辉瑞（PFE US）：买入：BREAKWATER，同样具有开创性

Issuer of report:HSBC Bank plcView HSBC Global Research at:https://www.research.hsbc.comMAINTAINBUYTARGET PRICE(USD)PREVIOUS TARGET(USD)26.0026.00SHARE PRICE(USD)UPSIDE/DOWNSIDE23.49+10.7%(as of30 May 2025)MARKET DATAMarket cap(USDm)133,549Free floatMarket cap (USDm)133,549BBG3m ADTV (USDm)1,295RICFINANCIALS AND RATIOS(USD)Year to12/2024a12/2025eHSBC EPS3.11HSBC EPS (prev)3.11Change (%)0.0Consensus EPS2.93PE (x)7.6Dividend yield (%)7.0EV/EBITDA (x)10.0ROE (%)20.052-WEEK PRICE(USD)Source:LSEGIBES, HSBC estimatesYifeng Liu*Analyst, Life Sciences & Healthcare ResearchHSBC Bank plcyifeng.liu@hsbc.com+44 20 7 9919355Rajesh Kumar*Head, European Life Sciences & Healthcare ResearchHSBC Bank plcrajesh4kumar@hsbcib.com+44 20 7991 1629Morten Herholdt*Analyst, Life Sciences & Healthcare ResearchHSBC Bank plcmorten.herholdt@hsbc.com+ 44 20 7992 4082Yash Singhee*AssociateBangalore* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and isnot registered/ qualified pursuant to FINRA regulationsEquitiesPharmaceuticalsUnited States05/2411/24Target price: 26.00High: 31.39 Low: 21.59 Current: 23.49 ◆◆◆ 100%PFE USPFE.N12/2026e12/2027e2.962.962.882.962.962.880.00.00.03.023.093.107.97.98.17.07.17.18.38.18.018.918.517.620.0026.5033.0005/25 2Financial statementsYear to12/2024a12/2025eProfit & losssummary(USDm)Revenue63,62762,732EBITDA19,42422,661Depreciation & amortisation-7,013-6,928Operating profit/EBIT21,66021,266Net interest0-1,380PBT21,67119,886HSBC PBT20,74319,886Taxation280Net profit21,73019,886HSBC net profit17,71616,872Cash flow summary(USDm)Cash flow from operations12,74418,816Capex-2,909-2,616Cash flow from investment2,654-2,616Dividends-9,512-9,289Change in net debt-5,727-6,910FCF equity9,83516,200Balance sheet summary(USDm)Intangible fixed assets123,938118,406Tangible fixed assets36,87238,093Current assets50,35853,912Cash & others1,0434,953Total assets213,395212,637Operatingliabilities56,31056,692Gross debt64,35161,351Net debt63,30856,398Shareholders' funds88,20390,063Invested capital153,815148,765Ratio, growth and per shareanalysisYear to12/2024a12/2025ey-o-y % changeRevenue8.8-1.4EBITDA156.616.7Operating profit135.7-1.8PBT--8.2HSBC EPS69.0-4.8Ratios (%)Revenue/IC (x)0.40.4ROIC8.310.4ROE20.018.9ROA9.910.3EBITDA margin30.536.1Operating profit margin34.033.9EBITDA/net interest (x)-16.4Net debt/equity71.562.4Net debt/EBITDA (x)3.32.5CF from operations/net debt20.133.4Per share data(USD)EPS Rep (diluted)1.412.13HSBC EPS (diluted)3.112.96DPS1.641.64Book value15.4715.80Financials & valuation:Pfizer Source: HSBCNote:Priced at close of 30 May 2025 Valuation and risksValuationMethodology:APV methodology.Assumptions:Our target price of USD26.00 is based on APVanalysis. Our TP is based on a WACC of 8.2%, assuming a RFR of3.75%,anERP of 4.25%,a biopharma sector premium of 1.00%,anESG premium of 1.00%, andabeta of 0.80 (all unchanged). Our targetprice implies upside of10.7%from the current share price. Wereiterate our Buy rating as the dividend yield remains attractive. Risks toour viewDownside risks:1) vaccine unwind proves to bematerially faster than we or peers have modelled; 2) thegrowth rate of new launches is not as strong as hoped;3) clinical trial failures, especially in late-stage oracquired drugs; 4) LOE-exposed drugs see a largerdeclinethan USD18bn from 2025e onwards; 5) the drugpricing debate spreads in Europe in a more aggressiveway; 6) the industry is unable to renegotiate its prices; 7)recent danuglipron failure leadsthecompany to spendon a large obesity acquisition; 8) Eliquis drop throughmargin and fade is more aggressive than consensus;and 9) H1 part-D impact surprises consensus on thedownside, especially on phasing. 3 4Disclosure appendixAnalyst CertificationThe following analyst(s), economist(s), or strategist(s) who is(are) primarily responsible for this report, including any analyst(s)whose name(s) appear(s) as author of an individual section or sections of the report and any analyst(s) named as the coveringanalyst(s) of a subsidiary company in a sum-of-the-parts valuation certifies(y) that the opinion(s) on the subject security(ies) orissuer(s), any views or forecasts expressed in the section(s) of which such individual(s) is(are) named as author(s), andany otherviews or forecasts expressed herein, including any views expressed on the back page of the research report, accurately reflecttheir personal view(s) and that no part of their compensation was, is or will be directly or indirectly related to thespecificrecommendation(s) or views contained in this research report: Yifeng Liu, Rajesh Kumar and Morten HerholdtImportant disclosuresEquities: Stock ratings and basis for financial analysisHSBC and its affiliates, including the issuer of this report (“HSBC”) believes an investor's decision to buy or sell a stockshoulddepend onindividual circumstances such as the investor's existing holdings, risk tolerance and other considerations and thatinvestors utilise various disciplines and investment