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Pfizer Inc. Message Board

  • bulllfeathers bulllfeathers Oct 17, 2007 2:12 PM Flag

    Citibank (SB) Expectations for Tomorrow

     

    - 3Q07 Results � On October 18th, PFE reports 3Q07 EPS and will host a call at 12PM EST. We expect 3QE EPS of $0.54 (flat yr/yr), $0.01 above the cons.

    - P&L Expectations � We expect 3QE WW sales of $11,934 MM (-2% yr/yr), op. income of $4,469 MM (-8% yr/yr), and net income of $3,743 MM (-5%).

    - 3QE WW Key Drug Sales (MM) � Lipitor $3,150 (-5% y/y); Celebrex $535 (0%); Zyrtec $425 (+7%); Viagra $435 (+3%); Lyrica $485 (+43%), Xalatan $385 (+3%), Camptosar $230 (+6%), Chantix $230 and Sutent $180.

    - Lipitor Pressures � Lipitor growth continues to be under pressure from the introduction of generic simvastatin. In 3Q07, TRxs declined -12% year/year. We hope to hear details regarding Lipitor�s 2008 formulary status and the co�s
    outlook for cholesterol market growth (in light of recent sluggish Rx trends).

    - Gross Margin � We note PFE's 85% FY07 gross margin guidance implies a 2H07 GM of 85.8%, which seems like a stretch given the 82.5% 2Q07 GM, although more cost cuts should enable PFE to achieve its FY07 EPS guidance.

    - Valuation � We rate PFE hold, given our concerns about Lipitor challenges (weak Rx trends, 2011 �patent cliff�) & the co�s barren late stage pipeline.

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