Extremely compelling pipeline and valuation
PFE reiterated confidence in the post-patent cliff growth outlook, built on internal R&D rather than external M&A. We see the emerging late-stage pipeline as underappreciated by consensus with near-term data readouts providing ample opportunity for upward revisions. With PFE trading on a 50% PEG discount to peers and at a 5% discount to a DCF "run-off" value, we view PFE as the most attractive story in US large-cap pharma.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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