Buy Pfizer; target of Rs 6100 : ICICI Securities

Buy

ICICI Securities's research report on Pfizer

Pfizer’s Q2FY26 revenue grew at a faster pace of 9.1% YoY, surpassing IPM growth of ~8%. Rebound in growth across key brands has helped the company grow faster in the otherwise prevalent sluggish growth scenario for acute therapies. Besides, robust control on overheads (employee cost declined 6% YoY) yielded 364bps YoY expansion in EBITDA margins. As per IQVIA, the company had launched Prevenar 20 in India on 11 Aug’25, which should help it boost growth in the overall franchise. Cash balance, at end-Sep’25, stood at INR 27bn (~12% of market cap), which may be used to pay out healthy dividends (INR 165/share declared in Jul’25).

Outlook

We raise FY26E/FY27E EPS by ~4% each to factor in better margins. Maintain BUY with a higher TP of INR 6,100, based on 32x FY27E EPS (unchanged).

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