Pfizer hits an over two-year high ahead of March quarter results

The stock was up 5% to Rs 2,434 on the BSE in intra-day trade, trading at its highest level since January 4, 2016.

Shares of Pfizer hit an over two year high of Rs 2,434 per share, up 5% on the BSE in intra-day trade on Monday, ahead of its January-March quarter (Q4FY18) results today. The stock was trading at its highest level since January 4, 2016.

“The board of directors of the company is scheduled to meet on May 7, 2018 to consider on the audited financial results of the company for the financial year ended March 31, 2018. The board will also consider recommendation of dividend, if any, “Pfizer said in a BSE filing.

Since January 24, post October-December (Q3FY18) results, the stock of pharmaceutical company have outperformed the market by 15% as compared to 3% decline in the S&P BSE Sensex.

The company’s EBITDA (earnings before interest, tax, depreciation and amortization) margin in Q3FY18 improved to 25.8% from 12.2% in previous year quarter.

Sales declined 9% year on year (YoY) to Rs 4.6 billion during the quarter, as discontinuation of Corex brand re-launch of the product is underway. The net profit jumped 40% YoY to Rs 872 million.

“Healthy margin trajectory has been a real relief for last two quarters, amid transit of Corex brand and entry of Meropenem. We look forward to FY19E with better outlook however; discontinuation of Corex brand will have some disruption. Meropenem may be able to provide some support to the base business to shift the Corex franchise to newer line exertion,” analysts at Dolat Capital had said in Q3FY18 result update.

At 10:33 am; the stock was trading 4.4% higher at Rs 2,424 on the BSE, as compared to 0.31% rise in the S&P BSE Sensex. A combined 23,407 equity shares changed hands on the counter on the BSE and NSE.