CEO Albert Bourla refuted a recent story that said Pfizer (NYSE:PFE) was in talks with Chinese officials to have medication manufacturers create a generic version of the COVID-19 antiviral Paxlovid.
According to Reuters, Bourla stated at the J.P. Morgan Healthcare Conference, “We have a deal already for the local manufacture of Paxlovid in China.” So, a local partner will make Paxlovid for us, and that partner will then sell it to Chinese customers.
The news service said on January 6 that, according to sources, the Chinese government was trying to make a deal for generic Paxlovid before the Lunar New Year.
Pfizer Stock Analysis by Zacks
Pfizer finished at $47.62 in the most recent trading session, moving -1.59% from the day before. This action was behind the 0.7% daily rise of the S&P 500. The tech-heavy Nasdaq rose 7.5% at the same time as the Dow gained 0.56%.
As of today, shares of the pharmaceutical company were down 7.23% over the previous month, underperforming both the medical sector’s and the S&P 500’s declines of 1.89% and 0.94%, respectively.
Pfizer Stock Up As China Negotiates License For The COVID Medication Paxlovid
As Pfizer nears the deadline for its next earnings report, Wall Street will be watching for encouraging signs. The earliest that can happen is January 31, 2023. Analysts anticipate that Pfizer will announce earnings of $1.09 per share in that report. This would represent a 0.93% increase over last year. The most recent average estimate is that quarterly sales will be $24.14 billion, which is 1.28 percent more than the same time last year.
Analyst estimates for Pfizer may have recently changed, which investors may also note. These updates support the idea that short-term business trends are dynamic. Because of this, we can view favorable estimate revisions as an indication that the company’s business outlook is looking up.
Research shows that these changes in estimates are directly related to how the short-term share price is moving. To benefit from this trend, we created the Zacks Rank. Our approach provides a clear, usable grading model by taking these estimation modifications into consideration.
With #1 stocks producing an average yearly return of +25% since 1988, the Zacks Rank methodology, which spans from #1 (Strong Buy) to #5 (Strong Sell), has an excellent outside-audited track record of outperformance. Within the last month, the Zacks Consensus EPS estimate has decreased by 3.43%. Pfizer stock is now rated #3 by Zacks (Hold).
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