Pfizer Just Did This for the First Time in 6 Quarters. Time to Buy?

Just a couple of years ago, 's (NYSE: PFE) revenue was soaring thanks to sales of its coronavirus vaccine. In fact, the vaccine became the world's best-selling pharmaceutical product and even helped Pfizer reach a record of more than $100 billion in annual revenue.

But in recent times, as demand for the vaccine waned, the company found itself at a transition point. Pfizer had to revamp its cost structure, considering the lower demand for the vaccine, and the company shifted focus to product launches outside of the coronavirus space and its acquisition of oncology specialist Seagen to drive a new era of growth. Meanwhile, Pfizer's shares continued to disappoint investors, slipping 48% from a high in late 2021 through the end of last year.

This year, though, has brought progress, and investors are taking notice. The stock has climbed more than 20% over the past three months, and just this week during Pfizer's earnings report, the company said it did one particular thing for the first time in six quarters -- something that should add to investor optimism. Does this make Pfizer a buy right now? Let's find out.

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Source Fool.com