Monday, July 12, 2010

PFIZER - RESULTS - UPTO H.Y. ENDING MAY 2010 PLUS 3 PREVIOUS YEARS - GOOD PROGRESS- FURTHER PLANS TO BE WATCHED.



PFIZER LIMITED

RESULTS COMPARISON

QTRLY – &- ANNUAL

QUARTERLY RESULTS

PFIZER LIMITED has declared its quarterly and half yearly results for the Q/e and H/y/e 31.05.2010
The quarterly figures are compared below. Net sales for q/e May2010 has increased by 4.8 % compared to Q/e 02/10 and by 14.2% compared to Q/E May2009.
However, total expenditure in q/e 05/10 has increased more than proportionately by 19.8% compared preceding Qtr and by 17.1% compared to Q/E  May2009.
Consequently, Net profit in q/e may2010 is down by 18.3% compared to preceding Qtr  but is up by 10.9% compared to Q/e May2009.
Consequently, the Basic EPS on the face value of Rs.10 for current Qtr is  Rs.11.63, down from Rs.14.23 in preceding Qtr, but up from Rs.10.49 in q/e May 2009.
Public shareholding in the company has come down from 58.77% in May2009 to 29.25% in q/e May2010.
Thus PFIZER has produced a mixed bag of results – which is slightly down compared to previous qtr but slightly up compared to same Qtr of last year.
Its next 2 Qtrs results need to be watched for further improvement.

QUARTERLY RESULTS :

May-10
Feb-10
dif%1
Nov-09
Aug-09
May-09
dif%2
Net Sales
21233
20261
4.8
19494
20484
18585
14.2
Total Expdr
18946
15811
19.8
17461
16097
16183
17.1
OP.Profit
3399
4944
-31.3
2840
4910
3082
10.3
Other Income
2148
1548
38.8
1462
1575
2211
-2.8
Tax expense
1954
2247
-13
1286
2164
1721
13.5
Net Profit
3469
4245
-18.3
2573
4115
3129
10.9
Dividend (%)
-
-

125
-
-
Face Value- Rs
10
10
0
10
10
10
0
Paid Up Equity
2984
2984
0
2984
2984
2984
0
Basic EPS
11.63
14.23
-18.3
8.62
13.79
10.49
10.9
Public holding (%)
29.25
29.25
0
29.25
29.25
58.77
-50.2

STAND ALONE RESULTS
UPTO  H.Y ENDING
31ST MAY 2010
The stand alone results for last 3 years and the latest Half year (ending 31.05.2010) results are compared below :
The 4rd column below (in % terms) compares the Half year Dec09-May10 (after doubling and annualizing) with the full year dec08-Nove09 results. The 6th column compares the HY Dec09-May10 straight with the HY  Dec 08-May09 (in % terms).
Thus, the net sales in latest HY  has improved by 7.6% on annualized basis over the year ending Nov 2009 and by 11.6% compared to HY ending May09.
Total Expenditure        on annualized basis has gone up by 7.6% compared to the year ending Nov09 and  by 12% compared to corresponding HY ending May 2009.
Net Profit  has gone up by 12.5% (on annualized basis) in the HY ending May2010 compared to the Y/E Nov/09; and by 9.7% compared to the corresponding HY ending May2009.
Basic EPS at Rs.25.85 (annualized to 51.70) in current HY is up by 12.5% compared to Rs.45.97 in the year ending Nov09. The HY EPS of 25.85 is up by 9.7% compared to Rs.23.56 in the corresponding (previous year’s) HY of 1208-0509.
But then the annual EPS was a huge  100.24 in Y/E 1108 (which was aided by a big exceptional item of Rs.207.90 Crores) and  an EPS of Rs.113.58 in Y/E 1107 (which was aided by a huge income from operations - of Rs.342.70Cr).
There were no such huge items under ooperational Income or exceptional items in last year or current Half year.
Currently, the share is quoting at 1206 on a face value of Rs.10 – against the last year’s stand alone EPS of Rs.45.97 and the annualized EPS of 51.70 for the HY’ly EPS of 25.85 for HY ending May 2010.
Hence, on current year annualized EPS, the PE Ratio comes to 23.33 while on last year EPS of Rs.45.97, the P/E is 26.23. This is therefore not overly priced but not too cheap either.
The Parent company’s plans for the future, for their Indian company are to be watched regarding expansion, further acquisition of shares, if any, etc .

STAND ALONE FIGURES :

1209-0510 HY
dif%1
dif%2
Net Sales
41494
77160
7.6
37182
11.6
67771
67266
Other OptgIncom
1606
2437
31.8
1107
45.1
2290
34270
SIT&WIP
-78
961
-116.2
1067
-107.3
-2297
469
Raw Materials
9742
19867
-1.9
9046
7.7
18766
22679
Traded goods
5536
7906
40
4761
16.3
7290
-
Employees Cost
7709
12388
24.5
6134
25.7
10210
10170
Depreciation
451
829
8.8
414
8.9
1112
958
Other Expdr
11397
22651
0.6
9622
18.4
20966
20510
Total Expdr
34757
64602
7.6
31044
12
56047
54786
OP.Profit
8343
14995
11.3
7245
15.2
14014

Other Income
3696
7101
4.1
4064
-9.1
7052

P B I & EI
12039
22096
9
11309
6.5
21066

Interest
-
-

-

-
2
P Af I & Be. EI
12039
22096
9
11309
6.5
21066

Excepti. items
124
1092
-77.3
443
-72
-20790
1735
P B T
11915
21004
13.5
10866
9.7
41856
45013
Tax Expense
4201
7286
15.3
3836
9.5
11944
11120
Net Profit
7714
13718
12.5
7030
9.7
29912
33893
Dividend (%)
-
125

-

125
275
Face Value
10
10
100
10
0
10
10
Paid-up Equity
2984
2984
100
2984
0
2984
2984
Reserves
-
96326

-

86973
61881
Basic EPS
25.85
45.97
12.5
23.56
9.7
100.24
113.58
Publicholding (%)
29.25
29.25
100
58.77
-50.2
58.77
-



CONSOLIDATED RESULTS
COMPARISON

The consolidated results for last 3 years ending Nov2008, Nov 2007 and Nov 2006 follow approximately the same trend. Net Sales has increased in last year by 13.3 % compared to preceding year and by 14.1 % compared to 2nd preceding year.
There is a huge income  from operations - of Rs.343.07 Cr in Y/e Nov07 –
The total expenditure in last year is up by 14.8% compared to its preceding year and by 17.4% compared to 2nd preceding year.
There is an exceptional item of  Rs.(-) 207.90 Cr in the y/e Nov 2008- but not in other years.
Because of the above 2 items - the Consolidated Net  Profit at Rs.137.12 Cr in Y/e Nov2009 is down by 54.2% compared to the Rs.299.58 Cr in Y/E Nov2008  and down by 59.7% compared to Rs.340 Cr in Y/E Nov 2007.
For the same reason, the Basic EPS in Y/E Nov2009 is Rs.49.95 compared to Rs.100.40 in Y/E Nov 2008 representing a fall of 50.2%;  and compared to Rs.113.94 in Y/E Nov 2007, a fall of 56.2%.
How Pfizer will fare in the current full year ending Nov 2010 – or the Balance Half year ending Nov 2010 -  we need to watch.
Last year Pfizer Inc ( & Pfizer Investments Netherlands BV) had made an open offer to Indian share holders and acquired a chunk of  shares – which has brought down the Public shareholding  to 29.25% from last year’s 58.77%. Its further plans for the Indian outfit – for expansion etc or further acquisition  if any – are to be watched.

CONSOLIDATED FIGURES :

1208-1109
dif%1
dif%2
Net Sales
77227
68170
13.3
67669
14.1
Other OprgIncom
2437
2290
6.4
34307
-92.9
SIT&WIP
991
-2249
-144.1
477
107.8
Raw Materials
19867
18765
5.9
22929
-13.4
Traded goods
7912
7496
5.5
-
Employees Cost
12388
10209
21.3
10170
21.8
Depreciation
829
1112
-25.4
958
-13.5
Other Expdr
22689
21015
8
20571
10.3
Total Expdr
64676
56348
14.8
55105
17.4
OP.Profit
14988
14112
6.2

Other Income
7105
7011
1.3

P B I&EI
22093
21123
4.6

Interest
-
-

2
P AF. In. Be. EI
22093
21123
4.6

Excepti. items
1092
-20790
-105.3
1735
-37.1
P B T
21001
41913
-49.9
45134
-53.5
Tax Expense
7289
11955
-39
11134
-34.5
P A T
13712
29958
-54.2
34000
-59.7
Net Profit
13712
29958
-54.2
34000
-59.7
Consol.N P T
13712
29958
-54.2
34000
-59.7
Dividend (%)
-
-

-
Face Value (Rs)
10
10
0
10
0
Paid-up Equity
2984
2984
0
2984
0
Reserves
96472
87125
10.7
61988
55.6
Basic EPS(Rs)
49.95
100.4
-50.2
113.94
-56.2
Public holding%
29.25
58.77
-50.2
-


ANNOUNCEMENTS
TO THE EXCHANGE

12-07-2010        Pfizer Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAY-2010 as follows: Net Sales of Rs. 21233 lacs for quarter ending on 31-MAY-2010 against Rs. 18585 lacs for the quarter ending on 31-MAY-2009. Net Profit / (Loss) of Rs. 3469 lacs for the quarter ending on 31-MAY-2010 against Rs. 3129 lacs for the quarter ending on 31-MAY-2009.  -
19-05-2010        News Verification : The media had reports that Pfizer Limited may buy a controlling stake in Piramal Healthcare Limited. The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company. Pfizer Limited has vide its letter inter-alia stated," We wish to inform you that as a policy we do not comment on market rumours and speculations."
05-05-2010        Pfizer Limited has informed the Exchange that at the Annual General Meeting (AGM) of the Company held on April 26, 2010, all the items of business contained in the Notice of the Annual General Meeting of the Company were approved by the Members.
26-03-2010        Pfizer Ltd. has informed the Exchange regarding the standalone Results for the quarter ended on 28-FEB-2010 as follows: Net Sales of Rs. 20261 lacs for quarter ending on 28-FEB-2010 against Rs. 18597 lacs for the quarter ending on 28-FEB-2009. Net Profit / (Loss) of Rs. 4245 lacs for the quarter ending on 28-FEB-2010 against Rs. 3901 lacs for the quarter ending on 28-FEB-2009.       -
19-03-2010        Pfizer Ltd. has informed the Exchange regarding the outcome of Board meeting held today for the reconsideration of financial results on account of Court Approval to the Scheme of Amalgamation between Duchem Laboratories Limited (the unlisted wholly-owned subsidiary) with Pfizer Limited. The details of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).
15-03-2010        Pfizer Ltd. has informed the Exchange that the Bombay High Court vide its Order dated February 26, 2010, has sanctioned the Scheme of Amalgamation of Duchem Laboratories Ltd., the unlisted wholly-owned subsidiary with Pfizer Ltd. A copy of the said Order is being filed with Registrar of Companies, Maharashtra, Mumbai. Further the Company noted that, the appointed date of the said Scheme of Amalgamation is December 01, 2008.     -
25-02-2010        Pfizer Ltd. has informed the Exchange regarding the standalone Results for the quarter ended on 30-NOV-2009 as follows: Net Sales of Rs. 19494 lacs for quarter ending on 30-NOV-2009 against Rs. 17622 lacs for the quarter ending on 30-NOV-2008. Net Profit / (Loss) of Rs. 2573 lacs for the quarter ending on 30-NOV-2009 against Rs. 3023 lacs for the quarter ending on 30-NOV-2008.      -
25-02-2010        Pfizer Ltd. has informed the Exchange regarding the standalone Results for the year ended on 30-NOV-2009 as follows: Net Sales of Rs. 77160 lacs for year ending on 30-NOV-2009 against Rs. 67771 lacs for the year ending on 30-NOV-2008. Net Profit / (Loss) of Rs. 13718 lacs for the year ending on 30-NOV-2009 against Rs. 29912 lacs for the year ending on 30-NOV-2008.       -
25-02-2010        Pfizer Ltd. has informed the Exchange that the Board of Directors at its meeting held on February 25, 2010, recommended a Dividend of Rs. 12.50 per Equity Share of Rs.10/- each (125%) for the financial year ended November 30, 2009.       -
25-02-2010        Pfizer Ltd. has informed the Exchange regarding the consolidated Results for the year ended on 30-NOV-2009 as follows: Net Sales of Rs. 77227 lacs for year ending on 30-NOV-2009 against Rs. 68170 lacs for the year ending on 30-NOV-2008. Net Profit / (Loss) of Rs. 13712 lacs for the year ending on 30-NOV-2009 against Rs. 29958 lacs for the year ending on 30-NOV-2008.

01-06-2009        HSBC Securities & Capital Markets (India) Private Limited has submitted to the Exchange a copy of corrigendum to the public announcement made on June 01, 2009. With reference to the public announcement made on April 16, 2009, Open Offer by Pfizer Investments Netherlands B.V. ("Acquirer") and Pfizer Inc ("PAC") to the equity shareholders of Pfizer Limited ("Target Company") to acquire 10,078,143 equity shares ("Shares"), pursuant to SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 ("Open Offer"). A copy of the corrigendum to the public announcement shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).
16-04-2009        HSBC Securities & Capital Markets (India) Private Limited has informed the Exchange regarding a Public Announcement ("PA") being issued by HSBC Securities & Capital Markets (India) Private Limited ("HSCI" or the "Manager to the Offer") for and on behalf of Pfizer Investments Netherlands B.V. ("Acquirer") and Pfizer Inc. ("PAC"), to the shareholders of Pfizer Limited ("Pfizer India" or "Target Company") pursuant to and in compliance with among others, Regulation 11(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and subsequent amendments thereto ("SEBI (SAST) Regulations" or the "Regulations"). The Acquirer along with the PAC is making a voluntary offer (the "Offer" or "Open Offer") to the public shareholders of Pfizer India for acquiring up to 10,078,143 fully paid up equity shares of the Target Company (the "Offer Size") constituting 33.77% of the Voting Capital (as defined in Clause 1.3 of the PA) of the Target Company at a price of Rs. 675 per equity share (the "Offer Price"). This Offer is being made to all the public shareholders of the Target Company and is not conditional on any minimum level of acceptance by the public shareholders of the Target Company. The Date of opening of the Offer is June 10, 2009 & Date of closing of the Offer is June 29, 2009. A copy of the Public Announcement-Open Offer shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.      -
13-04-2009        Pfizer Ltd. has informed the Exchange regarding press release dated April 13, 2009, titled "Pfizer To Make a Tender offer To Increase Stake in Pfizer Limited; This release is neither an offer to purchase nor a solicitation of an offer to sell shares of Pfizer Limited". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). 

NOTE : As always, comments, suggestions and corrections, if any, from readers are most welcome.


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