辉瑞值得买入；现金流折现模型给出的合理价值为50美元，意味着较当前水平有显著上行空间。

Pfizer's management team is already incorporating artificial intelligence to help accelerate drug discovery, which is one of the biggest bullish opportunities that I see with artificial intelligence in the total opportunity value it can add to humanity worldwide.

They're also using artificial intelligence to help optimize manufacturing yields and enhance the effectiveness of its commercial sales force, but I think the bigger opportunity is in drug discovery with these pharmaceutical companies.

Additionally, Pfizer's management team reiterated their confidence of high single-digit revenue growth between 2028 and 2033. That would be a significant acceleration from what they've been reporting in recent years.

So, looking back longer term at Pfizer's revenue, you can see that the management forecast for high single-digit revenue growth would be a increase and boost to performance in recent years.

Of course, the company benefited during the pandemic when sales for its treatments boomed and sales exploded from around $45 billion all the way up over $100 billion over a trailing 12-month period.

But of course, during the reopening and the aftermath of the COVID-19 pandemic, sales returned back to levels they were at roughly before the pandemic. And then there's been some recovery here, $63.7 billion. So, that's a good sign.

Pfizer engages in significant actions in acquisitions and divestitures, in research and development, and so the revenue growth trajectory for Pfizer has been volatile, but management expects it to settle down into high single-digit revenue growth.

The operating profitability has also been volatile, but positive throughout the last decade, which has been an unprecedented decade for Pfizer. Its operating profit margins soared approaching 40% and then fell back down to around 3% and has recovered since to about 26%.

I think what's more reasonable to expect for a company like Pfizer in terms of their operating profit margin is between 20 and 30% longer-term average. If we remove the impacts of the pandemic, both the lockdowns and the reopening stages where the treatments were brought to market, you can see a business that generally reported operating margins between 20 and 30.

Returns on invested capital is similarly been volatile for Pfizer over the previous decade. It's fluctuated between -5% in recent years all the way up as high as 25% during boom times. That's a little bit disappointing for Pfizer.

Pfizer also has several weight loss treatments in the pipeline in the research and development stages where they're studying this product. They will likely have a product in this category come to market over the next couple of years.

Valuation has never been very expensive for Pfizer when measuring on a forward price to earnings basis. It's trading at a forward PE of 9.6 right now and I would say this is the level the business deserves to be trading for.

It's not demonstrating premium business characteristics, revenue growth is anemic, profit margins are volatile, returns on invested capital are below weighted average costs of capital and so the business when measuring on a forward price to earnings basis deserves to be trading at a discount compared to the average stock in the S&P 500.

I also calculated a fair value for the stock using my discounted cash flow model and I came to the conclusion that the business is worth around $50 per share. The current market price is $28 and so I calculate considerable upside here for Pfizer stock of above 80%.

and Pfizer I've ranked as a buying opportunity in 2026. I last covered the company on January 23rd, 2026 where I ranked it a buy. So far in 2026 it's up over 11% plus dividends, so it's delivered investors a solid rate of return compared to the risk which is relatively low compared to the average stock.

So today I will be reiterating that buy rating on Pfizer stock. I think it's still a good opportunity for long-term investors that have a relatively low risk tolerance.