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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.
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