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Pfizer: Quarterly performance below estimates

News: Pfizer posted growth of 6.9% YoY in topline whereas EBITDA margins declined 438 bps YoY to 29.8% due to increase in employee and other expenditure. Subsequently, EBITDA de-grew 6.9% YoY to Rs.189.4 crore. Adjusted PAT grew 8.8% YoY to Rs.143 crore. Delta vis-à-vis EBITDA was due to higher other income and lower interest and tax expense.

Views: Weak Q2 performance, way lower than I-direct estimates, may be due to loss of Covid opportunities during the quarter. However, bseides 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.