Les Billets de Monocle

Pfizer: 1 Billion Doses

10 August 2021

Pfizer has just passed the hallucinating milestone of 1 billion doses of vaccine distributed.

Pfizer before covid is $42 billion in sales and $12 billion in net income. In 2021, it will simply the double. A fair reward for the scientists who allow us to enjoy bars and restaurants again today.

$80 billion in sales and $22 billion in profit. Enough to finance growth. Or to pay shareholders.

And for the other labs? Equally impressive sales and earnings projections. But their share prices are far less attractive. And for some, a business that relies heavily (too heavily) on Covid.

Too much risk for Moderna and BioNTech and too expensive for AstraZeneca in our opinion.

As for Pfizer, it is now worth 11.0x its 2021 earnings. And if the Covid environment improves (and therefore deteriorates for the labs), the company can rest on its recurring business.

We entered at $35. The stock is trading at $46. And we are not selling.

To be continued... In the meantime, get vaccinated!

Have a great week,
Pierre

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