Pfizer Posts Strong Rare-Disease Drug Data, Leading to FVE Increase
Pfizer reported positive phase 3 data for rare-disease drug tafamidis in transthyretin amyloid cardiomyopathy, or ATTR-CM, leading to an increase in our annual peak tafamidis projections to $2 billion from $750 million. This also increased our fair value estimate to $46 per share from $45. We continue to believe Pfizer is undervalued. We view the strong tafamidis results as a good example of Pfizer's maturing pipeline that will strengthen future cash flows and reinforce the company's wide moat. ...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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