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COVID-19 Sales Have No Major Impact on Drug and Vaccine Manufacturers We Cover

However, the biopharma industry's ability to adapt and innovate to treat disease reinforces our moat ratings.

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After assessing the market for COVID-19 vaccines and treatments, we offer our company-specific outlooks.

Despite significant COVID-19 vaccine and treatment sales potential in 2021, the uncertain market duration prevents significant impact on our discounted cash flow-based fair value estimates. That said, several biopharma companies with COVID-19 treatments (Gilead (GILD), Roche (RHHBY), Glaxo (GSK), and Merck (MRK)) look undervalued on the basis of strong potential for their core businesses. COVID-19 vaccine companies generally appear fairly or overvalued, although AstraZeneca (AZN) and Pfizer (PFE) trade at slight discounts to our fair value estimates.

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Karen Andersen does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.