Pfizer Q4 Review - Curtailed Expenses Boost Margins: ICICI Securities

BQ Prime’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 BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.Pfizer Ltd.’s Q4 FY22 performance exceeded our estimates driven by strong control over costs. Revenues grew 2.8% YoY to Rs 5.5 billion (our estimate: Rs 5.6 billion) led by firm growth in the cardiac and respiratory portfolios. Ebitda margin expanded 660 basis points YoY (up 120 bps QoQ) to 30.1% (our estimate: 27.3%) aided by revenue mix, inventory adjustments and curtailed expenses. Adjusted profit after tax was up 58.0% YoY (on a low base) to Rs 1.3 billion (our estimate: Rs 1.0 billion) supported by a lower tax rate of 13.3%. We remain positive on Pfizer’s growth visibility with exposure only in domestic formulations and strong balance sheet with deep cash reserves. While near-term growth would be muted due to high base in key products, reasonable valuations support our positive view..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BQ Prime 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 BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Pfizer Q4 Review - Curtailed Expenses Boost Margins: ICICI Securities

Pfizer Q4 Review - Curtailed Expenses Boost Margins: ICICI Securities

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