ICICI Securities: Pfizer’s Growth Visibility In Domestic Market Aided By Strong Balance Sheet

ICICI Securities Report

Pfizer Ltd. held a call to discuss the Q1 FY21 results and impact from the pandemic. We cover the highlights below:

The pandemic caused significant reduction in patient footfall to the out patient departments (OPD)s, delay in elective surgeries, etc., which affected the overall demand during the quarter.

Most affected were therapies that required physical presence (oncology, vaccines, etc.). Company’s established brands performed well during the quarter growing 13%.

But its Hospital/Critical Care segment (approximately 20% of sales) and vaccines were the worst affected reporting a decline of 41% and 23% respectively.

Apart from shutdown in the first few days of the lockdown, company’s Goa plant and its other outsourced plants were operational throughout the quarter. In order to support the channel, company provided working capital loans as well as provided insurance to stockists.

Company utilised digital medium to reach healthcare professionals using Virtual Client Connect. Company conducted more than 20,000 paediatric and 10,000 hospital doctors connect using this platform.

However, the field force became active since the first week of June 2020 and currently 60-70% of the workforce is active.

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