Healthcare
Global pharmaceutical company developing medicines, vaccines, and consumer healthcare products.
View forensic reportNet income of $7.8 billion does not cover the $8.5 billion dividend. The Seagen acquisition added $31 billion in debt without delivering earnings accretion. The payout maths are unsustainable.
Pfizer is three years into a reset that has reshaped the pipeline, the balance sheet, and the long-term earnings profile. The market still prices the old narrative.
At 9.6x forward earnings and a 6.3% dividend yield, Pfizer trades cheaper than every large-cap pharma peer while the base business — excluding COVID — has grown 29% since 2021.
Pfizer's revenue has halved from its pandemic peak, but the oncology pipeline — anchored by a $43 billion Seagen acquisition — is the most ambitious portfolio rebuild in pharma history.