PFE (Pfizer) How high will it go? Message Board

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Biotech / Medical : PFE (Pfizer) How high will it go?

PFE 24.90

-2.1%

Nov 19 3:59 PM EST

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To: Mozingo who wrote (7428)	4/16/1999 9:23:00 PM
From: BigKNY3	Read Replies (3) of 9523

Gary: Your point was covered in today's positive Merrill Lynch Report on PFE. Highlights are below: BigKNY3 _____________________________________________________ Merrill Lynch Bulletin Pfizer Inc: Managing for the Year: 4/16/99 PFE@129 5/16 -PFE reported Q1 EPS of $0.62 (+27%), in line with our estimate and the Street Consensus. -We are readjusting our quarterly estimates but keeping our full year 1999 estimate @$2.50 -Management's expectations that the second quarter EPS increase will be in single-digit range has caused significant stock weakness. Last year's second quarter was exceptionally strong due to the Viagra launch, making for difficult comps in the coming quarter. In addition, promotional activity will remain very high next quarter as PFE prepares Celebrex for competition from MRK's Vioxx. -We believe that management views its continued heavy investment in R&D and SG&A as a strategic opportunity to strengthen the company's fundamental position. -Based on the outlook for the second quarter and the year, it appears that management is less concerned with delivering a smooth quarterly progression in earnings growth and more focused on delivering solid performance for the year while investing heavily in R&D and selling capacity. -As a result of a strong uptake of Celebrex, we have increased our estimates to $1 billion and $1.4 billion for 1999 and 2000, up from $650 million and $900 million. Alliance revenues outstripped our estimate by roughly $100 million, as Celebrex is off to a fast start and Lipitor and Aricept continue to grow strongly. - Zyrtec (+54%), Trovan (+51%), Zithromax (+44%), Norvasc (+24%), Zoloft (+14%) continue to perform well highlighting PFE's impressive product breadth. - Viagra sales of $193 million were below expectations predominantly because initial shipments in Japan and Canada were not captured during the quarter. The market opportunity for Viagra in Japan is quite significant, and the shape of the launch curve appears similar to that seen in the US last year. -Our rating remains Accumulate.

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