Pfizer reports steady revenues with uptick in margins

News: Pfizer posted growth of 3% YoY in topline to Rs. 550 crore. EBITDA margins expanded 659 bps YoY to 30.1% while EBITDA was grew 32%YoY to Rs. 166 crore. Net profit increased 25% YoY to Rs. 126 crore. The board recommend a dividend of Rs. 35 per equity share

Views: Q4 revenues were below I-direct estimates while margins were a beat. According to IQVIA MAT March, 2022, respiratory (55%), anti-Infective (25%) and cardiac (19%) were the top growing therapeutic areas on YoY. However, besides quarterly variations Pfizer posted revenue growth of 17% to Rs. 2611 crore with margins at 32% in FY22. We continue to believe in Pfizer’s strong growth track record in power brands and capability in new launches on a fairly consistent basis

Impact: Neutral