Pfizer Q4 Results Review - Subpar Performance; Growth Concerns Ahead: Nirmal Bang

"NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Nirmal Bang Report.Pfizer Ltd.'s India’s Q4 FY24 performance was a mixed bag, with revenue below our and consensus estimates and a decline seen across all parameters on YoY basis. We believe that product recalls and weak growth in Acute therapies and key segments caused operational de-leverage.In Q4 FY24, revenue declined by ~5% YoY to Rs 5.46 billion due to slower growth in key therapy areas. Ebitda margin improved by 289 bps YoY to 34.7% due to softening raw material prices and reduction in other expenses. Adjusted profit after tax grew by 23.3% YoY to Rs 1.78 billion on the back of improvement in gross margin and other income.For FY24, revenue declined by ~10% to Rs 21.9 billion due to weak growth in Acute therapies and key segments. Additionally, the company conducted a voluntary recall of three products in Q1 FY24, causing operational deleverage. Although the company has strong brands in its portfolio, we have some concerns about the slowdown in revenue growth (seven-year compound annual growth rate of 1.6%) and persistent under-performance in key segments in the long run. Since we are concerned about future growth of key therapeutic segments, we maintain “Sell” on Pfizer India with a revised target price of Rs 3,619, valuing it at 25 times FY26E earnings per share..Click on the attachment to read the full report:.GSK Pharma Q4 Results Review - Sales Growth, Better Operating Leverage Drive Earning: Motilal Oswal.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

Pfizer Q4 Results Review - Subpar Performance; Growth Concerns Ahead: Nirmal Bang

We continue to have concerns about the slowdown in growth and persistent under-performance in key segments over the long term

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Pfizer Q4 Results Review - Subpar Performance; Growth Concerns Ahead: Nirmal Bang

We continue to have concerns about the slowdown in growth and persistent under-performance in key segments over the long term

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