Disappointing 1Q but no change to thesis
1Q18 disappointed due to continued headwinds for the Sterile Injectables business. We are unfazed by capital allocation commentary indicating management does not "need" to do large-scale M&A as it squares with our view that PFE's internal assets can grow through near-term generic headwinds. We see an improved growth outlook in the balance of FY18 on easier Essential Health comps and steady performance for Innovative Health growth drivers.Pfizer is a research-based biopharmaceutical company. The company is engaged in discovering, developing, manufacturing and distributing of healthcare products, including medicines and vaccines. The company manages its commercial operations through three businesses: Pfizer Biopharmaceuticals Group, which includes Oncology, Inflammation and Immunology, Rare Disease, Hospital, Vaccines and Internal Medicine business units, as well as a hospital business unit; Upjohn, which includes the company's solid oral dose brands such as Lyrica, Lipitor, Norvasc, Celebrex, Viagra, and certain generic medicines; and Consumer Healthcare, which is an over-the-counter medicines business.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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