Pfizer Is Moving Beyond Covid. Why Its Stock Is a Buy.

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With its packed pipeline, growing R&D spending, and potential deals and share buybacks, there’s more to the drugmaker than the market realizes.

probably did more than any other company to help the world normalize from the pandemic, and it reaped a financial windfall from its twin Covid-19 franchise—the top-selling vaccine and the leading treatment, Paxlovid.

The world, however, has stopped worrying about Covid—and Pfizer (ticker: PFE) is paying the price. The sales of its two Covid blockbusters may decline over 60% in 2023, after generating a combined $57 billion in revenue during 2022. And there is considerable uncertainty about demand for both in the coming years.

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