Investment Thesis
Pfizer (NYSE:PFE) performed satisfactorily in Q2 2017, although investors have not had any meaningful top line growth in for more than a decade. Its operational growth in the quarter, excluding the divestment of Hospira Infusion Systems, was up 2%. However, importantly, progress in H1 has strong enough to give management confidence to increase its adjusted EPS by $0.02 to $2.54-2.60 for year-end 2017, with the mid-point guidance offering adjusted EPS growth at the year end of 11%, including its growing dividend. In spite of being a highly followed blue chip, I still do not feel that the stock is actually fully appreciated by investors, as they likely do not yet grasp the full potential of Xtandi.
