Pfizer Q4 Review - One-Off CRS Expenses Impact Reported Ebitda: Centrum Broking

The Pfizer Inc. logo is seen on the lab coat of an employee at the company’s research and development facility in Cambridge. (Photographer: Scott Eisen/Bloomberg)

Pfizer Q4 Review - One-Off CRS Expenses Impact Reported Ebitda: Centrum Broking

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.

Click on the attachment to read the full report:

Centrum Pfizer - Q4FY21 Result Update .pdf


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.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.