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Nirmal Bang Report
Pfizer India Ltd.’s Q4 FY22 earnings beat our/consensus estimate by 8.8%/20.8% as margins came in better than expected. Lower cost of sales and QoQ decline in staff costs aided margins in Q4 FY22.
Higher gross margin may be a reflection of a lower-than-normal proportion of sales coming from traded products (like Prevnar, Eliquis and hospital injectables).
Staff costs were down 16% QoQ. We might see the staff costs getting contained going forward as Pfizer has rolled out a voluntary retirement scheme for its field staff.
There would potentially be a one-off impact on the expense of the VRS scheme during FY23, which is currently not baked into our estimates, but we have tweaked our estimates to factor in lower staff costs for FY23.
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