Pfizer Q4 Review - Margins Impacted By High Expenses: ICICI Securities
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ICICI Securities Report
Pfizer Ltd.'s reported performance was weak during the quarter with it missing the estimates on all fronts.
Revenue grew 6.5% YoY to Rs 5.3 billion (our estimate: Rs 5.7 billion) despite company benefiting from its vitamins/minerals/nutrients and gastro-intestinal portfolio.
Ebitda margin declined 970 basis points QoQ to 23.5% (our estimate: 30.2%) due to higher selling, general and administrative costs (up 32% QoQ).
Adjusted profit after tax declined 18.8% YoY to Rs 796 million (our estimate: Rs 1.4 billion).
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