Pfizer stock is consolidating as the company faces a myriad of moving parts for its BioNTech (BNTX)-partnered Covid vaccine.
The company just reported $8.85 billion in sales of the Covid vaccine, dubbed Comirnaty. Sales grew 13% in comparison to the prior-year quarter. Meanwhile, antiviral Covid pill Paxlovid generated $8.12 billion in second-quarter sales. But Pfizer‘s (PFE) guidance for the full year lagged views.
There are several factors at play for Comirnaty. German biotech CureVac just sued BioNTech, saying Comirnaty violates its intellectual property. CureVac is seeking compensation from BioNTech and two subsidiaries, though it makes no mention of whether it expects Pfizer to pony up.
Pfizer, Moderna (MRNA) and Novavax (NVAX) are all developing updated Covid boosters that target the B.A.4 and B.A.5 sub-variants of omicron and the original virus. They say those shots could launch in October. So far, the companies have tested boosters that target B.A.1, an earlier version of omicron that lost out in the dominance battle to the newer strains.
The companies are also working to vaccinate children younger than 5. Last month, the FDA signed off on Pfizer’s shot for children age 6 months to under 5 years old. The agency also allows Moderna’s shot for children younger than 6. Pfizer’s vaccine requires three shots, while Moderna’s needs only two.
Also, Pfizer just invested $25 million in Akero Therapeutics (AKRO), which is testing treatments for nonalcoholic steatohepatitis, a form of fatty liver disease. The company also wrapped its acquisition of ReViral, adding onto its efforts to target a respiratory virus. Pfizer is also working to acquire Biohaven Pharmaceuticals (BHVN), a migraine-focused biotech.
Further, Pfizer just teamed up with Roivant Sciences to launch Proivant Therapeutics, which is working on treatments for autoimmune diseases.
So, all in all, is PFE stock a buy or a sell?
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