Emkay: Pfizer Ltd Downgrade earnings estimates

Pfizer Ltd

Downgrade earnings estimates; Maintain Hold

Hold

CMP: Rs 1,093                                       Target Price: Rs 1,100

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n     Pfizers Q3CY10 performance was disappointing except on sales front with a) Revenue of Rs2.4bn (in-line), b) EBIDTA of Rs523mn (est. Rs557bn) and c) APAT of Rs435mn (est. Rs478mn)

n     Lower other income, higher employee cost and one time professional fees impacted operating profitability

n     Tweak earnings by 5% each for CY10/11E. Maintain Hold