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Informist, Saturday, Oct. 24, 2026

 

By Gunjan Rajput 

 

NEW DELHI - Pfizer Ltd. is expected to report a strong year-on-year growth in its standalone net profit for the September quarter, supported by a one-time payment from its US parent Pfizer Inc., in connection with the discontinuation of Minipress XL and lower employee costs, according to analysts.

 

Pfizer's standalone net profit is expected to rise nearly 28% year-on-year to INR 2.42 billion for the September quarter, according to estimates from four brokerages. The highest estimate for net profit is INR 3.18 billion from Systematix Shares and Stocks (India) Ltd., while the lowest is INR 2.15 billion from Nirmal Bang Equities Pvt. Ltd.

 

The company's revenue is expected to rise over 6% year-on-year to INR 6.84 billion, according to the average of estimates from four brokerages. The highest estimate for revenue is INR 6.87 billion from 360 ONE Capital Market Pvt. Ltd. and ICICI Securities Ltd., while the lowest is INR 6.75 billion from Systematix Shares. Sequentially, the net profit is expected to increase over 18% and the revenue nearly 5% from the June quarter.

 

The sharp increase in net profit can partly be attributed to a one-time divestment fee from the transfer of Minipress XL to Novartis. In September, Pfizer said it would discontinue the marketing, distribution, and sale of Minipress XL in India, following a decision by Pfizer Inc. in the US to discontinue manufacturing the drug.

 

In connection with the discontinuation, Pfizer Ltd. will receive a lump-sum payment of $13.9 million, or around INR 1.31 billion, from its US parent.

 

Novartis India Ltd. separately agreed to acquire the Minipress and Minipress trademarks, and related intellectual property rights, from Pfizer Inc. and Pfizer Products Inc.

 

"However, revenue growth is expected to remain unaffected in the quarter, as Pfizer has transferred the existing inventory to Novartis, with the divestment-related revenue impact likely to be reflected subsequently," Systematix Shares said in its report. Minipress XL contributed only part-quarter sales following its discontinuation in early September, Nirmal Bang said.

 

Revenue growth is expected to be supported by seasonal hospital anti-infective sales, continued momentum in Prevenar 20 and traction in brands like Eliquis and Zavicefta.

 

In December 2025, Pfizer entered into an exclusive five-year supply and marketing agreement with Cipla Ltd. for four of its brands in India. Under the arrangement, Cipla markets and distributes the medicines, while Pfizer continues to manufacture, source, and supply them. The partnership covers Corex Dx, Corex LS, Dolonex, and Neksium, according to Pfizer's exchange filing.

 

The financial terms of the agreement have not been disclosed publicly. Nirmal Bang expects the transition to the new arrangement to impact Pfizer's revenue realisation and gross margins, although its report does not specify the exact pricing mechanism or quantify the impact.

 

Pfizer's earnings before interest, taxes, depreciation, and amortisation are expected to be in the range of INR 2.62 billion to INR 2.64 billion, according to estimates from three brokerages. The highest estimate for EBITDA is from Systematix Shares, while the lowest is from ICICI Securities.

 

"We expect EBITDA to grow ahead of revenue, supported by a lower employee-cost base after the FY26 field-force separation and operating leverage," Nirmal Bang said in its report.

 

ICICI Securities expects Pfizer's earnings before interest, taxes, depreciation and amortisation margin to expand 230 basis points year-on-year to 38.1%, supported by employee-cost rationalisation. Nirmal Bang expects the EBITDA margin to be 38.3%. The company had posted an EBITDA margin of 35.8% in the year-ago quarter.

 

Pfizer Ltd. 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.
 

For investors, the key things to watch for are the traction in recent launches, new products from the parent's global pipeline, and benefits from cost rationalisation.

 

Pfizer has not yet disclosed the date for its September quarter earnings. Friday, its shares closed at INR 3,612.30 apiece on the National Stock Exchange, down over 2%. The stock is down over 23% since the company reported its June quarter earnings on Jul. 28.

 

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 6,378 per share, which is 76% higher than the current market price. One brokerage has a 'hold' recommendation with a target price of INR 5,212.

 

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

 

 

Brokerage name	Net Sales	Net Profit	EBITDA
Systematix Shares and Stocks (India) Ltd.	6.75	3.18	2.64
360 ONE Capital Market Pvt. Ltd.	6.87	2.17	--
ICICI Securities Ltd.	6.87	2.16	2.62
Nirmal Bang Equities Pvt. Ltd.	6.85	2.15	2.63
Average	6.84	2.42	2.63

 

End

 

Edited by Biswadip Mitra

 

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