Pfizer revenues strong amid margin pressure

News: Pfizer posted growth of 13.9% YoY in top-line whereas EBITDA margins declined 428 bps YoY to 28.9% due to increase in raw material, employee and other expenditure. EBITDA was steady YoY to Rs.195.2 crore. Adjusted PAT grew 1.9% YoY to Rs.143.9 crore.

Views: Q3 revenues was better than I-direct estimates while margins was a miss. According to IQVIA MAT Dec,21, Respiratory, Anti-Infective and Cardiac were the top growing therapeutic areas on YoY basis. However, besides quarterly variations, 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: Positive