Pfizer's Strategic Shift with Novavax's Matrix-M Adjuvant: A Breakdown of the Deal and its Implications for the Company's Investment Narrative

Pfizer has licensed Novavax's Matrix-M adjuvant for up to two infectious disease areas, with a $30 million upfront payment plus potential milestones and royalties. This deal broadens Pfizer's toolkit but doesn't alter the main risks or investment case. Patent expiries and a stretched dividend cover are significant pressures, but shares may still be undervalued. Thirty-five fair value estimates from the Simply Wall St Community range from $24 to $56.53 per share, highlighting different views on Pfizer's prospects.