RBC starts Pfizer at Underperform on ‘insurmountable’ patent cliff

As previously reported, RBC Capital initiated coverage of Pfizer (PFE) with an Underperform rating and $25 price target reflecting an “insurmountable” $15B-$20B revenue cliff through 2030 with little near-term pipeline visibility seen to offset it. While a 6% dividend yield provides downside support above the peer average, it cannot offset structural headwinds and lack of 2026 catalysts, the analyst tells investors.