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Systematix Research Report
Pfizer Ltd.'s Q2 FY25 revenue (Rs 5,886 million) was higher ~2.3% YoY and 4.6% QoQ. Revenue growth was lower than our expectations (8% YoY growth). We were expecting a strong contribution during the quarter from relaunch of Magnex Forte, which was the single the largest product in the antibiotic portfolio where supplies got disrupted last year.
We are not sure to what degree has Pfizer been able to restore market share for its relaunched antibiotic portfolio so far. Prior to supply disruption, the antibiotic portfolio contribution to revenue was close to 6% of revenue. Ebitda (Rs 1,893 million) and net earnings (Rs 1,584 million) were lower than our expectations by ~6%.
We retain our estimates on Pfizer and would expect the growth momentum to pick up in the H2 FY25.
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