Pfizer Q2 Review - Becosules Demand Normalises: ICICI Securities
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.
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.
Click on the attachment to read the full report:
This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.