Pfizer: The Post-Pandemic Turnaround Is Already Underway

The Post-Pandemic Turnaround Is Already Underway

Pfizer is undervalued, trading at just over 8x 2026 earnings, with a 7% dividend yield and improving core business fundamentals. Core business excluding COVID drugs grew 7% in Q1, and newly launched/acquired products, especially from Seagen, are driving robust 20%+ growth. Seagen’s acquisition is reshaping PFE’s growth, with Padcev leading oncology momentum and a strong cost savings program underway. I assign Pfizer a buy, expecting mean reversion as cost cuts and new product pillars scale, despite patent cliffs and debt headwinds.

Honestly, Pfizer ( PFE ) is still priced as if its best days are over with the pandemic. Interestingly, the market is so focused on lost COVID revenue and upcoming patent expiration that it’s forgetting