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Pfizer Inc PFE

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Economic Moat




President Trump’s Updated Healthcare Policy Targets Drug Costs, but Implementation Looks Tough

Damien Conover, CFA Sector Director

Analyst Note

| Damien Conover, CFA |

President Donald Trump updated the administration’s healthcare policy to include new drug benefit cards for seniors and executive orders supporting insurance protection for pre-existing conditions and increased clarity around medical billing. We don’t expect any major changes to our fair value estimates or moat ratings based on the announcements, but the updates slightly increase uncertainty within the drug industry. The updates add to executive orders issued over the past two months, including international drug importation, Medicare drug price setting based on international prices, elimination of drug rebates in the supply channel, and the minor expansion of 340b drug discounts (targeting low-income patients) for certain drugs (see July 27 note for more details).

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Company Profile

Business Description

Pfizer is one of the world's largest pharmaceutical firms, with annual sales over $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, neuroscience drug Lyrica, 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, representing over a fifth of total firm sales.

235 East 42nd Street
New York, NY, 10017
T +1 212 733-2323
Sector Healthcare
Industry Drug Manufacturers - General
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 88,300