Pfizer Inc. PFE

The business

Pfizer discovers, buys and sells prescription medicines. What it actually is right now is a company spending a windfall. The pandemic produced roughly $100B of revenue that will never repeat, and Pfizer used it to buy pipeline, most visibly Seagen for $43B in 2023. The question since has been whether the things it bought work.

The current revenue base is ordinary large pharmaceutical: Eliquis, the anticoagulant it shares with Bristol Myers, at $2.4B a quarter and growing 21%. Vyndaqel for cardiac amyloidosis at $1.8B. Comirnaty and Paxlovid, the two products that produced the windfall, at $261M and $21M respectively, which is what the far side of a pandemic looks like.