Pfizer Inc. (PFE)

Executive Summary

Pfizer at $25.90 per share is, in our view at T&T Capital Management, the deepest deep-value name in U.S. large-cap pharma and one of the highest-yielding stocks in the entire S&P 500 at a 6.6 percent dividend yield. The market is pricing the stock as if the upcoming patent cliffs — Eliquis (2026-2028), Ibrance (2027), Xeljanz (2025-2026), and others — will not be backfilled by the post-Seagen oncology platform, the Abrysvo RSV and Prevnar 20 vaccine franchises, or the pipeline. We think the market is wrong by approximately 30 to 50 percent — but acknowledge the rebuild will require patience, execution, and continued cost discipline through 2027–2028. The 6.6 percent yield is the entry compensation for that patience. The Q1 2026 print, reported May 5, 2026, was a clean beat.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers