Leerink Swann Maintains an 'Outperform' on Pfizer (PFE); Raising Viagra Estimates to Reflect Confidence in PFE's Patent Defense
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Price: $26.79 -0.04%
Rating Summary:
14 Buy, 20 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
14 Buy, 20 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Leerink Swann maintains an 'Outperform' on Pfizer (NYSE: PFE), raises valuation range from $21-22 to $22-23.
Leerink analyst says, "We are increasing our U.S. Viagra sales forecasts in 2012E- 17E, reflecting increased confidence that PFE will prevail over TEVA (Nasdaq: TEVA) in the ongoing patent dispute. Our conviction is based on: (1) our and a MEDACorp Patent Specialist's view that TEVA's defenses lack merit, giving PFE a 70%+ chance of winning; and (2) our review of the opening argument transcripts, which reveal no surprising defenses/evidence from TEVA. In addition, Judge Smith's comments in various court transcripts indicate to us that she doesn't view TEVA's inequitable conduct argument favorably. Based on our increased conviction that Judge Smith will find PFE's '012 patent valid & enforceable through 10/22/19, we are increasing our '12E sales and EPS by $550M and $0.04, respectively, and our 2013E-17E sales and EPS by $800-$875M and $0.06-$0.07, respectively, in each year."
For more ratings news on Pfizer click here and for the rating history of Pfizer click here.
Shares of Pfizer closed at $20.43 yesterday.
Leerink analyst says, "We are increasing our U.S. Viagra sales forecasts in 2012E- 17E, reflecting increased confidence that PFE will prevail over TEVA (Nasdaq: TEVA) in the ongoing patent dispute. Our conviction is based on: (1) our and a MEDACorp Patent Specialist's view that TEVA's defenses lack merit, giving PFE a 70%+ chance of winning; and (2) our review of the opening argument transcripts, which reveal no surprising defenses/evidence from TEVA. In addition, Judge Smith's comments in various court transcripts indicate to us that she doesn't view TEVA's inequitable conduct argument favorably. Based on our increased conviction that Judge Smith will find PFE's '012 patent valid & enforceable through 10/22/19, we are increasing our '12E sales and EPS by $550M and $0.04, respectively, and our 2013E-17E sales and EPS by $800-$875M and $0.06-$0.07, respectively, in each year."
For more ratings news on Pfizer click here and for the rating history of Pfizer click here.
Shares of Pfizer closed at $20.43 yesterday.
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