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《大行報告》摩通降輝瑞(PFE.US)目標價至30美元 銷售及每股盈利指引遠遜預期
阿思達克 12-14 10:29
摩通發表報告指出,輝瑞(PFE.US)更新對明年的指引,當中料銷售介乎585億至615億美元,每股盈利料為2.05至2.25美元,均遠遜預期。儘管公司的銷售目標較為保守,但該行對於指引中反映的毛利率和每股盈利的下行幅度存疑,另認為公司核心盈利能力持續存在不確定性,該股並無明確的復甦路徑。 根據該行對疫情的預測,目前的銷售預測大致符合輝瑞估計明年來自新冠疫苗及藥物收入80億美元的指引,料2025年略增至約87.5億美元(由Paxlovid推動),至2026年以後逐步下跌。另料公司明年毛利率約71%,隨著推出新產品、疫情銷售復甦及公司優化基礎設施下,估計毛利率將於2025年以後逐步提升,令明年每股盈利可達指引範圍上限的2.25美元水平。 該行維持輝瑞「中性」評級,目標價由34美元下調至30美元。
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