Inflectra's U.S. Launch Incrementally Positive for Pfizer (PFE), Negative for AbbVie (ABBV) - BMO
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BMO Capital analyst, Alex Arfei, reiterated his Outperform rating on shares of Pfizer (NYSE: PFE) after announcing Inflectra's U.S. launch; 1.5 years earlier than expected.
The analyst highlighted 3 key takeaways:
1) The announcement is incrementally positive and the "at risk" launch is clearly indicative of Pfizer's confidence regarding the outcome of Remicade patent litigation.
2) The 15% discount relative to WAC price of Remicade is lower than expected; however, we expect Pfizer to provide additional discounts during negotiations with payers.
3) Pfizer's leadership in biosimilars is a key reason the analyst is bullish on the stock.
price target of $40.00
Shares of Pfizer closed at $32.50 yesterday.
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