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PFIZER Announces Quarterly Results (3QFY21); Net Profit Up 1.6%

Wed, 10 Feb

PFIZER has announced its results for the quarter ended December 2020. Here is a detailed performance review of the same:

PFIZER Quarterly Financials

No. of Mths Qtr. Ending		3 Dec-19*	3 Sep-20*	3 Dec-20*	QoQ Change	YoY Change
Net Sales	Rs m	5,382	5,954	5,935	-0.3%	10.3%
Other income	Rs m	582	122	146	19.9%	-75.0%
Turnover	Rs m	5,964	6,076	6,081	0.1%	2.0%
Expenses	Rs m	4,047	3,921	3,967	1.2%	-2.0%
Gross profit	Rs m	1,334	2,033	1,968	-3.2%	47.5%
Depreciation	Rs m	247	277	272	-1.8%	10.2%
Interest	Rs m	25	47	39	-18.3%	56.5%
Profit before tax	Rs m	1,645	1,830	1,803	-1.5%	9.6%
Tax	Rs m	254	517	390	-24.5%	53.4%
Profit after tax	Rs m	1,391	1,314	1,412	7.5%	1.6%
Gross profit margin	%	24.8	34.1	33.2
Effective tax rate	%	15.5	28.2	21.6
Net profit margin	%	23.3	21.6	23.2

Year-on-Year Performance:

• The company's operating income during the quarter grew 10.3% on a year-on-year (YoY) basis. The expenses were down by 2.0% YoY during the same period.
• The company's operating profit increased by 47.5% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 33.2% in 3QFY21 as against 24.8% in 3QFY20.
• Depreciation charges increased by 10.2% and finance costs increased by 56.5% YoY, respectively.
• Other income declined by 75.0% YoY during the quarter.
• Net profit for the quarter increased by 1.6% YoY. Net profit margins during the quarter declined from 23.3% in 3QFY20 to 23.2% in 3QFY21.

Quarter-on-Quarter Performance:

• The company's operating income during the quarter fell 0.3% on a quarter-on-quarter (QoQ) basis. The expenses were up by 1.2% QoQ during the same period.
• The company's operating profit declined by 3.2% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 33.2% in 3QFY21 as against 34.1% in 2QFY20.
• Net profit for the quarter increased by 7.5% QoQ, while net profit margins increased from 21.6% in 2QFY20 to 23.2% in 3QFY21.

To see how PFIZER has performed over the last eight quarters,please visit here.

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PFIZER Share Price Performance

Over the last one year, PFIZER share price has moved up from Rs 4,292.7 to Rs 4,434.8, registering a Gain of Rs 142.1 or around 3.3%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 21,752.6 (down 0.1%). Over the last one year it has moved up from 14,241.2 to 21,752.6, a gain of 7,511 points (up 52.7%).

Overall, the S&P BSE SENSEX is up 25.0% over the year.

Current Valuations

At the current price of Rs 4,434.8, the price to earnings (P/E) ratio of PFIZER stands at 40.6 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 6.7 times.