Is Pfizer Stock Ready to Bounce Back?
Pharmaceutical giant Pfizer (NYSE: PFE) has been in a bit of a freefall since early 2022, with shares down by 46%. Pfizer's revenue and earnings dropped off a cliff along with its coronavirus-related results as the pandemic started fading, which explains its poor performance over the past 18 months. However, there are clues that Pfizer is starting to make a comeback. That's an important takeaway from Pfizer's second-quarter results. Let's dig in.
PFE Total Return Level data by YCharts.
In 2022, Pfizer generated $100 billion in sales, becoming the first company in the biopharmaceutical industry to manage this feat. Of course, the drugmaker pulled that off thanks to its work in the coronavirus field. It would always be a tough act to follow, especially as the pandemic started receding. That's why Pfizer's revenue has been declining on a year-over-year basis ever since -- until the second quarter of 2024. Pfizer's sales for the period came in at $13.3 billion, an increase of 2% year over year.
Source Fool.com
Pfizer Inc. Stock
With 15 Buy predictions and only 2 Sell predictions the community sentiment for the stock is positive.
With a target price of 29 € there is a positive potential of 33.61% for Pfizer Inc. compared to the current price of 21.71 €.
