Analysts Rajesh Kumar and Dylan Whitfield downgraded to Hold from Buy and lowered their target forecast to $28 from $32, citing increased uncertainty around key pipeline assets and recent executive leadership changes.
The original bullish thesis centered on Pfizer’s increased R&D focus, a dividend yield of roughly 6%, and management’s goal of delivering high single-digit revenue growth between 2028 and 2032.
However, HSBC analysts now believe those growth expectations are unlikely to be validated in the near term.
Oncology Pipeline Delay Weighs On Growth Outlook
A key factor behind the downgrade was a reduction in the probability of success for sigvotatug vedotin (SV) to 40% following its Phase 3 setback in non-small cell lung cancer (NSCLC).
