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Buy Pfizer India; target of Rs 4800: Anand Rathi

Anand Rathi is bullish on Pfizer India has recommended buy rating on the stock with a target price of Rs 4800 in its research report dated February 10, 2023.

February 16, 2023 / 03:03 PM IST
 
 
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Anand Rathi's research report on Pfizer India

Pfizer’s Q3 revenue slid 8% y/y, 3% q/q, to Rs6.2bn. Even as MinipressXL growth was good, Becosules was flat, while Mucaine, Gelusil and Wysolone declined. The gross margins was steady q/q at 65%. Sequentially, staff costs and other expenses were up 11% each, which led to a 360bp contraction in the EBITDA margin to 32.7%. PAT was Rs1.5bn (up 5% y/y). Management had earlier said in the AGM, that FY23 is expected to be soft (on a high base), while we believe FY24/FY25 revenues should pick up.

Outlook

We retain our Buy, at a lower TP of Rs4,800 (earlier Rs5,225), at 32x FY25e EPS.

For all recommendations reportclick here

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Pfizer India - 14 -02 - 2023 - anand

Broker Research
first published: Feb 16, 2023 03:03 pm

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