External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Pfizer reported robust 4Q25 results, with revenue of US$17.6bn (largely in-line with our estimate of US$18.1bn) and adj. net income of US$3.8bn (outperforming our estimates of US$3.3bn).</li><li>While FY25 revenue reached US$62.6bn (-2% YoY), operational revenues excluding COVID-19 products (Comirnaty and Paxlovid) grew 6% YoY, highlighting the strength of the underlying business.</li><li>FY25 adj. diluted EPS rose 4% YoY to US$3.22, reflecting the successful execution of cost reduction initiatives. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pfizer reported robust 4Q25 results, with revenue of US$17.6bn (largely in-line with our estimate of US$18.1bn) and adj. net income of US$3.8bn (outperforming our estimates of US$3.3bn).While FY25 revenue reached US$62.6bn (-2% YoY), operational revenues excluding COVID-19 products (Comirnaty and Paxlovid) grew 6% YoY, highlighting the strength of the underlying business.FY25 adj. diluted EPS rose 4% YoY to US$3.22, reflecting the successful execution of cost reduction initiatives. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pfizer Inc. (PFE US) - Obesity Pipeline De-Risking Drives Re-Rating Potential

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Pfizer just released mid-stage data from its Metsera-acquired obesity drug showing 12.3% weight loss at 28 weeks with monthly dosing.</li><li>It’s the company’s first real swing at the obesity market after acquiring Metsera for $10 billion to diversify beyond fading COVID revenues.</li><li>The headline efficacy looks decent but not industry-leading — and that’s exactly what the market is focused on.</li></ul>

Pfizer just released mid-stage data from its Metsera-acquired obesity drug showing 12.3% weight loss at 28 weeks with monthly dosing.It’s the company’s first real swing at the obesity market after acquiring Metsera for $10 billion to diversify beyond fading COVID revenues.The headline efficacy looks decent but not industry-leading — and that’s exactly what the market is focused on.

Pfizer's Fightback Against Eli Lilly & Novo Nordisk: Who Gets OUTPLAYED in the Obesity Arms Race?

<ul><li>Pfizer is navigating one of the most complex chapters in its recent history.</li><li>On December 16, 2025, CEO Albert Bourla forcefully defended the pharmaceutical giant’s vaccine business amid rising political skepticism and regulatory headwinds.</li><li>His remarks came as the company issued 2026 financial guidance that fell short of Wall Street expectations, projecting adjusted EPS of $2.80 to $3.00—below the $3.06 consensus—and revenues of $59.5 billion to $62.5 billion.</li></ul>

Pfizer is navigating one of the most complex chapters in its recent history.On December 16, 2025, CEO Albert Bourla forcefully defended the pharmaceutical giant’s vaccine business amid rising political skepticism and regulatory headwinds.His remarks came as the company issued 2026 financial guidance that fell short of Wall Street expectations, projecting adjusted EPS of $2.80 to $3.00—below the $3.06 consensus—and revenues of $59.5 billion to $62.5 billion.

Pfizer Slashes Guidance, Faces Patent Cliff—Is the Worst Yet to Come?

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>China's AI-driven drug discovery (AIDD) sector is growing rapidly, with leading drug and biotech companies entering R&amp;D and drug-development partnerships with global pharmaceutical companies.</li>
<li>Over 30% of new drugs were developed using AI tools in 2025, with discovery timelines reduced by 25–50%, and the industry is projected to grow by 25%/year through 2033.</li>
<li>
<a href="https://www.smartkarma.com/entities/insilico-medicine-cayman-topco" target="_blank" data-smartkarma-citation="entities:39890:1" rel="noopener">Insilico Medicine (3696 HK)</a> is a pure-play AIDD company. Insilico operates an end-to-end AI drug discovery platform (Pharma.AI) spanning target identification, molecule generation, and clinical trial outcome prediction. 
</li>
</ul>


China's AI-driven drug discovery (AIDD) sector is growing rapidly, with leading drug and biotech companies entering R&amp;D and drug-development partnerships with global pharmaceutical companies.
Over 30% of new drugs were developed using AI tools in 2025, with discovery timelines reduced by 25–50%, and the industry is projected to grow by 25%/year through 2033.

Insilico Medicine (3696 HK) is a pure-play AIDD company. Insilico operates an end-to-end AI drug discovery platform (Pharma.AI) spanning target identification, molecule generation, and clinical trial outcome prediction. 



<ul><li>The recent earnings call for Pfizer provides a detailed look at the company's financial and operational performance in the third quarter of 2025.</li><li>The discussion reveals several pivotal aspects of Pfizer's current business strategy and future outlook.</li><li>Financially, Pfizer reported revenues of $16.7 billion, marking a 7% operational decline from the same period last year, primarily due to reduced contributions from COVID-19 products like Paxlovid and Comirnaty.</li></ul>

The recent earnings call for Pfizer provides a detailed look at the company's financial and operational performance in the third quarter of 2025.The discussion reveals several pivotal aspects of Pfizer's current business strategy and future outlook.Financially, Pfizer reported revenues of $16.7 billion, marking a 7% operational decline from the same period last year, primarily due to reduced contributions from COVID-19 products like Paxlovid and Comirnaty.

Pfizer Secures a Major Regulatory Win—How Will Its U.S. Drug Pricing Deal Shape 2026?

United States

Pfizer Inc. is a research-based, global pharmaceutical company that discovers, develops, manufactures, and markets medicines for humans and animals.  The Company's products include prescription pharmaceuticals, non-prescription self-medications, and animal health products such as anti-infective medicines and vaccines.

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Pfizer Inc (PFE US)

Pfizer Inc. (PFE US) - Obesity Pipeline De-Risking Drives Re-Rating Potential

Pfizer reported robust 4Q25 results, with revenue of US$17.6bn (largely in-line with our estimate of US$18.1bn) and adj. net income of US$3.8bn...

CMB International

Pfizer's Fightback Against Eli Lilly & Novo Nordisk: Who Gets OUTPLAYED in the Obesity Arms Race?

Pfizer just released mid-stage data from its Metsera-acquired obesity drug showing 12.3% weight loss at 28 weeks with monthly dosing. It’s the...

Baptista Research

Pfizer Slashes Guidance, Faces Patent Cliff—Is the Worst Yet to Come?

Pfizer is navigating one of the most complex chapters in its recent history. On December 16, 2025, CEO Albert Bourla forcefully defended the...

Baptista Research

CHINA/HK: AI & RX - Together At Last !!

China's AI-driven drug discovery (AIDD) sector is growing rapidly, with leading drug and biotech companies entering R&D and drug-development...

David Mudd

Pfizer Secures a Major Regulatory Win—How Will Its U.S. Drug Pricing Deal Shape 2026?

The recent earnings call for Pfizer provides a detailed look at the company's financial and operational performance in the third quarter of...

Baptista Research

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