Pfizer Q1 Results Review - On A Recovery Path, Growth Should Strengthen: Systematix

Systematix Research Report

Pfizer Ltd.’s Q1 FY25 revenue was higher ~6% YoY and 3% QoQ. Revenue came in 1% higher than our expectations, but net earnings margin was in-line with our expectations of 26.8%, driven by lower raw material costs margin and staff costs margin.

Gross margin was lower 100 basis points QoQ but higher 500 bps YoY as the raw material spend in base quarter was high as it included the adverse impact of inventory write off (sterile anti-infective portfolio). In Q1 FY24, Pfizer had seen quality issues in its sterile anti-infective portfolio (Magnex, Magnomycin and Zosyn), which led to inventory write off and supply disruption.

The supply is still disrupted and yet to normalise. The annual contribution of the impacted portfolio is approximately Rs 1350 million.

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