Pfizer Inc

PFE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$18.00	Nzts	Mycnwffx

Pfizer Earnings: Solid Results Supported by Steady Tracking Toward $4 Billion in Cost Cuts

Damien Conover

May 1, 2024

We are holding steady to our fair value estimate and wide moat rating for Pfizer following first-quarter results that largely matched our expectations. The company is tracking well to meet its goal of $4 billion in cost cuts by the end of 2024, which should improve operating margins. We believe the market is underappreciating the margin expansion based on the cost cuts, and we view Pfizer as undervalued.

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