Guggenheim expects blockbuster Q3 sales for Pfizer's COVID products
** Brokerage Guggenheim forecast more than $1 billion in third-quarter sales for Pfizer's PFE.N COVID vaccine Comirnaty and antiviral treatment Paxlovid driven by increased demand
** Guggenheim forecast Q3 sales of $1.65 bln for Paxlovid vs $435 mln consensus estimates, boosted by robust prescription volumes and delivery of 1 million courses to the U.S. government stockpile during the quarter
** "Despite market skepticism about the long-term demand for COVID-19 products, we believe that concerns are somewhat misplaced, especially for Paxlovid, which we expect to maintain demand even if vaccination uptake slows," says Guggenheim
** Guggenheim sees $2.12 bln sales for Comirnaty, which PFE makes with German firm BioNTech BNTX.O, vs consensus estimates of $875 mln, according to the brokerage's note
** Estimates reflect a 60%-70% increase in volume vs Q3 last year, driven by an earlier launch of the updated variant vaccine this year - Guggenheim
** Brokerage says PFE has achieved incremental market share gains over rival mRNA-based vaccine maker Moderna MRNA.O, compared to first half of 2024
** Pfizer set to report Q3 results on Oct 29
** 15 of 26 brokerages covering the stock rate it "hold", 7 rate it "buy" and 4 as "strong buy" ; their median PT is $32, based on LSEG data
** As of last close, PFE down ~2% and MRNA down ~46% YTD
Reporting by Bhanvi Satija in Bengaluru
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