Pfizer Q1 Review - Exceptional Performance: ICICI Securities
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ICICI Securities Report
Pfizer Ltd. reported strong performance beating our estimates across parameters during the quarter.
Revenue grew 45.5% YoY to Rs 7.5 billion (our estimate: Rs 7.2 billion) benefiting from strong growth in its top brands.
Ebitda margin improved 1,460 basis points QoQ (up 190 bps YoY) to 38.1% (our estimate: 27.0%) with sharp decline in selling, general and administrative costs (down 20.2% QoQ).
Adjusted profit after tax grew 60.6% YoY to Rs 2.0 billion (our estimate: Rs 1.8 billion).
While 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 with potential correction in margins as costs normalise.
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