Before the market opens on Tuesday morning, Pfizer Inc. (NYSE: PFE) is scheduled to report second-quarter results. The company is expected to post earnings per share (EPS) of $0.52 on revenues of $11.42 billion. In the second quarter of last year Pfizer posted EPS of $0.58 on revenues of $12.7 billion.

A decline in both revenues (more than 10% year-over-year) and EPS (also down 10%) is practically guaranteed to put investors off. What may help see Pfizer through is its future. The trailing 12-month price/earnings ratio is a large 23.68, while the future P/E ratio comes back to earth with a current print of 14.65.

The most recent analysts’ calls on the stock are also positive:

• Bernstein maintained its Outperform rating and boosted the price target from $38 to $39
• Jefferies initiated coverage in mid-June with an Overweight rating and a price target of $45
• Piper Jaffray initiated coverage in early June, also with an Overweight rating and $45 price target

Pfizer shares were recently trading at around $34.15 in the mid-afternoon on Monday. The consensus analyst price target is $38.25, and the 52-week range is $27.51 to $35.53. Pfizer has a 3.3% dividend yield, and its market cap is about $210.4 billion.The company has been in a state of flux following the the Zoetis spin-off and the pending Hospira acquisition. Analysts appear to believe that the $15 billion Hospira deal will give Pfizer a shot in the arm once the acquisition is final.

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