfizer has now completed its acquisition of Seagen Inc. (Nasdaq symbol SGEN). However, its outlook for 2024 fell short of analysts’ estimates. That caused the stock to drop 7%. The company paid $43 billion for Seagen. That price is equal to 28% of Pfizer’s current market cap (the total value of all outstanding shares) of $153.4 billion. Seagen is a leader in antibody-drug conjugate (ADC) technologies, which use human antibodies to better target cancer cells without damaging healthy cells. It currently has four drugs on the market, plus 11 more treatments in various stages of clinical trials. For 2024, Pfizer now expects its revenue will range from $58.5 billion to $61.5 billion, which includes $3.1 billion from Seagen. The midpoint of that range—$60.0 billion—is below the $62.6 billion…