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While biopharmaceutical companies tend not to possess the same level of cultural relevance as automakers or tech firms, Pfizer is a clear exception, having cemented itself in the public consciousness in 2021 after developing one of the life-saving COVID-19 vaccines.
Indeed, early holders of Pfizer will have been handsomely rewarded during the pandemic, with the firm’s share price almost doubling in the 12 months following December 2020, reaching an all-time high of $59.40.
But two years on, the stock’s fortunes have faltered significantly, making the decision to buy slightly more questionable. In this guide, we will address these factors in determining whether Pfizer stock is a smart bet in 2024, in addition to examining where and how to buy Pfizer stock.
Despite existing since the 1840s, Pfizer has only recently become a household name, having played a pivotal role in the development of the COVID-19 vaccine in 2020 and 2021.
Headquartered in New York City, the pharmaceutical firm partnered with fellow industry player BioNTech to create one of the first widely used vaccines for the virus, its share price skyrocketing as a result, establishing it as one of the largest and most influential pharmaceutical companies in the world.
Aside from its core business as a vaccine maker, Pfizer also boasts a wide portfolio of prescription medications and consumer health products, all of which are sold on a global scale.
Pfizer (PFE) Stock Price 2024
Pfizer stock has been on a downward spiral recently, having shed nearly 50% of its value during the past 12 months, and sitting at a 53-week low at the time of writing. By contrast, the S&P 500 is up 24%.
Much of this decline has come as sales of Pfizer’s Covid products have waned. Providing its 2024 revenue guidance in December 2023, the firm projected sales for this market segment to be around $8bn – a 90% downturn from 2022. Following this announcement, Pfizer shares experienced their largest single-day drop since 2009.
Pfizer’s year has been punctuated by such dips. For instance, on December 1, the firm’s shares had sunk by nearly 6% overnight, following an announcement that experimental weight loss pill danuglipron would be discontinued. The pill was once tipped to be Pfizer’s top pipeline drug.
Similarly, investors were spooked by news of Pfizer’s Q3 results on October 31, with the firm posting losses of around $2.4bn.
Is Pfizer (PFE) a Good Investment in 2024?
Despite Pfizer stock’s misfortune in 2023, the firm’s future prospects must be taken into account prior to a buy or sell decision.
Unfortunately, Pfizer’s earnings guidance for 2024 makes for bleak viewing. The firm expects sales to land in the $58.5bn to $61.5bn range, with adjusted profit of $2.05 to $2.25 per share – a far cry from expectations of $62.66bn and $3.13 per share.
The pharmaceutical giant also indicated that its line of COVID-19 products would generate $8bn in sales in 2024, versus $12.5bn in 2023 and $15.2bn in 2022.
However, it must be acknowledged that the pandemic was, by its very nature, an isolated event, and that pandemic-era demand simply cannot be expected to remain at the same scale. With this in mind, Pfizer is currently in the midst of a transitional phase.
Most notably, the firm recently completed its acquisition of oncology company Seagen. While the cost of funding the move is expected to diminish Pfizer’s earnings by 40 cents per share, the newly acquired portfolio of cancer drugs is projected to generate more than $3bn in additional earnings in 2024.
Pfizer is also undergoing a cost-cutting program with a view to generating $4bn in savings.
Finally, it must be acknowledged that, having reacted to an isolated event, Pfizer’s earnings were always likely to see a sharp fall in the aftermath. Furthermore, with a cohort of 19 new product launches on the horizon, 2024-25 could be a highly productive year for the pharmaceutical firm.
Taking these factors into account, and in spite of a bumpy post-Covid comedown, Pfizer looks set to deliver for investors in the long-run.
Where to Buy Pfizer (PFE) Stock in 2024
Investors have the option to purchase Pfizer stock via multiple online brokerage platforms, and Robinhood stands out as a favored choice. Robinhood distinguishes itself with a user-friendly interface, low minimum deposits, and the ability to engage in fractional share trading, enhancing accessibility for beginners.
Additional popular alternatives encompass Webull, and Charles Schwab. These platforms are renowned for their diverse trading options, user-friendly interfaces, and commission-free structures.
1. Robinhood – Invest in Pfzier commission-free
Robinhood is an app that enables investors to manage their portfolios from their phones. This is an ideal platform for people who favor a simple user interface and investing process.
Furthermore, the minimum trade amount on Robinhood is just $1 which makes it possible to invest in small increments over time.
The app charges 0% commissions for buying Pfizer stock as well as thousands of other US stocks and shares.
2. Charles Schwab – Invest with the help of experts
Charles Schwab is well-known for providing some of the best educational resources and research tools in the industry. The platform was founded in 1971 and is considered to be one of the most reputable US brokerages for long-term investors.
Customers can build their own portfolios or invest with the help of professionals. This service is free of charge through Charles Schwab however, assisted trades come with a $25 commission.
Currently, the brokerage has a $0 minimum deposit requirement which means that you can sign up to the platform free of charge.
3. Webull – The best platform for trading PFE with leverage
Webull is a trading platform that caters to advanced trading strategies. The platform offers is own charting tools and is also compatible with MT4 which can be used for technical analysis, automated trading, and margin trading.
Webull is particularly appealing to traders who want to trade Pfizer stock with leverage. This allows customers to increase their position size, potentially maximizing profits.
The platform also provides users with a demo account that can be used to practice trading risk-free. This makes Webull stand out as a good option for experienced traders.
Pfizer (PFE) Stock Data November 2024
Our Verdict on Pfizer (PFE) Stock in 2024
Though Pfizer’s involvement in historical effort to engineer a COVID-19 vaccine earned it astronomical success and acclaim, the now faces the challenge of sustaining this success in a post-pandemic climate.
This being said, the outlook looks promising, with the firm’s major stake in the oncology industry and cost-saving initiatives likely to prove influential.
These factors, combined with Pfizer’s legacy status, render the firm a worthwhile pick for investors seeking a relatively low-risk investment in 2024.
Pfizer (PFE) Stock FAQs
Does Pfizer pay a dividend?
Yes, Pfizer’s dividend yield is just under 6% at the time of writing, equating to $1.65 per quarter.
Why is Pfizer stock so low?
Pfizer stock faced significant headwinds in 2023 due to dwindling COVID-19 product sales, discontinued drug projects, and cautious revenue projections.
How much does it cost to buy Pfizer stock?
At the time of writing in December 2023, Pfizer stock sits at $27.72 per share
How to buy Pfizer shares online?
Potential investors can explore various online brokers, including Robinhood, which is TradingPlatforms’ recommended platform. These platforms offer diverse features, from social trading to commission-free structures.
Sam Alberti has recently joined Trading Platforms as a content editor, having spent the past four years working as a journalist across various financial and business niches. He graduated from the University of Kingston in 2019 with a Master’s Degree in Journalism and an NCTJ Diploma, and has since developed a passion for both consumer and corporate finance. He now specializes in producing engaging and thoroughly-researched web content on all things finance.
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