Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹22,357Cr
Rev Gr TTM
Revenue Growth TTM
11.01%
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 4.2 | -10.4 | -9.8 | -13.2 | -4.5 | 5.9 | 2.3 | -0.4 | 8.3 | 7.1 | 9.1 | 19.9 |
| 391 | 421 | 393 | 387 | 357 | 385 | 399 | 392 | 364 | 393 | 412 | 417 |
Operating Profit Operating ProfitCr |
| 31.8 | 20.8 | 31.8 | 28.3 | 34.6 | 31.5 | 32.1 | 27.1 | 38.4 | 34.8 | 35.8 | 35.4 |
Other Income Other IncomeCr | 12 | 33 | 36 | 44 | 75 | 42 | 43 | 43 | 217 | 67 | 42 | -20 |
Interest Expense Interest ExpenseCr | 3 | 3 | 3 | 3 | 7 | 2 | 2 | 2 | 3 | 3 | 2 | 2 |
Depreciation DepreciationCr | 26 | 16 | 15 | 18 | 14 | 15 | 15 | 15 | 16 | 14 | 14 | 14 |
| 165 | 126 | 201 | 176 | 244 | 203 | 215 | 172 | 426 | 260 | 255 | 192 |
| 35 | 32 | 52 | 46 | 65 | 52 | 57 | 45 | 95 | 68 | 66 | 50 |
|
Growth YoY PAT Growth YoY% | 3.1 | 187.3 | -52.1 | -13.7 | 38.0 | 61.1 | 6.3 | -1.8 | 85.0 | 27.2 | 19.4 | 11.2 |
| 22.6 | 17.6 | 25.9 | 24.1 | 32.7 | 26.8 | 26.9 | 23.7 | 55.9 | 31.8 | 29.4 | 22.0 |
| 30.0 | 20.4 | 32.6 | 28.4 | 39.1 | 32.9 | 34.6 | 27.9 | 72.3 | 41.9 | 41.3 | 31.0 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| 66.7 | 8.6 | -2.3 | 0.1 | 5.7 | 3.4 | 4.0 | 16.6 | -7.1 | -9.6 | 4.0 | 8.8 |
| 1,470 | 1,580 | 1,617 | 1,468 | 1,516 | 1,579 | 1,526 | 1,775 | 1,616 | 1,558 | 1,541 | 1,587 |
Operating Profit Operating ProfitCr |
| 20.7 | 21.5 | 17.8 | 25.4 | 27.1 | 26.6 | 31.8 | 32.0 | 33.4 | 29.0 | 32.5 | 36.1 |
Other Income Other IncomeCr | -13 | 97 | 232 | 114 | 167 | 184 | 81 | 63 | 134 | 188 | 345 | 306 |
Interest Expense Interest ExpenseCr | 1 | 1 | 1 | 0 | 1 | 11 | 15 | 10 | 13 | 15 | 8 | 10 |
Depreciation DepreciationCr | 131 | 58 | 63 | 66 | 71 | 103 | 109 | 115 | 106 | 62 | 61 | 59 |
| 238 | 470 | 517 | 548 | 660 | 642 | 669 | 773 | 824 | 746 | 1,016 | 1,133 |
| 138 | 165 | 180 | 188 | 231 | 133 | 171 | 160 | 200 | 195 | 248 | 279 |
|
| -54.6 | 203.9 | 10.4 | 6.9 | 19.2 | 18.7 | -2.3 | 23.1 | 1.9 | -11.6 | 39.2 | 11.2 |
| 5.4 | 15.2 | 17.1 | 18.3 | 20.6 | 23.7 | 22.2 | 23.5 | 25.7 | 25.1 | 33.6 | 34.4 |
| 15.3 | 66.7 | 73.6 | 78.7 | 93.8 | 111.3 | 108.8 | 133.9 | 128.5 | 120.5 | 167.8 | 186.6 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 46 | 46 | 46 | 46 | 46 | 46 | 46 | 46 | 46 | 46 | 46 | 46 |
| 1,927 | 2,118 | 2,373 | 2,637 | 2,966 | 3,350 | 2,347 | 2,819 | 3,162 | 3,550 | 4,172 | 3,803 |
Current Liabilities Current LiabilitiesCr | 609 | 658 | 787 | 954 | 892 | 873 | 774 | 853 | 657 | 547 | 570 | 646 |
Non Current Liabilities Non Current LiabilitiesCr | 32 | 66 | 65 | 52 | 37 | 137 | 99 | 183 | 136 | 87 | 124 | 112 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 1,252 | 1,632 | 2,079 | 2,417 | 2,715 | 3,048 | 1,925 | 2,396 | 2,525 | 2,738 | 3,513 | 3,477 |
Non Current Assets Non Current AssetsCr | 1,362 | 1,256 | 1,192 | 1,273 | 1,225 | 1,357 | 1,341 | 1,504 | 1,476 | 1,491 | 1,398 | 1,129 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 113 | 345 | 329 | 332 | 98 | 323 | 427 | 667 | 356 | 257 | 660 |
Investing Cash Flow Investing Cash FlowCr | -89 | -701 | -250 | -238 | 35 | 1,530 | -469 | -575 | -36 | 54 | -71 |
Financing Cash Flow Financing Cash FlowCr | -1 | -62 | -83 | -110 | -110 | -164 | -1,571 | -181 | -346 | -235 | -205 |
|
Free Cash Flow Free Cash FlowCr | 93 | 398 | 394 | 277 | 93 | 307 | 410 | 654 | 292 | 291 | 783 |
| 113.1 | 113.3 | 97.6 | 92.2 | 22.8 | 63.5 | 85.9 | 108.9 | 57.0 | 46.6 | 86.0 |
CFO To EBITDA CFO To EBITDA% | 29.6 | 80.0 | 94.2 | 66.3 | 17.3 | 56.4 | 60.0 | 79.8 | 44.0 | 40.4 | 89.1 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 10,203 | 8,173 | 8,658 | 9,997 | 15,191 | 18,412 | 20,684 | 19,906 | 15,847 | 19,184 | 18,317 |
Price To Earnings Price To Earnings | 175.3 | 26.8 | 25.7 | 27.8 | 35.4 | 36.2 | 41.6 | 32.5 | 25.4 | 34.8 | 23.9 |
Price To Sales Price To Sales | 5.5 | 4.1 | 4.4 | 5.1 | 7.3 | 8.6 | 9.2 | 7.6 | 6.5 | 8.8 | 8.0 |
Price To Book Price To Book | 5.2 | 3.8 | 3.6 | 3.7 | 5.0 | 5.4 | 8.6 | 7.0 | 4.9 | 5.3 | 4.3 |
| 25.1 | 16.6 | 20.4 | 16.4 | 23.5 | 28.3 | 27.5 | 21.9 | 17.3 | 27.0 | 21.0 |
Profitability Ratios Profitability Ratios |
| 60.1 | 60.9 | 59.5 | 62.4 | 64.1 | 63.2 | 64.4 | 63.7 | 64.0 | 63.9 | 64.5 |
| 20.7 | 21.5 | 17.8 | 25.4 | 27.1 | 26.6 | 31.8 | 32.0 | 33.4 | 29.0 | 32.5 |
| 5.4 | 15.2 | 17.1 | 18.3 | 20.6 | 23.7 | 22.2 | 23.5 | 25.7 | 25.1 | 33.6 |
| 12.1 | 21.7 | 21.4 | 20.4 | 21.9 | 19.2 | 28.6 | 27.0 | 25.8 | 20.9 | 24.1 |
| 5.1 | 14.1 | 13.9 | 13.4 | 14.3 | 15.0 | 20.8 | 21.4 | 19.4 | 15.3 | 18.2 |
| 3.8 | 10.6 | 10.3 | 9.8 | 10.9 | 11.6 | 15.2 | 15.7 | 15.6 | 13.0 | 15.6 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Pfizer Ltd, a subsidiary of Pfizer Inc., has been a cornerstone of India's pharmaceutical industry since its establishment in **1950**, playing a pivotal role in building domestic drug manufacturing capabilities, reducing import dependence, and advancing access to essential medicines. With over **75 years of operation in India**, Pfizer has evolved into a diversified healthcare enterprise with a strong presence across **15 therapeutic areas**, serving over **300 million patients annually** through a portfolio of more than **125 products**.
The company is publicly listed on the **Bombay Stock Exchange (BSE)**, having gone public in **1966**, and continues to strengthen its Indian operations through **local R&D, manufacturing, strategic acquisitions, and global innovation transfer**.
Under the leadership of **Ms. Meenakshi Nevatia**, Managing Director since April 2023, Pfizer has revitalized its **go-to-market (GTM) strategy**, emphasizing **scientific leadership, omnichannel engagement, digital transformation, and patient-centric innovation**.
---
### **Leadership & Strategy**
- **Ms. Meenakshi Nevatia (MD)** has refocused the organization on core therapeutic areas, strengthened front-line sales, and driven strategic partnerships to accelerate growth.
- The company has implemented a **dual GTM model**: a dedicated Pfizer FTE sales force in select markets and a contract-based model elsewhere, improving **market segmentation, coverage, and productivity**.
- A **Science First** approach anchors all commercial activities, supported by scientific education, KOL engagement, and partnerships with leading medical associations.
---
### **Therapeutic Areas & Key Brands**
#### **1. Internal Medicine (Primary Care) – Core Revenue Driver**
- **>270,000 healthcare professionals (HCPs)** prescribed Pfizer IM brands in FY2025 (3% YoY increase).
- Key specialties: cardiology, gynaecology, nephrology, orthopaedics.
- Strategy: Revamped GTM with **three pillars** – productivity enhancement, expanded customer reach (including **10,000+ virtual HCP engagements**), and optimized distribution.
- **Strategic partnerships**:
- **GoApptiv (tech-led distributor)**: Enhances digital reach and market penetration for consumer-centric brands.
- **Mylan Pharmaceuticals Pvt Ltd**: Strengthens neuropsychiatry marketing through co-promotion and omnichannel engagement.
---
#### **2. Women’s Healthcare – Market Leader**
- **#1 in oral contraceptives** with flagship brand **Ovral L**.
- Recently approved by **DCGI for three new indications** related to menstrual disorders.
- Digital campaigns like **#SpilltheBeans** aim to enable a full digital journey from awareness to e-consultation.
- **Folvite** leads in maternal nutrition and ranks among the **top 5 brands** prescribed by gynecologists.
- Partnerships with **FOGSI, IMS, ISOPARB, and Indian Menopause Society** to advance scientific education and awareness across life stages.
- Growth strategy: Focus on **omnichannel engagement**, **digital outreach**, and **therapeutic expansion**.
---
#### **3. Gastroenterology – Dominant Position**
- **Neksium (Esomeprazole PPI)**:
- Targeted in-clinic engagement with gastroenterologists and orthopaedists.
- **Neksium D** treats refractory GERD, driving brand differentiation.
- **Gelusil**:
- Over **50 years in the market**, trusted brand with strong state-level dominance.
- Launched **Gelusil RAFT** for recurrent hyperacidity.
- Relaunch planned in 2025 with new, user-friendly packaging.
- **Mucaine**:
- **Leader in liquid antacids market**, prescribed by **50,000+ HCPs**.
- Introduced **Mucaine 400ml** for improved long-term treatment adherence.
- Educational initiatives: **ENDOSURGRE**, HCP training with ASGE; **HOPE** learning platform for paramedic staff.
---
#### **4. Cardiovascular & Anticoagulation**
- **Eliquis (Apixaban)**:
- **#1 NOAC** (novel oral anticoagulant) with **35% market share** post-loss of exclusivity (LOE).
- Maintained **17% CAGR**, reaching **3x more patients** despite competition from ~100 generics.
- Growth driven by **expanded HCP engagement, pricing rationalization, and co-promotion**.
- **Anticoagulation Center of Excellence** launched in Hyderabad (AIG Hospital) to set standards in care.
- **“Listen to Your Heartbeat”** campaign reached **15,000 patients** on atrial fibrillation awareness.
- **Minipress XL (Prazosin)**:
- **45% market share** in uncontrolled hypertension segment.
- Supported by targeted medicomarketing with nephrologists and cardiologists.
---
#### **5. Inflammation & Immunology (I&I)**
- **Enbrel (Etanercept)**:
- First globally launched **TNF inhibitor**, used for RA, psoriasis, AS, and more.
- Treated **over 6 million patients worldwide**, backed by **500+ clinical trials** and **7,000+ publications**.
- Subcutaneously administered; prescribed in India by rheumatologists, dermatologists, and pediatric specialists.
- **Betrecep (Tofacitinib)**:
- **India-specific brand** launched in **July 2023** to improve affordability and access for rheumatic and autoimmune diseases.
- Ranked **5th (IQVIA MAT March 2025)** in a crowded market (>70 brands).
- Expanding reach to dermatologists and gastroenterologists.
---
#### **6. Neuroscience & Psychiatry**
- **Pacitane (Trihexyphenidyl)**: **68% market share** in its therapeutic category.
- **Ativan (Lorazepam)**: Leading anxiolytic with **6% share in benzodiazepine market**, despite supply challenges.
- Partnership with **Mylan** to strengthen neuropsychiatry marketing capabilities.
- Future focus: **Integration of field forces, data-driven insights, and patient-centric innovation**.
---
#### **7. Hospitals Business Unit (HBU) – Advanced Anti-infectives**
- Serves **1,800+ hospitals and nursing homes** with critical anti-infectives.
- **Zavicefta (Ceftazidime-Avibactam)**:
- **48% market share** in its class (as of March 2025).
- Used for HAP/VAP, cUTI, cIAI; growing due to clinician confidence.
- **Meronem**: Gained trust and expanded into new institutions due to focus on **antibiotic stewardship**.
- **Magnex 1.5gm**: Reintroduced to expand formulary options.
- **Antimicrobial Stewardship (AMS)**:
- Engaged **over 200,000 HCPs** in responsible use initiatives.
- "Take a Pledge with Pfizer" campaign secured commitments from **3,000+ HCPs**.
---
#### **8. Vaccines & Preventive Health**
- **Prevenar 13**:
- Pneumococcal conjugate vaccine for all age groups.
- **62.5% value share** in private market.
- Central to **“Life Course Vaccination”** and **Center of Excellence** initiatives.
- **Adult Vaccination Taskforce** established with dedicated team to drive immunization in corporate and at-risk populations.
- Digital campaigns like **Fight Pneumo** (YouTube, toll-free helpline, microsite) expanded awareness across 9 regional languages.
---
#### **9. Pain & Inflammation**
- **Legacy brands**: **Dolonex (Piroxicam)** and **Wysolone (Prednisolone)** – over **40 years in market**.
- Leads in pain and corticosteroid segments.
- **Medicomarketing**:
- ‘Back in Action’ campaign with Orthopaedic Society for OA and LBP.
- Partnerships with Indian Dental Association.
- **Etorizer (Etoricoxib)** launched for osteoarthritis and acute pain.
---
#### **10. Respiratory**
- **Corex Dx**: **Market leader in dry cough** – **15% value share**.
- Expanding into **productive cough segment** with **Corex LS** line extension.
- Educates HCPs on **rational cough medication** via **“Cough the Right Way”** campaign.
---
#### **11. Vitamins & Nutrition**
- **Becosules**:
- **#1 multivitamin brand in India** for over 50 years.
- **7 SKUs**, including **Becosules+ Syrup** for child immunity.
- Recently ranked **#1 B-complex brand** with **75%+ market share**.
- OTC success enhanced via engagement with **~50,000 chemists**.
---
### **Innovation & Digital Transformation**
#### **Pfizer Healthcare Experience Studio (PHEX)**
- Focus: **Digital engagement, omnichannel content, patient journey design**.
- Achievements:
- Designed a **connected pregnancy ecosystem** for expectant mothers (diet, counseling, yoga).
- Led **pneumococcal awareness campaigns**.
- Awarded for **digital innovation** in Asia.
- Developed **adaptive content framework** based on real-time HCP/patient insights.
#### **Digital Marketing & Outreach**
- Reached **230,000+ HCPs virtually** during pandemic; now sustaining through omnichannel tools.
- Platforms: YouTube, Facebook (e.g., **“All About Arthritis”** – 100,000+ followers), doctor networks, podcasts ("GERD Talks").
- Campaigns generated **10M+ video views**, **125K+ website visits**, and **300K+ digital trade touchpoints**.
---
### **Manufacturing & Supply Chain**
- **India Network**: 1 owned plant (Goa, est. 2002) + **18 contract manufacturing partners (CMOs)**.
- Annual output: **6.8 billion pills and vials**.
- **70% of business locally manufactured**; **75% API sourced domestically**.
- **Goa plant**: 186M SDUs/year across 25 SKUs; led by **Mr. P. Rengan**, an award-winning pharma operations expert.
#### **Distribution**
- Served by **15 warehousing partners**, 20+ CFAs, 250,000 retail outlets.
- Ensures nationwide reach to **over 300,000 towns and villages**.
---
### **Sustainability, ESG & Innovation Initiatives**
#### **Project INDovation**
- Collaboration with **IIT Delhi, NITI Aayog, NIPER, Social Alpha**.
- Incubates **health-tech startups** in oncology, diagnostics, digital health.
- Supports **40+ startups** with funding up to ₹65 lakh, mentorship, IP, and clinical access.
- Innovations showcased globally, including at **World Health Assembly**.
- Example: **AI Health Highway’s AI Steth** deployed in **Maharashtra** for early heart disease screening.
#### **Public-Private Partnerships**
- Project **Parivartan**: IPC & AMS training for 11 hospitals via **AIF and WHO-aligned platform** in 6 languages.
- Educational workshops with **American Society of Gastrointestinal Endoscopy (ASGE)** and **American Academy of Pain Medicine**.