Pfizer Q3 Review – Core Brands Growth To Rise, Valuation Attractive: Anand Rathi

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On its better hospitals and vaccine performances, Pfizer Ltd.’s Q3 FY21 sales grew 10.3% YoY to Rs 5.9 billion.

Its gross margin expanded 149 basis points YoY to 64.2%, while the Ebitda margin expanded 836 basis points YoY to 33.2% on account of lower promotional costs.

Lower other income and a higher tax rate reduced adjusted profit after tax growth to 19.8% (Rs 1.4 billion).

We expect sales growth of key brands (Gelusil, Prevenar-13, Becosules, Magnex, Dolonex and Meronem) to accelerate in FY22.

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Anand Rathi Pfizer Q3FY21 Result Update.pdf

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