Argus Sets $35 Target for Pfizer, BRAFTOVI Earns FDA Full Approval
Argus upgraded Pfizer to Buy with a $35 price target, citing progress in its GLP-1 and robust oncology/hematology pipelines that bolster confidence in post-2028 revenue and earnings growth. The FDA granted full approval to BRAFTOVI for metastatic colorectal cancer after Phase 3 BREAKWATER showed improved progression-free and overall survival.
1. Argus Upgrade
On March 2, Argus upgraded the stock to Buy from Hold and established a $35 price target. The analyst highlighted encouraging progress in Pfizer’s GLP-1 pipeline and described its oncology and hematology programs as robust, boosting confidence in revenue and earnings growth beyond 2028, supported by accelerated R&D and planned bolt-on business development.
2. FDA Approval of BRAFTOVI
The FDA granted full approval to BRAFTOVI (encorafenib) for use with cetuximab and fluorouracil-based chemotherapy in adults with metastatic colorectal cancer carrying a BRAF V600E mutation. This decision follows Phase 3 BREAKWATER trial results that demonstrated enhancements in progression-free and overall survival, confirming a safety profile consistent with prior accelerated approval and driving regulatory reviews in Europe.