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Pfizer share price gains on quarterly results and outlook


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In this article we review the Pfizer results and how the share price has reacted to the news.

bg_pfizer_366450474.jpgSource: Bloomberg
 

 Shaun Murison | Senior Market Analyst, Johannesburg | Publication date: Wednesday 02 November 2022 

Pfizer Inc. quarterly results

Pfizer Inc., the research-based biopharmaceutical company has released results for the fiscal quarter ending September 2022, a summary of which is as follows:

  • Adjusted earnings per share (EPS) of $1.78 for the quarter, consensus estimates from Refinitiv data had expected adjusted EPS of $1.39

  • Revenue declined by 6% to $22.64 billion from a year ago, although estimates from Refinitiv data had expected revenue of $21.04 billion.

  • Pfizer Inc's reported EPS for the quarter was $1.51.

  • Net income of $8.61 billion was recorded over the reporting period

Group results were ahead of consensus helping the share price gain roughly half a percent on the release thereof. Primary care, boosted by covid therapeutics made up 70% of the total revenue figure. Adding to a bit more positive sentiment around the stock and the sector was news that Pfizer Inc had increased its annual sales forecast of its COVID-19 vaccines by $2 billion on demand for boosters.

How to trade Pfizer shares

110222_Pfizer-Refinitiv.pngSource: Refinitiv

As of the 2nd of November 2022, a Refinitiv poll of 23 brokers and analysts suggest the stock to be a ‘hold’ to ‘buy’ at current levels, with no sell recommendations on the company.

The long-term price target mean of $55 suggests the share price of Pfizer to currently be trading at a 15% discount to its assumed fair value.

 

110222_Pfizer-Sentiment.pngSource: IG

Most IG clients (94%) with open positions on the stock, as of the 2nd of November 2022, expect the share price to rise in the near term, while 6% of IG clients with open positions on the stock expect the share price of Pfizer to fall.

Pfizer Inc. – Technical View

 

110222_Pfizer-Technical.pngSource: IG Charts

The share price of Pfizer has moved to test resistance (red trend line) of the large wedge-shaped consolidation.

To unlock gains we would like to see a close above this resistance level before targeting a move towards the resistance high at 52.50. In this scenario a close below horizontal support (dotted line) at 45.55 might be used as a stop loss consideration for the trade.

In summary:

  • Pfizer quarterly revenue has declined in the mid-single digit region against its comparative quarter

  • Revenue and EPS for the reporting period were both ahead of consensus estimates

  • The share price currently trades at a 15% discount to a mean of analyst price targets

  • The majority of IG clients with open positions on the stock expect the price to rise in the near term

  • The share price is currently testing trend line resistance, a close above / upside break of this level could unlock gains towards the 52.50 level

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