Pfizer collectively addresses 15 therapy areas in the domestic formulations with a portfolio of over 150 products that include therapeutics & vaccines. The company has been continuously restructuring its portfolio in the last few years to improve the productivity of its core brands.
Revenue growth was subdued this quarter on a high base of Q1FY22 while numbers have picked up sequentially.
Pfizer’s share price has grown by ~1.4x over the past three years (from ~₹ 2952 in August 2019 to ~₹ 4230 levels in August 2022).
Valued at ₹ 4480 i.e. 30x P/E on FY24E EPS of ₹ 149.3
Apart from Pfizer, among MNC coverage we like Abbott.
|Particulars||FY19||FY20||FY21||FY22||5 Year CAGR(FY17-FY22)||FY23E||FY24E||2 Year CAGR (FY22-FY24E)|
|EBITDA margins (%)||27.2||26.6||31.8||32.0||-||32.6||33.5||-|
|M.Cap/ Revenues (x)||9.6||9.3||8.9||7.6||-||7.5||6.9||-|
|EV to EBITDA (x)||31.8||30.9||26.4||21.9||-||20.4||17.7||-|
Q1FY23 Results: Muted performance
|Q1FY23||Q1FY22||YoY (%)||Q4FY22||QoQ (%)||Comments|
|Raw Material Expenses||215.9||274.5||-21.4||189.7||13.8|
|Total Operating Expenditure||401.1||463.4||-13.5||384.2||4.4|
|EBITDA (%)||32.4||38.1||-578 bps||30.1||226 bps|
|PBT before EO||179.7||268.7||-33.1||145.1||23.9|
|Less: Exceptional Items||136.3||0.0||0.0||0.0||0.0||One-off of | 129.85 crore on account of Voluntary Retirement Scheme (VRS) and | 6.48 crore on account of restructuring to drive business transformation in Q1FY23|
|MI & Share of loss/ (gain) asso.||0.0||0.0||0.0||0.0||0.0|
|Adj. Net Profit||168.9||199.9||-15.5||125.8||34.3|
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