A year ago, (NYSE: PFE) was soundly beating the market, racking up highly impressive sales thanks to its COVID-19 products. But with the pandemic no longer a global health crisis per guidance from the World Health Organization (WHO), this market has become substantially less lucrative for the pharma giant.
That's why Pfizer's shares are already down by 21% year to date, even as broader equities roar back following a downturn. The market is forward-looking, so this may be a clue that Pfizer's prospects aren't all that appealing. Or perhaps, in this case, it isn't looking forward enough, and Pfizer is a steal at current levels.
Which is it? Let's dig in and find out.
Source Fool.com