$Pfizer (PFE.US)$🎯 2024.4.8 Current price 26.72, position loss 26%
New data: In 23Q4, revenue continued to shrink by 41.3%, and operating profit and net profit continued to lose money.
In 2023, revenue shrank by 41.7%, operating profit shrank by 91% due to a sharp decline in gross margin and an increase in the share of expenses, and net profit shrank by 93.1%.
According to the quarterly report, revenue has stabilized for the past three quarters, but at the current level of revenue, unless gross margin picks up or expenses drop drastically, it will be difficult to get out of the current state of loss.
Currently, the price-earnings ratio is 72.2, and the five-year average net profit of 16.1 billion yuan corresponds to a price-earnings ratio of 9.4. However, since these five years include a high income period during the pandemic, it is difficult to replicate in the future. The current valuation is not low, but since there are only a few observation positions, no adjustments have been made.

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