Analyst: Is The Street Ignoring Pfizer And Its Upcoming Catalysts?

Pfizer Inc. PFE's pipeline consists of multiple growth assets that may be misunderstood by Wall Street analyst and investors.

The Analyst

Piper Jaffray's Richard Purkiss maintains an Overweight rating on Pfizer's stock with an unchanged $54 price target.

The Thesis

Pfizer's pipeline represents "new and significant" market opportunities that are "ignored" by Wall Street analysts despite clear multiple upcoming catalysts, Purkiss said in a Sunday note. The analyst's 2023 revenue forecast stands $10.7 billion ahead of the consensus estimate.

Here is a summary which shows the disparity between Purkiss' 2023 revenue estimates and the Street's estimates: 

• Ibrance: $12.876 billion versus the Street's $6.926 billion.


• Eliquis: $5.229 billion versus the Street's $4.573 billion.


• Xeljanz: $3.409 billion versus the Street's $2.415 billion.


• Xtandi: $2.093 billion versus the Street's $1.6 billion.


• Bosulif: $636 million versus the Street's $460 million.

Specific catalysts that Purkiss said may be ignored by the Street but should support these key growth assets include: 1) the potential readout of PALLET (early 2018), 2) potential readout of PROSPER (also early 2018), 3) potential approval for Xeljanz in PsA (PDUFA in December 2017) and 4) Bosulif in 1L CML (PDUFA also in December 2017).

Price Action

Shares of Pfizer were trading up slightly at $35.25 Monday and are up 8 percent over the past year.

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