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Pfizer Inc PFE

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Morningstar’s Analysis

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PREMIUM

5-Star Price

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Waiving Vaccine IP Does Not Impact Our Assessment of Potential $70 Billion 2021 COVID-19 Market

Karen Andersen, CFA Sector Strategist

Analyst Note

| Karen Andersen, CFA |

We're not making changes to our fair value estimates or moat ratings for COVID-19 vaccine firms following the May 5 announcement that the Biden administration supports a proposed waiver on intellectual property protection for COVID-19 vaccines. The proposal to waive patent rights during the pandemic was initially made to the World Trade Organization by India and South Africa in October. With the pandemic raging in India and Brazil, calls to support this proposal have strengthened, and U.S., Europe, and U.K. opposition has become a potential political liability. It could take months to finalize the proposal, and Europe and U.K. have yet to support the waiver.

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Company Profile

Business Description

Pfizer is one of the world's largest pharmaceutical firms, with annual sales close to $50 billion. Pfizer also spends a leading amount on research and development, close to $8 billion annually. While Pfizer historically sold many types of healthcare products and chemicals, now, prescription drugs and vaccines account for the majority of sales. Top sellers include pneumococcal vaccine Prevnar 13, cancer drug Ibrance, cardiovascular treatment Eliquis, and immunology drug Xeljanz. Pfizer sells these products globally, with international sales representing close to 50% of its total sales. Within international sales, emerging markets are a major contributor.

Contact
235 East 42nd Street
New York, NY, 10017
T +1 212 733-2323
Sector Healthcare
Industry Drug Manufacturers - General
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type High Yield
Employees 78,500

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