Market Update: Pfizer Inc (NYSE:PFE) – Biosimilar drugs get boost as UK cost agency backs their use

[Reuters – UK Focus] – Cheaper “biosimilar” copies of expensive biotech drugs received a boost in Britain on Tuesday when the country’s health cost-effectiveness agency NICE (Milan: NICE.MI – news) said patients needing such medicines “should be started with the least expensive drug”. The latest ruling by the National Institute for Health and Care Excellence (NICE) is a further victory for the biosimilar lobby and may help two cheaper copies win market share from five other original brands. Pfizer (NYSE: PFE – news) unit Hospira (NYSE: HSP – news) and Napp Pharmaceuticals both offer biosimilar treatments for rheumatoid arthritis, known as Inflectra and Remsima, that are copies of Merck (Other OTC: MKGAF – news) and Johnson & Johnson (NYSE: JNJ – news) ‘s established blockbuster Remicade. Read more on this. Pfizer Inc. (PFE) , with a current value of $188.66B, opened this morning at $30.51. Looking at today’s market, PFE one day range is $30.33 to $30.75 with its 52-week range being $28.47 to $36.46. PFE shares are currently priced at 13.99x this year’s forecasted earnings, which makes them relatively expensive compared to the industry ’s -2.14x forward p/e ratio. The company pays shareholders $1.20 per share in dividend income per year, for a current yield of 3.91%. According to a consensus of 18 analysts, the earnings estimate of $0.52 per share would be $0.02 worse than the year-ago quarter and a $0.00 sequential decrease. In looking at the bigger picture, the full-year EPS estimate of $2.18 would be a $0.08 worse when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $13.56 Billion. If reported, that would be a 3.43% increase over the year-ago quarter. Recently, Sun Trust Rbsn Humphrey upgraded PFE from Reduce to Neutral (Nov 25, 2015). Previously, Morgan Stanley upgraded PFE from Equal-Weight to Overweight. When considering if perhaps the stock is under or overvalued, the average price target is $40.19, which is 31.73% above where the stock opened this morning. See more in (NYSE:PFE) Similar Articles: Company Update: Pfizer Inc (NYSE:PFE) – Pfizer Announces Collaboration with GSK on Next-Generation Design of Portable, Continuous, Miniature and Modular (PCMM) Oral Solid Dose Development and Manufacturing Units Market Update (NYSE:PFE): Pfizer Invites Public To View And Listen To Webcast Of Pfizer Presentation At Healthcare Conference Company Update: Pfizer Inc (NYSE:PFE) – Pfizer wins EU approval for $15 bln Hospira buy