Pfizer (PFE) Sells Off on Ibrance Miss, Cantor Fitzgerald Believes Miss Isn't Enough to Derail 2020 Ests

Cantor Fitzgerald analyst Louise Chen reiterated an Overweight rating and $53.00 price target on Pfizer (NYSE: PFE) with the stock trading down -6% premarket due to news that results of a pre-planned efficacy and futility analysis lead the iDMC to determine that PALLAS is unlikely to show a statistically significant improvement in the primary endpoint of invasive disease-free survival (iDFS). The company had previously guided investors to believe that the adjuvant opportunity for Ibrance could double the eligible patient population for Ibrance. Quantifying this, FactSet consensus estimates have Ibrance World Wide sales modeled to grow to ~$11.5B by 2025 (vs ~$5.0B in 2019).

The analyst stated "We think that the adjuvant opportunity for Ibrance has been viewed by investors as a key growth driver for the company, and expect consensus estimates for Ibrance sales to come down to reflect the lowered opportunity for Ibrance". Quantifying the impact, the analyst stated "Despite the disappointing news, we note that PFE has said it remains confident in its ability to deliver on its goal of at least 6% revenue CAGR through 2025. This is consistent with what the company has said previously, that growth will not depend on any single binary event".

For an analyst ratings summary and ratings history on Pfizer click here. For more ratings news on Pfizer click here.

Shares of Pfizer closed at $35.95 yesterday.

You May Also Be Interested In

• Terreno Realty Corp (TRNO) PT Raised to $77 at Cantor Fitzgerald on Leasing Optimism
• Seaport Global Securities Downgrades JetBlue Airways (JBLU) to Neutral
• Candel Therapeutics Inc. (CADL) PT Raised to $15 at Freedom Broker