Pfizer Q2 Review - Becosules Demand Normalises: ICICI Securities

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ICICI Securities Report

Pfizer Ltd.’s reported weak performance missed our estimates across parameters during the quarter.

Revenue grew 6.9% YoY to Rs 6.4 billion as demand for Becosules seems to have normalised during the quarter with waning Covid-19 cases.

Ebitda margin contracted 440 basis points YoY (down 830 bps QoQ) to 29.8% (our estimate: 36.6%) led by negative operational leverage.

Adjusted profit after tax grew 8.8% YoY to Rs 1.4 billion (our estimate: Rs 2.0 billion).

Though, we remain positive on Pfizer’s growth visibility with exposure only in domestic formulations and strong balance sheet with deep cash reserves, current valuations capture the near term growth triggers.

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