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Pfizer Ltd - Company Update - ICICI Securities

Posted On: 2020-07-07 21:51:37

Q4FY20 revenues declined 6.3% YoY to Rs. 502 crore due to divestiture of certain brands and Covid-19 related challenges (adjusted growth ~4%). EBITDA margins contracted 653 bps to 21.7% YoY due to higher raw material and personnel costs. Subsequently, EBITDA came in at Rs. 108.7 crore, down 28% YoY. Net profit de-grew 5.9% YoY to Rs. 103 crore. In FY20, revenues grew 3.4% YoY to Rs. 2152 crore (adjusted growth ~6%). EBITDA margins declined slightly by 54 bps to 26.6% with EBITDA remaining flat at Rs. 573 crore (Rs. 565 crore in FY19). However, net profit grew 18.7% YoY to Rs. 509 crore, mainly due to a significant decline in tax outgo.

Valuation & Outlook

Pharma MNCs with domestic focus continue to drive investor's interest on the back of: 1) consistency in stable growth despite higher competition and regulatory changes, 2) strong focus on legacy power brands as well as introduction from global parent's staple, 3) consistent free cash-flow generation, 4) debt-free balance sheet, strong core RoEs and 5) healthy dividend payout track record. Despite divestiture of certain brands and Covid-19 related challenges in Q4FY20, the company posted steady growth. Pfizer is following a measured approach with de-focusing and hiving off of tail brands and focusing on core strengths areas such as vaccines, pain management, vitamins, GI and CVS. The vaccines segment especially remains at the core of future growth and new launches. We continue to believe in Pfizer's strong growth track record in power brands and capability in new launches on a fairly consistent basis (recent launches from parent's staple- Zavicefta (anti-infective), Eliquis (CVS), Xeljanz (pain management). We maintain BUY and arrive at a target price of Rs. 4740 based on 40x FY22 EPS of Rs. 118.6.

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Shares of PFIZER LTD. was last trading in BSE at Rs.4110.75 as compared to the previous close of Rs. 4107.15. The total number of shares traded during the day was 3524 in over 988 trades.

The stock hit an intraday high of Rs. 4135.05 and intraday low of 4085.1. The net turnover during the day was Rs. 14505345.

Source: Equity Bulls

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