PFIZ by factica

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									                                                                                              Regd off: Pfizer Centre, Patel Estate, S. V. Road, Jogeshwari, Mumbai - 400 102
PFIZER LIMITED                                                                                E-Mail:    prajeet.nair@pfizer.com
                                                                                              Web site: www.pfizerindia.com
                                                                                              Telephone: (022) 6693 2000 Fax: (022) 6693 2377
PHARMACEUTICALS                                                                     MNC       Tr agent: Karvy Computershare, 7 Andheri Indl Est., Off V. D. Rd., Mumbai - 53
Chairman: R. A. Shah                                                             SEC: Prajeet Nair                                      AUD: B. S. R & Co.
Yr of Inc   B. Code       BL. Code    F.V.         Price        % ch 1-m         % ch 12-m      P/E      P/CF            Yield         Mkt cap               Vol.           ISIN
 1950   500680             PFIZ:IN    10           809.7          4.0              39.5         8.1          7.8          1.5          24,160.0              2.9        INE182A01018
SHAREHOLDING                                                     FX Transaction (CY08)                               ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           :  0.0%               Exports (fob)           Rs m       14
Foreign collaborators      : 41.2%
                                                                                                      (Rs)
                                                 Imports (cif)           Rs m      544
Indian inst/Mut Fund       : 31.5%               Fx inflow               Rs m      230          1050
FIIs/GDR                   :  2.5%               Fx outflow              Rs m      966                                                                  DAILY
Free float                 : 24.7%               Net fx                  Rs m     -736
Shareholders               : 73,497
                                                                                                 900                                                    100 DMA

                           No. of months                  12         12         12
                             Year ending          30/11/2006 30/11/2007 30/11/2008               750
EQUITY SHARE DATA
High                                  Rs               1,225            925            850
Low                                   Rs                 621            635            436       600
Sales per share                       Rs               232.2          233.9          235.8
Earnings per share                    Rs                35.7          113.9          100.4
Cash flow per share                   Rs                40.0          117.2          104.1
                                                                                                 450
Dividends per share                   Rs               22.50          27.50          12.50
Dividend yield (eoy)                  %                  2.4            3.5             1.9
                                                                                                 300
Book value per share                  Rs               131.5          216.8          302.0
Shares outstanding (eoy)              m                29.84          29.84          29.84        Aug-06              Jun-07           Feb-08               Nov-08          Aug-09
Bonus/Rights/Conversions                                    -              -              -
Price / Sales ratio                   x                   4.0            3.3            2.7                               No. of months                 12         12         12
Avg P/E ratio                         x                 25.9             6.8            6.4                                 Year ending         30/11/2006 30/11/2007 30/11/2008
                                                                                               CASH FLOW
P/CF ratio (eoy)                      x                 23.0             6.7            6.2
Price / Book Value ratio              x                   7.0            3.6            2.1    From Operations                         Rs   m       1,232             166      2,378
Dividend payout                       %                 63.1           24.1           12.5     From Investments                        Rs   m          75           2,323       -789
Avg Mkt Cap                           Rs m            27,542         23,275         19,187     From Financial Activity                 Rs   m        -338            -759       -952
No. of employees                      `000                  2              2              2    Net Cashflow                            Rs   m         968           1,731        637
Total wages/salary                    Rs m             1,023          1,017          1,021
Avg. sales/employee                   Rs Th          2,972.5        3,695.1        3,608.2                                       INTERIM RESULTS
Avg. wages/employee                   Rs Th            438.9          538.4          523.6                                          3QCY08 4QCY08               1QCY09       2QCY09
Avg. net profit/employee              Rs Th            456.5        1,799.9        1,535.9     Net sales                   Rs    m     1,877   1,848              1,903        1,927
                                                                                               Gross profit                Rs    m       368      267               437          329
INCOME DATA                                                                                    Gross profit margin         %            19.6     14.4              23.0         17.1
Net Sales                             Rs     m         6,929            6,980        7,036     Net profit                  Rs    m       381      310               390          357
Other income                          Rs     m           216              481          711     Net profit margin           %            20.3     16.8              20.5         18.5
Total revenues                        Rs     m         7,145            7,461        7,747
Gross profit                          Rs     m         1,658            1,565        1,512                                          KEY DATA
Depreciation                          Rs     m           131               96          111     Parameters                          Unit              CY06           CY07       CY08
Interest                              Rs     m             1                0            0     Pharmaceuticals                     % of sales         87.7           87.1       85.0
Profit before tax                     Rs     m         1,742            1,950        2,112     Animal health                       % of sales          8.6            9.9       11.9
Minority Interest                     Rs     m             0                0            0     Clinical services                   % of sales          3.7            3.0        3.1
Prior Period Items                    Rs     m             0                0            0     Raw material costs                  % of sales         32.5           33.4       34.0
Extraordinary Inc (Exp)               Rs     m          -115            2,563        2,079     SG&A expenses                       % of sales         27.6           28.5       28.9
Tax                                   Rs     m           563            1,113        1,196
                                                                                                                                      NOTES
Profit after tax                      Rs     m         1,064            3,400        2,995
Gross profit margin                   %                 23.9             22.4         21.5    Pfizer India is a 41% subsidiary of the world's largest pharmaceuticals company -
Effective tax rate                    %                 32.3             57.1         56.6    Pfizer Inc. Pfizer derives a larger share of its revenues from the pharmaceuticals
                                                                                              division (83%). The company also has presence in the animal health (15%) and
Net profit margin                     %                 15.4             48.7         42.6
                                                                                              clinical development operations (2%) segments.
BALANCE SHEET DATA
                                                                                              During 1HCY09, Pfizer's topline registered a strong 18% YoY growth as both its
Current assets                        Rs m             5,514            7,806        9,914    pharmaceuticals and animal health segments performed well. The 16% YoY growth
Current liabilities                   Rs m             2,402            2,177        1,965    in the pharma division was attributed to the strong performance of its key brands
Net working cap to sales              %                 44.9             80.6        113.0    'Corex', 'Dolonex' and 'Minipress' all of which would have recorded a double digit
Current ratio                         x                   2.3              3.6          5.0   growth. The animal health business grew by an impressive 35% YoY. Operating
Inventory Turnover                    Days                52               50           65    margins were, however, considerably impacted as they plunged 5.2% during the half
Debtors Turnover                      Days                37               32           31    year period. This was largely due to the rise in raw material prices caused by the
Net fixed assets                      Rs m               668              704          831    increase in Vitamin C prices. Further, because vitamins fall under price control, the
Share capital                         Rs m               298              298          298    increase in raw material costs could not be passed on in the form of higher prices,
"Free" reserves                       Rs m             3,759            6,199        8,712    thereby exerting pressure on margins. Net profits plunged 70% YoY during 1HCY09
                                                                                              but this was on account of the sale of four consumer health brands to Johnson &
Net worth                             Rs m             3,924            6,468        9,011
                                                                                              Johnson in 1HCY08. Thus, if one excludes this, then the bottomline clocked a growth
Long term debt                        Rs m                  0                0            0
                                                                                              of 1% YoY as compared to the 6% YoY drop in operating profits.
Total assets                          Rs m             6,182            8,516       10,750
Interest coverage                     x              1,743.0              NM           NM     Pfizer's operating margins are expected to be under pressure going forward as higher
Debt to equity ratio                  x                   0.0              0.0          0.0   raw material costs continue to play spoilsport. As far as new product launches are
Sales to assets ratio                 x                   1.1              0.8          0.7   concerned, the company has some lined up for the second half of CY09 although
Return on assets                      %                 27.1             52.6         33.2    none of them will be patented in India. Pfizer is also looking to increase its reach to
Return on equity                      %                 27.1             52.6         33.2    doctors and the focus will be more on metros and tier I, II, III and IV cities before it
Return on capital                     %                 41.5             69.8         46.5    ventures into rural areas.
Exports to sales                      %                   0.2              0.1          0.2
Imports to sales                      %                   6.3              5.0          7.7
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