Pfizer's Uncertain Growth Prospects and Revenue Stability Prompt Hold RatingWe highlight the following items of note: FX topline tailwind: Consistent with US pharma peers and the broader S&P500, n we expect PFE to benefit from the broad-based weakening of the dollar vs. other marjor currencies where we estimate to be a ~$190mn tailwind for 2Q25. OpEx: For the quarter, we estimate in-line R&D expenses and slightly lower SG&A n expenses. For FY25, we model to be ~ 2-3% below consensus, where our estimates of $10.9bn and $13.5bn trends towards the lower end of company guided range of $10.7- $11 .7bn and $13.3- $14.3bn range, respectively, per the company’s continued momentum and management recent commentary on cost control. Acquired IPR&D: While we do not include an IPR&D charge for 2Q25, we do n anticipate inclusion of $1 .25bn IPR&D in 3Q25 (although not yet reflected in model), per company expectation of 3SBio transaction closing.