Cowen Remains Positive as Pfizer (PFE) Reports a 3Q Beat and raise
Cowen reiterated an Outperform rating and $43.00 price target on Pfizer (NYSE: PFE) following the company's 3Q earnings results. Q3 sales of $12,087MM (-2%) were $527MM above consensus. EPS of $0.60 (+5%) was $0.09 ahead of consensus. 2015 EPS guidance was raised to $2.16-2.20 from prior $2.04-2.10 range.
Analyst Steve Scala commented, "Q3 EPS of $0.60 (+5%) was $0.09 ahead of our estimate and consensus. 2015 EPS guidance was raised to $2.16-2.20 from prior $2.04-2.10 range. We are preliminarily raising our 2015 estimate by $0.11 to $2.20 (-3%); other estimates are under review."
Scala also added, "2015 sales guidance (including Hospira) was raised to $47.5-48.5B from prior $46.5-47.5B. Our last published 2015 revenue estimate is $47.45B (-4%). COGS is estimated at 18.7-19.2% vs prior 18.0-18.5%. SI&A expenses are estimated at $13.6-14.1B vs prior $12.8-13.8B. R&D spend is estimated at $7.5-7.8B vs prior $7.3-7.6B. Other income is estimated at $500MM and tax rate at 25.0%, both unchanged."
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Shares of Pfizer closed at $34.16 yesterday.