Le billet of 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

Disclaimer

This presentation is a promotional document. The content of this document is communicated by and is the property of Monocle Asset Management. Monocle Asset Management is a portfolio management company approved by the Autorité des Marchés Financiers under number GP-20000040 and registered with the ORIAS as an insurance broker under number 10058146. No information contained in this document should be construed as having any contractual value. This document is produced for information purposes only. The prospects mentioned are subject to change and do not constitute a commitment or a guarantee. Access to the products and services presented here may be subject to restrictions for certain persons or countries. Tax treatment depends on individual circumstances. The fund mentioned in this document (Monocle Fund SICAV) is authorized for marketing in France and possibly in other countries where the law permits. Before making any investment, it is advisable to check whether the investor is legally entitled to subscribe to the fund. The risks, costs and recommended investment period of the funds presented are described in the KIDD (key investor information documents) and the prospectus, available free of charge from Monocle Asset Management and on the website. The KIDD must be given to the subscribers before the subscription. Past performances are not a reliable indicator of future performances. Monocle Asset Management cannot be held responsible for any decision taken or not taken on the basis of information contained in this document, nor for the use that could be made by a third party. The investor may lose all or part of the amount of capital invested, as the funds are not capital guaranteed.

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