Published on June 28th, 2024 by Bob Ciura
Pfizer Inc. (PFE) had a successful year in 2022, with record earnings driven by profits from its coronavirus vaccine and therapies. However, the company experienced a significant decline in earnings of over 70% in 2023. While Pfizer anticipates a partial rebound in earnings for 2024, market sentiment remains cautious.
The stock price of Pfizer has fallen by 23% over the past year, resulting in a high dividend yield of 6%. As part of our ‘High Dividend 50’ series, which covers the 50 highest yielding stocks in the Sure Analysis Research Database, Pfizer is a notable inclusion.
Pfizer is a global pharmaceutical company that specializes in prescription drugs and vaccines. Its top products include Eliquis, Ibrance, Prevnar, Vyndaqel, Abrysvo, Xeljanz, and Comirnaty. The company reported revenue of $58.5 billion in 2023.
In its Q1 2024 results, Pfizer saw a decline in company-wide revenue and adjusted diluted earnings per share, mainly attributed to a decrease in COVID-19 related sales. Despite this, sales for core products like Vyndaqel/Vyndamax, Lobrena, and others showed positive growth.
Looking ahead, Pfizer aims to drive future growth through sales expansion, product extensions, research and development, and strategic acquisitions. The company has a strong pipeline in oncology, inflammation & immunology, rare diseases, and vaccines.
Although Pfizer faces challenges such as the loss of exclusivity for certain drugs, it expects 5% earnings per share growth up to 2029, excluding declines from COVID-19 related products.
As one of the largest pharmaceutical companies globally, Pfizer leverages its scale in various operations to bring new therapies to market and pursue strategic partnerships and acquisitions. The company’s dividend payout, currently yielding 6%, has been consistently increasing for 15 years.
While Pfizer’s dividend growth may not be high, it remains secure based on underlying earnings. With an expected EPS of $2.25 per share for 2024, Pfizer’s dividend payout ratio is projected to be around 75%, indicating stability in dividend payments.
In conclusion, Pfizer is navigating a transition period as it adapts to changing market conditions. Despite challenges, the company’s non-COVID business is showing growth potential, supported by strategic acquisitions. While Pfizer focuses on accelerating earnings growth and reducing debt, its high dividend yield of 6% makes it an attractive option for income investors. The Importance of Healthy Eating for Overall Well-Being
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