Pfizer Ltd Growth trajectory intact - Maintain Accumulate :Emkay,

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Pfizer Ltd

Growth trajectory intact - Maintain Accumulate

ACCUMULATE

CMP: Rs1,325                                        Target Price: Rs1,574

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n     Decent performance by Pfizer with a) Revenue up by 11% QoQ to Rs2.9bn, b) EBIDTA up by 23% QoQ to Rs516mn and c) PAT increased by 14% QoQ to Rs470mn

n     Pharma revenue growth on a like-to-like basis was at 13% led by volume increase (9-10% growth) and price increase (3% growth)

n     The company has launched insulins for diabetic patients from Biocon’s portfolio in the Indian market. We expect stronger traction from this opportunity going ahead

n     On back of good growth in formulations business & launch of Biocon’s Insulin, we maintain our target price of Rs1574 (20x FY13 EPS of Rs78.7) on the stock