Girish Pai

Nirmal Bang

Equity Bottom-Up

<p>4QFY21 Result Update</p>
<h2>Pfizer</h2>
<h3>Sharp Decline in Margins; Downgrade to Sell</h3>
<p>Pfizer revenue at Rs5,348mn was up 6.5% YoY and down 10% QoQ. Revenue was 6% below consensus estimate and higher than our estimate by 3.4%. On a full year basis, revenue stood at Rs. 22390mn and was up 4% YoY. FY21 sales, primarily for Hospitals and Vaccines businesses, have been adversely impacted due to the pandemic, while sales of Vitamin and mineral portfolio (Becosule franchise) was favorably impacted as they were…</p>

<p>3QFY21 Result Update</p>
<h2>Pfizer</h2>
<h3>Revenue growth rates normalizing</h3>
<p>Pfizer revenue at Rs5,935mn was up 10% YoY and flat QoQ. Revenue was in line with consensus estimate and higher than our estimate by 5%. Revenue growth run-rate has consistently improved over the last three quarters. The YoY revenue growth rate for 1QFY21, 2QFY21 and 3QFY21 stands at -5%, +5%, and +10%, respectively. During the quarter, there was a significant relaxation in lockdown, which  primarily helped the growth coming back. The…</p>

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<p>2QFY21 Result Update</p>
<h2>Pfizer</h2>
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<h3>Net profit margin down despite revenue growth</h3>
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<p>Pfizer reported revenue of Rs5,954mn for 2QFY21, 2% below our estimate but 2% above consensus estimate. On a YoY basis, revenue was up 5%. The growth numbers for the current quarter have been affected by the divesture of rights and interests in certain brands and the COVID-19 outbreak. Adjusting for the above, growth for the quarter and half year ended September 30, 2020 would have been 10.1% YoY and 8.6% YoY…</p>
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<p>1QFY21 Result Update</p>
<h2>Pfizer</h2>
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<p><strong>Margins expansion helps net earnings growth despite revenue decline</strong></p>
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<p>Pfizer reported revenue of Rs5,149mn in 1QFY21, 8.8% above ours and 7.3% below consensus estimate. On YoY basis, revenue was down 5.4% as the COVID pandemic led to lower demand for its hospital anti infective portfolio and vaccine (Prevnar). Considering higher exposure of Pfizer in the anti-infective space, we had assumed a low teen decline for Pfizer earnings, in line with IPM growth…</p>
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India

Pfizer Limited is a healthcare company focusing on pharmaceuticals and consumer products. The Company has three divisions in India - pharmaceuticals, animal health and research & development. Two of Pfizer India's known brands are, Corex-a cough formulation and Becosules-a multivitamin.

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