BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Centrum Broking Report
Pfizer Ltd.’s Q4 FY21 earnings were below our estimates.
Revenue grew 6.5% YoY to Rs 5.35 billion, driven by leading brands while hospital and vaccine segments continued to be impacted amid the pandemic.
Ebitda was impacted by CRS accruals, adjusting for which Ebitda margins were almost in-line at 28.4%.
Strong cost efficiencies should help sustain steady margins going ahead.
We expect the Covid-19 vaccine opportunity to be part of the listed entity, as the current vaccine business is part of the same.
Even if we assume around 100 million doses over the coming year with marketing margins of 810%, the opportunity remains significant.
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