Pfizer Ltd Sustainable growth trajectory - Maintain Accumulate ::Emkay

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Pfizer Ltd

Sustainable growth trajectory - Maintain Accumulate

ACCUMULATE

CMP: Rs 1,471                                       Target Price: Rs 1,574

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n     Decent performance by Pfizer with a) Revenue up by 16%* to Rs2.6bn, b) EBIDTA up by 16%* to Rs419mn and c) APAT increased by 16%* to Rs412mn

n     Pharma revenue growth was better than industry growth led by volume increase (11% growth) and price increase (3% growth)

n     Anti-infective segment grew below industry rate at 12.5% due to increased competition from peers. The company has added 300 people across its 2 new divisions - CNS & Diabetes

n     On back of good growth in formulations business & launch of Biocon’s Insulin in the coming quarters, raise the target price to Rs1574 (20x FY13 EPS of Rs78.7). Maintain Accumulate