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Informist, Monday, Jul. 27, 2026

By Ritwika Dutta 

MUMBAI – Pharmaceutical major Pfizer Ltd. is expected to report steady growth in its net profit and revenues for the June quarter, on the back of new product launches, momentum in chronic therapies, and a resilient pricing environment, according to brokerages tracking the company.

Pfizer is expected to report a net profit of INR 2.02 billion for the June quarter, up 5.4% on year and 6% sequentially, according to the average of estimates from four brokerages. The highest estimate for net profit is INR 2.08 billion from ICICI Securities Ltd. and the lowest is INR 1.91 billion from Nirmal Bang Equities Pvt. Ltd.

The company's net sales are expected to be INR 6.45 billion for the June quarter, up 7% on year and 2.5% on quarter, according to the average estimates. The highest estimate for net sales is INR 6.57 billion from ICICI Securities and the lowest is INR 6.30 billion from Systematix Shares and Stocks (India) Ltd.

Pfizer's June quarter will be supported by continued momentum in chronic and hospital-led therapies and a relatively resilient pricing environment, Nirmal Bang said. The brokerage expects speciality and branded products to support the company's performance, while acute portfolios are expected to remain uneven due to seasonality and competitive intensity. 

In addition, new launches, particularly Prevenar 20, which has emerged as one of the strongest vaccine launches in India, are expected to support revenues, Systematix said. However, revenue growth is likely to be limited by lower realisations after the out-licensing of Pfizer's mass-brand portfolio including Corex, Dolonex, and Neksium to Cipla Ltd. Regulatory restrictions on over-the-counter sales of cough syrups without a prescription may also have a minor impact on sales.

The company's earnings before interest, tax, depreciation, and amortisation are expected to be in the range of INR 2.3 billion to INR 2.5 billion, according to estimates from three brokerages. At the lower end of the band, EBITDA is seen up 3% on year and up 4% at the upper end from INR 2.1 billion.

Consistent investments in research and development, product filings, marketing and promotions, along with an increase in freight, power, and other expenses due to the war in West Asia, are expected to hurt EBITDA margins of pharma companies. "Any margin improvement is likely to reflect a better product mix and operating leverage, rather than a broad-based step up in demand," Nirmal Bang said. "Reported profitability may still look somewhat softer versus operating performance because of normalisation in other income and taxes."

Pfizer is the Indian subsidiary of the global biopharmaceutical giant Pfizer Inc. The company operates a manufacturing facility in Goa and has a diverse portfolio of over 150 products across therapeutic areas like vaccines, internal medicine, and inflammation. The company will declare its June quarter earnings Tuesday. Investors will closely watch for management commentary on traction in new launches and cost control measures.

Monday, Pfizer shares closed at INR 4,692.60 on the National Stock Exchange, up 1.5% from Friday. The stock is down marginally since the company reported its March quarter earnings on May 12.

Of the four brokerage reports for Pfizer available with Informist, three have a 'buy' recommendation on the stock with the average target price of INR 5,942 per share, which is 27% higher than the current market price. One has a 'hold' with a target price of INR 5,182.

The following are the Apr-Jun quarter earnings estimates for Pfizer from four brokerages, in descending order of the estimates of net profit, in INR billion:

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Edited by Shubhayan Bhattacharya

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