Pfizer (NYSE: PFE) underperformed the S&P 500 in 2020. And in 2019. And in 2017. And in 2016. You probably noticed I skipped 2018 — that was the only year in the past five when the big drugmaker managed to beat the broad-market index. If looking at historic returns was the best way to predict future returns, Pfizer’s outlook wouldn’t be all that good.
However, there’s a reason that the investment world includes so many disclaimers warning that “past performance may not be indicative of future results.” Things change. That’s especially true in cases when a business’s underlying dynamics have shifted as much as Pfizer’s have. So what’s the outlook for Pfizer stock? Probably a lot better than it has been in recent years.