Why is Pfizer Inc. stock underperforming the market?

Pfizer Inc. is set to announce its fourth-quarter financial results, with analysts predicting a significant increase in earnings to $0.46 per share from $0.10 a year ago, and a rise in quarterly revenue to $17.26 billion from $14.25 billion. Despite these positive projections, Pfizer's stock has declined by 1.2%, closing at $26.20. Analyst sentiment is varied, with some lowering their price targets, resulting in an average 12-month price target decrease of 10.61% to $29.5. Notably, Citigroup and UBS have adjusted their ratings to Neutral with a $29.00 target, while Guggenheim maintains a Buy rating but reduced the target to $33.00. Wolfe Research has issued an Underperform rating with a $25.00 target. Pfizer's recent advancements include the Phase 3 BREAKWATER study results for metastatic colorectal cancer and progress in vaccine development, with a second-generation C. diff vaccine and a fourth-generation pneumococcal vaccine in Phase 2 trials. However, uncertainties in health policy and the lack of revenue estimates for the C. diff vaccine pose challenges. Additionally, the pharmaceutical market is experiencing shifts, with increased legal marijuana access reducing prescriptions for anxiety medications like Xanax and Lorazepam, potentially impacting Pfizer's revenues. While Pfizer shows financial growth and product development, market sentiment remains cautious due to external factors and evolving conditions.