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Pfizer Q4 Review - Curtailed Expenses Boost Margins: ICICI Securities

Pfizer Q4 Review - Curtailed Expenses Boost Margins: ICICI Securities

<div class="paragraphs"><p>Pfizer's Covid-19 pill Paxlovid is packaged in Ascoli, Italy. (Source: Reuters)</p></div>
Pfizer's Covid-19 pill Paxlovid is packaged in Ascoli, Italy. (Source: Reuters)

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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:

ICICI Securities Pfizer Q4FY22 Results Update.pdf

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