Reported Earnings • May 15
Full year 2026 earnings released: EPS: ₹158 (vs ₹168 in FY 2025) Full year 2026 results: EPS: ₹158 (down from ₹168 in FY 2025). Revenue: ₹25.2b (up 10% from FY 2025). Net income: ₹7.22b (down 5.9% from FY 2025). Profit margin: 29% (down from 34% in FY 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.1% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Pharmaceuticals industry in India. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 9% per year. Buy Or Sell Opportunity • May 14
Now 21% overvalued Over the last 90 days, the stock has fallen 7.1% to ₹4,681. The fair value is estimated to be ₹3,855, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 19% in 2 years. Earnings are forecast to grow by 8.5% in the next 2 years. Announcement • May 13
Pfizer Limited announces Annual dividend, payable on August 27, 2026 Pfizer Limited announced Annual dividend of INR 75.0000 per share payable on August 27, 2026, ex-date on July 17, 2026 and record date on July 17, 2026. Reported Earnings • Feb 10
Third quarter 2026 earnings released: EPS: ₹40.42 (vs ₹27.89 in 3Q 2025) Third quarter 2026 results: EPS: ₹40.42 (up from ₹27.89 in 3Q 2025). Revenue: ₹6.83b (up 27% from 3Q 2025). Net income: ₹1.42b (up 11% from 3Q 2025). Profit margin: 21% (down from 24% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Pharmaceuticals industry in India. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Jan 20
Pfizer Limited Announces Senior Management Personnel Changes Pfizer Limited announced the appointment of Mr. Nilesh Pendse as Category Lead – Vaccines of the Company with effect from February 1, 2026. Mr. Pendse shall accordingly be a Senior Management Personnel of the company effective the said date. Mr. Pendse joined Pfizer Products India Private Limited in 2024, where he led the Oncology Business, focusing on strategic growth, market access, and stakeholder engagement to advance cancer care. Prior to joining Pfizer Products India Private Limited, Mr. Pendse held leadership roles at Boehringer Ingelheim and Novartis where he managed diabetes and neurosciences Divisions, with a focus on sales, marketing, and franchise operations. In addition, Mr. Pendse comes from consulting background experience with firms such as Boston Consulting Group, Ernst & Young (EY) and Accenture, where he led projects related to strategy, revenue acceleration, and business transformation. Mr. Nilesh Pendse holds an MBA in Marketing from Jamnalal Bajaj Institute of Management Studies and a Bachelor’s degree in Electronics Engineering from the University of Mumbai. The company also announced that Mr. Manikantan Seshadrinathan – Category Lead, Hospitals & Rare Disease will transition to another role within the Pfizer Group Companies effective February 1, 2026, and shall accordingly cease to be a Senior Management Personnel of the Company effective January 31, 2026. Mr. Prashant Mahalingam, Category Lead – Internal Medicine, will take up additional responsibility of the Hospitals Business of the Company and shall be redesignated as Category Lead – Internal Medicine & Hospitals, effective February 1, 2026. New Risk • Nov 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 13
Second quarter 2026 earnings released: EPS: ₹41.32 (vs ₹34.61 in 2Q 2025) Second quarter 2026 results: EPS: ₹41.32 (up from ₹34.61 in 2Q 2025). Revenue: ₹6.42b (up 9.1% from 2Q 2025). Net income: ₹1.89b (up 19% from 2Q 2025). Profit margin: 29% (up from 27% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.2% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Pharmaceuticals industry in India. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 14
First quarter 2026 earnings released: EPS: ₹41.91 (vs ₹32.94 in 1Q 2025) First quarter 2026 results: EPS: ₹41.91 (up from ₹32.94 in 1Q 2025). Revenue: ₹6.03b (up 7.1% from 1Q 2025). Net income: ₹1.92b (up 27% from 1Q 2025). Profit margin: 32% (up from 27% in 1Q 2025). Revenue is forecast to grow 7.5% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Pharmaceuticals industry in India. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 8% per year. New Risk • Jul 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Announcement • Jul 02
Pfizer Limited Announces Directorate Changes Pfizer Limited announced that Ms. Shilpi Singh, Director - People Experience has tendered her resignation from the services of the Company with effect from August 14, 2025 (close of business), to pursue opportunities outside Pfizer Limited. Ms. Singh shall accordingly cease to be a Senior Management Personnel effective the said date. It is further informed that the Board of Directors, upon recommendation of the Nomination & Remuneration Committee has appointed Ms. Reshma Parida, currently the Senior Director- People Experience for APAC & AfME and SBO APAC Cluster, as Senior Director - People Experience of the Company with effect from August 1, 2025. Ms. Reshma Parida shall be a Senior Management Personnel of the Company, effective the said date. Ms. Parida is an accomplished professional with close to 3 decades of expertise in Human Resources field. Ms. Parida's areas of expertise include strategic business partnership, transformation management, organization design and effectiveness, talent and leadership coaching, diversity and inclusion, employee engagement, mergers and acquisitions, execution excellence, and well-being. Ms. Parida has undertaken varied roles of increasing responsibilities in Pfizer for about 5 years in the People Experience function. Ms. Parida began her career in Pfizer as Regional HR Lead for APAC region in August 2020 and has taken up the additional responsibility of HR Lead for Global API, SBO APAC Cluster and Global Small Molecule Operations from 2021. In her current role in Pfizer Global Supply (PGS), she leads the People Experience function for APAC & AfME Region and SBO APAC Cluster. Prior to her role with Pfizer, Ms. Parida has held senior positions at Teva Pharmaceuticals, Bristol Myers Squibb, and Mylan Pharmaceuticals. Ms. Reshma Parida holds a Bachelor of Science degree from Fergusson College, Pune, and a Masters' degree in Personnel Management from Pune University. Reported Earnings • Jul 02
Full year 2025 earnings released: EPS: ₹168 (vs ₹121 in FY 2024) Full year 2025 results: EPS: ₹168 (up from ₹121 in FY 2024). Revenue: ₹22.8b (up 4.0% from FY 2024). Net income: ₹7.68b (up 39% from FY 2024). Profit margin: 34% (up from 25% in FY 2024). Revenue is forecast to grow 7.4% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Pharmaceuticals industry in India. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹5,148, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 30x in the Pharmaceuticals industry in India. Total returns to shareholders of 24% over the past three years. Reported Earnings • May 20
Full year 2025 earnings released: EPS: ₹168 (vs ₹121 in FY 2024) Full year 2025 results: EPS: ₹168 (up from ₹121 in FY 2024). Revenue: ₹24.5b (up 12% from FY 2024). Net income: ₹7.68b (up 39% from FY 2024). Profit margin: 31% (up from 25% in FY 2024). Revenue is forecast to grow 4.0% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Pharmaceuticals industry in India. Over the last 3 years on average, earnings per share has increased by 5% per year and the company’s share price has also increased by 5% per year. Announcement • Feb 14
Pfizer Limited Announces Completion of Second Term for Sunil Lalbhai as an Independent Director, Chairman of the Stakeholders' Relationship Committee and Risk Management Committee and Member of the Audit Committee Pfizer Limited announced that Mr. Sunil Lalbhai has completed his second term as an Independent Director of the Company with effect from the end of the day on February 13, 2025. Consequent to Mr. Lalbhai's completion of term as an Independent Director, he ceased to be the Chairman of the Stakeholders' Relationship Committee and Risk Management Committee and Member of the Audit Committee. Reported Earnings • Feb 01
Third quarter 2025 earnings released: EPS: ₹27.89 (vs ₹28.42 in 3Q 2024) Third quarter 2025 results: EPS: ₹27.89 (down from ₹28.42 in 3Q 2024). Revenue: ₹5.81b (up 7.6% from 3Q 2024). Net income: ₹1.28b (down 1.8% from 3Q 2024). Profit margin: 22% (down from 24% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Pharmaceuticals industry in India. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has remained flat. Announcement • Jan 31
Pfizer Limited Announces Resignation of Amit Sharma as Director Pfizer Limited announced resignation of Mr. Amit Sharma, as Director effective from close of business hours on January 31, 2025, to pursue opportunities outside Pfizer. Announcement • Jan 18
FeganScott Announces Class-Action Lawsuit Against Pfizer and Viatris California woman has filed a class-action lawsuit claiming pharmaceutical giants Pfizer (PFE) and Viatris (VTRS), among others, manufactured and sold Depo-Provera, one of the most widely used forms of hormonal contraception, despite knowledge that it causes brain tumors. According to the complaint, studies dating back to the 1980s have shown a connection between hormones and brain tumors called intracranial meningiomas that the pharmaceutical giants should have known about. A March 2024 study published in the British Medical Journal cemented a positive correlation between medroxyprogesterone acetate (MPA), the synthetic hormone found in Depo-Provera, and the tumors. The study found that women using Depo-Provera are five times more likely to develop intracranial meningiomas when used for more than one year. The complaint states that at times, nearly a quarter of all sexually active women in the United States used Depo-Provera. Use of the popular contraceptive has historically been highest among women in at-risk populations, as it is relatively low-cost and less burdensome compared to other contraceptives. The suit cites a body of scientific studies published between the 1980s and 2024 that link Depo-Provera to the development of intracranial meningiomas, which FeganScott Attorney Lynn Ellenberger says both the brand and generic manufacturers should have been aware of and acted upon. The lawsuit, filed in the federal court in the Western District of Pennsylvania, seeks to establish a medical monitoring program for those in certain states who have received the Depo-Provera injection for at least one year. Individuals interested in learning more about their legal options are urged to contact FeganScott. Announcement • Nov 15
Pfizer Limited Appoints Mr. Chetan Solse as India Legal Lead, Effective November 18, 2024 Pfizer Limited informed that the Board of Directors of the Company, upon recommendation of the Nomination and Remuneration Committee has appointed Mr. Chetan Solse as India Legal Lead of the Company effective November 18, 2024. Accordingly, Mr. Chetan Solse shall be a Senior Management Personnel of the Company effective November 18, 2024. Mr. Solse holds a Bachelor's Degree in Commerce and Law from the University of Mumbai and is a certified member of the Institute of Company Secretaries of India (ICSI) and the Institute of Chartered Secretaries and Administrators (ICSA), UK. Mr. Solse is an accomplished legal counsel with over two decades of expertise in corporate legal advisory, litigation management, ethics & compliance, and risk management particularly within the healthcare and FMCG sectors. Mr. Solse joins the Company from Roche Diagnostics India Private Limited where he served as Head Legal & Risk Management (India & Neighboring Markets). Prior to his role with Roche Diagnostics India Private Limited, Mr. Solse has held senior positions at Parle Agro Private Limited, Diageo India Private Limited and Edwards Life Sciences (India) Private Limited. Announcement • Nov 11
Pfizer Limited Announces Board and Committee Changes Pfizer Limited announced that Mr. Pradip Shah and Mr. Uday Khanna, have completed their term as Independent Directors of the Company with effect from the end of the day on November 9, 2024. Consequent to Mr. Khanna's completion of term as an Independent Director, he ceased to be the Chairman of the Audit Committee and Nomination & Remuneration Committee and Member of the Stakeholders' Relationship Committee. an intimation was given that the Board of Directors of the Company, upon recommendation of the Nomination and Remuneration Committee, had appointed Mr. Pradip Shah as a Non-Executive Non-Independent Director with effect from November 10, 2024, liable to retire by rotation. It may also be noted that the said appointment was approved by the shareholders of the Company at the 73 Annual General Meeting of the Company held on August 28, 2024. Mr. Pradip Shah shall continue to be the Chairman of the Board of Directors, Corporate Social Responsibility Committee and a Member of the Audit Committee and the Nomination and Remuneration Committee. Mr. Pradip Shah is the founder and Chairman of IndAsia Fund Advisors Private Limited. He is also the co-founder of www.Grow-Trees.com. Mr. Pradip Shah holds an MBA from the Harvard Business School. He is also a Chartered Accountant and a Cost Accountant and ranked first in India in the Chartered Accountancy Examination. Mr. Shah is the ex-Managing Director of CRISIL, India's first and the largest credit rating agency. Prior to founding CRISIL, Mr. Pradip Shah assisted in founding the Housing Development Finance Corporation (HDFC) in 1977. Mr. Shah has also served as a consultant to USAID, the World Bank and the Asian Development Bank. He has also a member /Chairman of various prestigious committees/commissions such as Banks Board Bureau, IFSC International Retail Business Development Committee, Western Region Board of Reserve Bank of India. Mr. Shah is a Director on the Board of several reputed companies including Kansai Nerolac Paints Limited, Sonata Software Limited, BASF (India) Limited, Bajaj Auto Limited. Announcement • Nov 05
Pfizer Limited Announces Executive Appointments, Effective November 7, 2024 Pfizer Limited announced Mr. Deepak Rakheja, Category Lead Internal Medicine has been appointed as Strategic Partnerships, Channel Development and International Neighbouring Markets Lead, effective November 7, 2024. Mr. Rakheja shall continue to be a Senior Management Personnel. Mr. Deepak Rakheja holds Master's in Business Administration Degree from HEC Paris Business School. Mr. Rakheja also holds a Master of Economics Degree from University of Delhi. Mr. Deepak Rakheja has during his 15 years of tenure with Pfizer, helmed roles of increased scope, responsibility & complexity, including Category Lead Internal Medicine, Commercial roles, Sales Logistics & Demand Management, Business Operations, Field Force Effectiveness, Training, and Commercial Compliance. Mr. Rakheja also lead Pfizer's Global Commercial Operations (GCO) for Africa, Middle East & India. Prior to this he had also served as the Commercial Director for Growth Markets (Iran, Iraq, Syria & Yemen) and the Strategic Alliances Gulf Levant Markets. The company also announced appointment of Mr. Prashant Mahalingam as Category Lead Internal Medicine effective November 7, 2024. Mr. Prashant Mahalingam shall be a Senior Management Personnel effective the said date. Mr. Prashant Mahalingam holds a Bachelors in Technology (Chemical Engineering) from IIT Madras, Post Graduate Degree in Management from IIM Calcutta and Executive Education Innovation Consortium from Tuck School of Business, University of Dartmouth. Mr. Mahalingam is a versatile and transformative business leader with over 25 years of experience across General Management, Sales, Marketing, Human Resources, Supply Chain, Digital Transformation, Analytics, and E-Commerce, primarily in the FMCG and Pharmaceutical sectors. Mr. Mahalingam joins the Company from Dr. Reddy's Laboratories Limited (DRL), where he served as the Cluster Head for the Acute Therapies (RX) and Consumer Health business. Prior to his role with DRL Mr. Mahalingam served as Commercial Head for Johnson & Johnson's Consumer health business in Malaysia and Singapore markets. Mr. Mahalingam has significant experience in leading large teams, turning around businesses to deliver market-beating and sustainable growth, and spearheading new innovation-led digital ventures. Reported Earnings • Oct 29
Second quarter 2025 earnings released: EPS: ₹34.61 (vs ₹32.56 in 2Q 2024) Second quarter 2025 results: EPS: ₹34.61 (up from ₹32.56 in 2Q 2024). Revenue: ₹5.89b (up 2.3% from 2Q 2024). Net income: ₹1.58b (up 6.3% from 2Q 2024). Profit margin: 27% (up from 26% in 2Q 2024). Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Pharmaceuticals industry in India. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 1% per year. Board Change • Sep 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Independent Director Lakshmanan Kumar was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Aug 30
Pfizer Limited Approves to Declare A Dividend for the Financial Year Ended March 31, 2024 Pfizer Limited approved to declare a dividend of INR 35 (350%) per equity share for the financial year ended March 31, 2024, at its AGM held on August 28, 2024. Declared Dividend • Aug 09
Dividend of ₹35.00 announced Shareholders will receive a dividend of ₹35.00. Ex-date: 21st August 2024 Payment date: 6th September 2024 Dividend yield will be 0.6%, which is lower than the industry average of 0.8%. Sustainability & Growth Dividend is covered by both earnings (29% earnings payout ratio) and cash flows (67% cash payout ratio). The dividend has increased by an average of 12% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 12% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 08
Pfizer Limited, Annual General Meeting, Aug 28, 2024 Pfizer Limited, Annual General Meeting, Aug 28, 2024, at 15:00 Indian Standard Time. Price Target Changed • Aug 01
Price target increased by 11% to ₹5,477 Up from ₹4,953, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of ₹5,640. Stock is up 41% over the past year. The company is forecast to post earnings per share of ₹139 for next year compared to ₹121 last year. Reported Earnings • Jul 30
First quarter 2025 earnings released: EPS: ₹32.94 (vs ₹20.44 in 1Q 2024) First quarter 2025 results: EPS: ₹32.94 (up from ₹20.44 in 1Q 2024). Revenue: ₹6.05b (up 14% from 1Q 2024). Net income: ₹1.51b (up 61% from 1Q 2024). Profit margin: 25% (up from 18% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Pharmaceuticals industry in India. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 2% per year. Announcement • Jul 22
Pfizer Limited to Report Q1, 2025 Results on Jul 29, 2024 Pfizer Limited announced that they will report Q1, 2025 results on Jul 29, 2024 Reported Earnings • May 18
Full year 2024 earnings released: EPS: ₹121 (vs ₹136 in FY 2023) Full year 2024 results: EPS: ₹121 (down from ₹136 in FY 2023). Revenue: ₹23.7b (down 2.1% from FY 2023). Net income: ₹5.51b (down 12% from FY 2023). Profit margin: 23% (down from 26% in FY 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Pharmaceuticals industry in India. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • May 18
Pfizer Limited Recommends Dividend for the Financial Year Ended March 31, 2024, Payable on or Before September 6, 2024 Pfizer Limited announced that at its Board of Directors has at its Meeting held on May 17, 2024, recommended a dividend of INR 35/- per equity share of INR 10/- each (350%) for the financial year ended March 31, 2024. The said dividend, if declared at the ensuing Annual General Meeting of the Company shall be paid on or before September 6, 2024. Announcement • May 08
Pfizer Limited to Report Q4, 2024 Results on May 17, 2024 Pfizer Limited announced that they will report Q4, 2024 results on May 17, 2024 Announcement • Mar 28
China's National Medical Products Administration Accepts Astellas and Pfizer's Supplemental Biologics License Application for Enfortumab Vedotin with Keytruda (Pembrolizumab) for First-Line Treatment of Advanced Bladder Cancer Astellas Pharma Inc. announced that on March 27, 2024 the Center for Drug Evaluation (CDE) of the China National Medical Products Administration (NMPA) has accepted the supplemental Biologics License Application (sBLA) for enfortumab vedotin with KEYTRUDA (pembrolizumab) as a combination therapy for the first-line treatment of adult patients with previously untreated locally advanced or metastatic urothelial cancer (la/mUC). If approved, enfortumab vedotin with KEYTRUDA has the potential to change the treatment paradigm, becoming the first combination treatment to offer an alternative to platinum-containing chemotherapy, the current standard of care in first-line la/mUC. Urothelial cancer (UC) encompasses cancers of both the lower urinary tract (bladder and urethra) and upper tract (ureter and renal pelvis), with disease that originates in the lower tract accounting for 90% to 95% of all UC cases. Globally, approximately 614,000 new cases of bladder cancer and approximately 220,000 deaths are reported annually. It is estimated that approximately 93,000 people in China were diagnosed with bladder cancer and approximately 41,000 deaths were reported in 2022. The sBLA for the first-line use of this combination is based on results from the Phase 3 EV-302 clinical trial (also known as KEYNOTE-A39). The study found that the combination improved overall survival (OS) and progression-free survival (PFS) with statistically significant and clinically meaningful results in patients with previously untreated la/mUC compared to platinum-containing chemotherapy. The safety results were consistent with those previously reported with this combination, and no new safety issues were identified. The NMPA is also reviewing enfortumab vedotin as a treatment for patients with locally advanced or metastatic urothelial cancer (la/mUC) who received prior treatment with a PD-1/L1 inhibitor and platinum-based chemotherapy. The Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency is reviewing the enfortumab vedotin in combination with pembrolizumab therapy, as well as Japan's Ministry of Health, Labour and Welfare (MHLW). The U.S. Food and Drug Administration approved the combination therapy in December 2023. Reported Earnings • Feb 11
Third quarter 2024 earnings released: EPS: ₹28.42 (vs ₹32.93 in 3Q 2023) Third quarter 2024 results: EPS: ₹28.42 (down from ₹32.93 in 3Q 2023). Revenue: ₹5.76b (down 7.4% from 3Q 2023). Net income: ₹1.30b (down 14% from 3Q 2023). Profit margin: 23% (down from 24% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Pharmaceuticals industry in India. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has remained flat. Announcement • Feb 09
Pfizer Limited Informs Satyen Amin, Lead - Market Access Tenders His Resignation from Employment, with Effect from March 31, 2024 Pfizer Limited informed that Mr. Satyen Amin, Lead - Market Access has tendered his resignation from employment of the Company with effect from March 31, 2024, to pursue an opportunity outside Pfizer Limited. Mr. Satyen Amin shall accordingly cease to be a Senior Management Personnel effective the said date. Announcement • Feb 01
Pfizer Limited to Report Q3, 2024 Results on Feb 09, 2024 Pfizer Limited announced that they will report Q3, 2024 results on Feb 09, 2024 Announcement • Nov 17
Pfizer Limited Appoints Ms. Aditi Mehta as Category Lead, Vaccines Effective December 1, 2023 Pfizer Limited informed that upon recommendation of the Nomination and Remuneration Committee, the Board of Directors of the Company appointed Ms. Aditi Mehta as Category Lead, Vaccines effective December 1, 2023. Accordingly, Ms. Aditi Mehta shall be a Senior Management Personnel effective the said date. Ms. Aditi Mehta is a Gold Medalist in Bachelor of Pharmacy from K.M Kundnani College of Pharmacy, Mumbai. Ms. Aditi Mehta is a seasoned pharmaceutical professional with over 13 years of experience in pharmaceutical marketing, strategy & research. Ms. Mehta had a decade long stint with Pfizer Products India Pvt. Ltd., (Pfizer Inc.'s wholly owned subsidiary in India) where she held positions of increasing responsibilities. In her role as Category Lead for Oncology business, she was responsible for the development and execution of the strategy for the Oncology portfolio for India market. Prior to this, Ms. Mehta had a two-year stint with Bristol Myers Squibb as a Business Analyst. Ms. Mehta is proud receipt of various accolades and awards, including the Medico-Marketing Excellence Award 2017 by Pfizer India Country Leadership, PfizerGlobal Commercial Award in 2019 for Breast Cancer Access initiatives in India, e4M Health & Wellness Marketing Award 2023 for World Cancer Day Awareness Campaign. Most recently, she has also been selected among the Top 100 Inspiring Women Leaders in Pfizer. Announcement • Nov 15
Pfizer Limited Announces Resignation of Mr. Milind Patil as Director with Effect from Close of Business on November 13, 2023 Pfizer Limited announced that Mr. Milind Patil has resigned as a Director on the Board with effect from close of business on November 13, 2023, consequent to the expiry of his 5 year term as Executive Director - Finance effective the said date and his upcoming retirement from the services of the Company effective November 30, 2023. Pursuant to the above, Mr. Patil shall cease to be a Member of the Corporate Social Responsibility Committee, Risk Management Committee and Board Administrative & Share Transfer Committee of the Board effective close of business on November 13, 2023. It may be noted that Mr. Patil shall continue to serve as the Chief Financial Officer of the Company until his retirement on November 30, 2023. Announcement • Oct 29
Pfizer Limited Announces Resignation of Samir Kazi as Director from the Board of Directors Pfizer Limited announced that Mr. Samir Kazi has resigned as a Director from the Board of Directors of the Company effective close of business September 12, 2023. to pursue an opportunity outside Pfizer Limited. Consequently, Mr. Samir Kazi has resigned as a Director from the Board of Directors of the Company, with effect from the close of business on September 12, 2023. Pursuant to the above, Mr. Kazi shall cease to be a Member of the Corporate Social Responsibility Committee, Stakeholders' Relationship Committee and Board Administrative & Share Transfer Committee of the Board effective close of business on September 12, 2023. The effective date of resignation of Mr. Samir Kazi as an employee shall be from such date as may be mutually agreed between the Company and Mr. Kazi. Reported Earnings • Oct 29
Second quarter 2024 earnings released: EPS: ₹32.56 (vs ₹67.99 in 2Q 2023) Second quarter 2024 results: EPS: ₹32.56 (down from ₹67.99 in 2Q 2023). Revenue: ₹6.11b (down 4.1% from 2Q 2023). Net income: ₹1.49b (down 52% from 2Q 2023). Profit margin: 24% (down from 49% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 8.7% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Pharmaceuticals industry in India. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Oct 19
Pfizer Limited to Report Q2, 2024 Results on Oct 28, 2023 Pfizer Limited announced that they will report Q2, 2024 results on Oct 28, 2023 Announcement • Sep 07
Pfizer Limited Appoints Chaitanya Nadkarni as India Digital Client Partner Lead Pfizer Limited informed that upon recommendation of the Nomination and Remuneration Committee, the Board of Directors of the Company has appointed Mr. Chaitanya Nadkarni as India Digital Client Partner Lead effectiveSeptember 11, 2023. Accordingly, Mr. Chaitanya Nadkarni shall be a Senior Management Personnel effective the said date. Mr. Chaitanya Nadkarni brings over 26 years of experience in the field of IT and Digital solutions. During his 11 years tenure in Novartis Healthcare he has been instrumental in devising IT Roadmaps for various countries in alignment with business initiatives and Global/Regional (Asia Pacific, Middle East & Africa) IT & Digital Strategy. He rolled out several digital tools to the Marketing and Sales teams for impactful omni-channel engagement with HCPs. Mr. Chaitanya Nadkarni had also established a Digital Governance Process, Asset Roll-out management and created awareness about Information Security through internal campaigns. Mr. Chaitanya Nadkarni holds a bachelor's degree in Engineering and a MBA in Marketing. Mr. Chaitanya Nadkarni has extensively worked in various industries such as IT, Insurance, Consulting and has been with Pharmaceutical Industry for over 12 plus years. Announcement • Aug 22
Pfizer Limited Approves A Final Dividend for the Financial Year Ended March 31, 2023 Pfizer Limited announced that at its Annual General Meeting of the Company held on August 18, 2023, approved to declare a final dividend of INR 40 (400%) per equity share for the financial year ended March 31, 2023. New Risk • Aug 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Announcement • Aug 18
Pfizer Limited Announces Change in Management, Effective September 1, 2023 Pfizer Limited announced that Mr. Manish Mishra Category Lead, Vaccines will be transitioning to a different role within Pfizer Group effective September 1, 2023, and shall accordingly cease to be a Senior Management Personnel effective the said date. Ms. Sudeshna Mitra Healthcare Solutions Partner Lead will be moving to a different role within the Company effective September 1, 2023, and shall accordingly cease to be a Senior Management Personnel from the said date. Announcement • Aug 05
Pfizer Limited to Report Q1, 2024 Results on Aug 11, 2023 Pfizer Limited announced that they will report Q1, 2024 results on Aug 11, 2023 Upcoming Dividend • Aug 04
Upcoming dividend of ₹40.00 per share at 0.9% yield Eligible shareholders must have bought the stock before 11 August 2023. Payment date: 16 September 2023. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Indian dividend payers (1.5%). In line with average of industry peers (0.9%). Reported Earnings • Jul 29
Full year 2023 earnings released: EPS: ₹136 (vs ₹134 in FY 2022) Full year 2023 results: EPS: ₹136 (up from ₹134 in FY 2022). Revenue: ₹24.2b (down 7.1% from FY 2022). Net income: ₹6.24b (up 1.9% from FY 2022). Profit margin: 26% (up from 24% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 7.9% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Pharmaceuticals industry in India. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Jul 29
Pfizer Limited, Annual General Meeting, Aug 18, 2023 Pfizer Limited, Annual General Meeting, Aug 18, 2023, at 14:00 Indian Standard Time. Agenda: To receive, consider and adopt the Audited Financial Statement of the Company for the financial year ended March 31, 2023, including the Reports of the Board of Directors and Auditors thereon; to declare a final dividend of INR 40/- (400%) per equity share for the financial year ended March 31, 2023; to consider appointment of a Director in place of Mr. Samir Kazi (DIN: 07184083), who retires by rotation and being eligible, offers himself for re-appointment; to consider revision in the limit of commission payable to Non-executive Directors; and to consider and ratify the remuneration payable to Messrs. RA & co., cost Accountants for the financial year ending March 31, 2024. Announcement • Jul 28
Pfizer Limited Proposes Final Dividend for the Financial Year Ended March 31, 2023 Pfizer Limited proposed final dividend of INR 40 (400%) per equity share for the financial year ended March 31, 2023. Announcement • May 19
Pfizer Limited Initiates Voluntary Recall Of Magnex 1gm, 2gm, Magnex Forte 1.5gm, 3gm, Zosyn 4.5gm and Magnamycin 250mg, 1gm, 2gm Injections Pfizer Limited has decided to initiate a voluntary recall of(i) Magnex 1gm, 2gm; (ii) Magnex Forte 1.5gm, 3gm; (iii) Zosyn 4.5gm; and (iv) Magnamycin 250mg, 1gm, 2gm injections manufactured by Astral SteriTech Private Limited ("Astral") and marketed/distributed by Pfizer Limited ("the Company"). Pfizer places the utmost emphasis on patient safety and product quality at every step in the manufacturing and supply chain process. The Company was informed by its contract manufacturer in India, Astral SteriTech Private Ltd, that it has observed an out-of-specification during a routine environmental monitoring of its manufacturing block. Astral manufactures three products for Pfizer, namely, Magnex, Magnamycin and Zosyn. While this issue is presently being investigated, out of an abundance of caution, Pfizer has decided to voluntarily recall from the market, all batches of these three products. Pfizer is taking all necessary steps to resolve the situation. The above voluntary recall is likely to have an impact on the revenue and profitability of the Company. The said Products recorded a sale of INR 1,390 million for the year ended on March 31, 2023. Price Target Changed • May 17
Price target decreased by 7.9% to ₹4,595 Down from ₹4,988, the current price target is an average from 5 analysts. New target price is 20% above last closing price of ₹3,817. Stock is down 11% over the past year. The company posted earnings per share of ₹136 last year. Reported Earnings • May 16
Full year 2023 earnings released: EPS: ₹136 (vs ₹134 in FY 2022) Full year 2023 results: EPS: ₹136 (up from ₹134 in FY 2022). Revenue: ₹25.3b (down 3.3% from FY 2022). Net income: ₹6.24b (up 1.9% from FY 2022). Profit margin: 25% (up from 23% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • May 06
Pfizer Limited to Report Fiscal Year 2023 Results on May 15, 2023 Pfizer Limited announced that they will report fiscal year 2023 results on May 15, 2023 Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: ₹32.93 (vs ₹31.46 in 3Q 2022) Third quarter 2023 results: EPS: ₹32.93 (up from ₹31.46 in 3Q 2022). Revenue: ₹6.22b (down 8.0% from 3Q 2022). Net income: ₹1.51b (up 4.7% from 3Q 2022). Profit margin: 24% (up from 21% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: ₹67.99 (vs ₹31.25 in 2Q 2022) Second quarter 2023 results: EPS: ₹67.99 (up from ₹31.25 in 2Q 2022). Revenue: ₹6.37b (flat on 2Q 2022). Net income: ₹3.11b (up 118% from 2Q 2022). Profit margin: 49% (up from 23% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 3% per year. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Executive Director of Legal & Executive Director Samir Kazi was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Second quarter 2023 earnings released: EPS: ₹67.99 (vs ₹31.25 in 2Q 2022) Second quarter 2023 results: EPS: ₹67.99 (up from ₹31.25 in 2Q 2022). Revenue: ₹6.62b (up 4.0% from 2Q 2022). Net income: ₹3.11b (up 118% from 2Q 2022). Profit margin: 47% (up from 23% in 2Q 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 3% per year. Upcoming Dividend • Sep 12
Upcoming dividend of ₹30.00 per share Eligible shareholders must have bought the stock before 19 September 2022. Payment date: 30 September 2022. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Indian dividend payers (1.6%). Lower than average of industry peers (1.0%). Upcoming Dividend • Aug 11
Upcoming dividend of ₹35.00 per share Eligible shareholders must have bought the stock before 18 August 2022. Payment date: 23 September 2022. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Indian dividend payers (1.7%). Lower than average of industry peers (1.0%). Reported Earnings • Aug 06
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₹6.11b (down 19% from 1Q 2022). Net income: ₹325.5m (down 84% from 1Q 2022). Profit margin: 5.3% (down from 27% in 1Q 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Jul 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 6.9%. The fair value is estimated to be ₹5,170, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Earnings per share has grown by 9.3%. Price Target Changed • Jun 14
Price target decreased to ₹5,201 Down from ₹5,647, the current price target is provided by 1 analyst. New target price is 25% above last closing price of ₹4,149. Stock is down 25% over the past year. The company posted earnings per share of ₹134 last year. Buying Opportunity • Jun 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 6.6%. The fair value is estimated to be ₹5,160, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Earnings per share has grown by 9.3%. 