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Pfizer Q2 FY27 results: net profit down 17.7% to ₹313.25 crore, revenue down 41.6%
Pfizer Limited reported standalone revenue of ₹726.86 crore and a net profit of ₹313.25 crore for Q2 FY27, compared with ₹1,245 crore and a net profit of ₹380.77 crore in Q2 FY26. Revenue and profit rose from Q1 FY27, while EBITDA margin declined to 35.9% from 37.9%; the results included an exceptional gain of ₹132.06 crore.
Key points
- Q2 FY27 revenue was ₹726.86 crore, down 41.6% from ₹1,245 crore in Q2 FY26 and up 11.3% from ₹653.17 crore in Q1 FY27.
- EBITDA was ₹261.20 crore, down 40.6% year on year but up 5.5% sequentially; EBITDA margin was 35.9%, compared with 35.3% and 37.9% in the earlier quarters.
- Net profit was ₹313.25 crore, down 17.7% from ₹380.77 crore a year ago and up 53.2% from ₹204.47 crore in Q1 FY27.
- Basic EPS was ₹68.47, down 17.7% from ₹83.23 in Q2 FY26 and up 53.2% from ₹44.69 in Q1 FY27.
- The quarter included an exceptional gain of ₹132.06 crore; total expenses were ₹483.42 crore and other income was ₹47.33 crore.
How did Pfizer perform in Q2 FY27?
Pfizer reported standalone revenue of ₹726.86 crore in Q2 FY27, down 41.6% from ₹1,245 crore in Q2 FY26. Revenue rose 11.3% from ₹653.17 crore in Q1 FY27. EBITDA was ₹261.20 crore, down 40.6% year on year but up 5.5% from ₹247.56 crore in the previous quarter, while the margin was 35.9%.
Net profit was ₹313.25 crore, down 17.7% from ₹380.77 crore in Q2 FY26 and up 53.2% from ₹204.47 crore in Q1 FY27. Basic EPS was ₹68.47, compared with ₹83.23 a year ago and ₹44.69 in the previous quarter. These were standalone figures; the filing also reported consolidated figures.
The board approved the unaudited quarter and half-year results for the period ended 30 September 2026 on 3 November 2026. H1 FY27 revenue was ₹1,380.03 crore, total income was ₹1,472.20 crore, profit before tax was ₹699.51 crore, net profit was ₹517.72 crore and basic EPS was ₹113.17.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 726.86 | 653.17 | 1,245 | −41.6% | +11.3% |
| Other income | 47.33 | 44.84 | 109.02 | −56.6% | +5.6% |
| Total expenses | 483.42 | 421.33 | 839.51 | −42.4% | +14.7% |
| EBITDA | 261.20 | 247.56 | 439.95 | −40.6% | +5.5% |
| EBITDA margin | 35.9% | 37.9% | 35.3% | +0.6 pp | −2.0 pp |
| Profit before tax | 422.83 | 276.68 | 514.90 | −17.9% | +52.8% |
| Tax | 109.58 | 72.21 | 134.13 | −18.3% | +51.8% |
| Net profit | 313.25 | 204.47 | 380.77 | −17.7% | +53.2% |
| EPS (₹) | 68.47 | 44.69 | 83.23 | −17.7% | +53.2% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Pfizer's costs and profit?
Against Q2 FY26, total expenses fell 42.4% to ₹483.42 crore, including lower cost of materials of ₹56.51 crore, employee cost of ₹91.43 crore, finance costs of ₹3.35 crore, depreciation of ₹14.41 crore and other expenses of ₹76.96 crore. Other income fell 56.6% to ₹47.33 crore.
The quarter included an exceptional gain of ₹132.06 crore, against no exceptional item in Q2 FY26. Profit before tax fell 17.9% to ₹422.83 crore and tax expense fell 18.3% to ₹109.58 crore, resulting in a 17.7% decline in net profit to ₹313.25 crore.
Against Q1 FY27, total expenses rose 14.7% to ₹483.42 crore as employee cost increased 11.4% to ₹91.43 crore and finance costs rose 129.5% to ₹3.35 crore. Other expenses fell 7.7% to ₹76.96 crore and cost of materials fell 46.2% to ₹56.51 crore, while the exceptional gain was ₹132.06 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 56.51 | 158.69 | −102.18 | −64.4% |
| Employee cost | 91.43 | 190.49 | −99.06 | −52.0% |
| Finance costs | 3.35 | 5.38 | −2.03 | −37.7% |
| Depreciation | 14.41 | 28.69 | −14.28 | −49.8% |
| Other expenses | 76.96 | 175.77 | −98.81 | −56.2% |
| Total expenses | 483.42 | 839.51 | −356.09 | −42.4% |
| Other income | 47.33 | 109.02 | −61.69 | −56.6% |
| Tax | 109.58 | 134.13 | −24.55 | −18.3% |
| Exceptional items | +132.06 (gain) | none |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹5,292.98 crore, compared with ₹4,921.88 crore at 31 March 2026, and total equity was ₹4,385.41 crore, compared with ₹4,202.90 crore. Cash and cash equivalents were ₹92.82 crore, compared with ₹102.66 crore, while borrowings were ₹2.5 crore at both dates.
Inventories declined to ₹441.73 crore from ₹472.66 crore, trade receivables rose to ₹241.41 crore from ₹181.80 crore and trade payables rose to ₹241.72 crore from ₹215.94 crore. The filing also reported bank balances other than cash and cash equivalents of ₹3,077.06 crore, against ₹3,008.10 crore at 31 March 2026.
H1 FY27 operating cash flow was ₹358.99 crore, compared with ₹599.47 crore in H1 FY26. Investing cash flow was -₹2.8 crore, compared with -₹114.39 crore, while financing cash flow was -₹366.03 crore, compared with -₹774.8 crore; capital expenditure was ₹24.44 crore, compared with ₹10.34 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 5,293 | 4,922 |
| Total equity | 4,385 | 4,203 |
| Borrowings | 2.50 | 2.50 |
| Cash and equivalents | 92.82 | 102.66 |
| Inventories | 441.73 | 472.66 |
| Trade receivables | 241.41 | 181.80 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 358.99 | 599.47 |
| Cash from investing | −2.80 | −114.39 |
| Cash from financing | −366.03 | −774.80 |
| Capital expenditure | 24.44 | 10.34 |
Source: Company's results filing (XBRL).
How has Pfizer done over the last 8 quarters?
Revenue reached its highest level in the reported series at ₹1,245.39 crore in Q2 FY26 and its lowest at ₹537.99 crore in Q3 FY25. It has risen from ₹629.23 crore in Q4 FY26 to ₹653.17 crore in Q1 FY27 and ₹726.86 crore in Q2 FY27, but remains below the Q2 FY26 peak.
Net profit was highest at ₹380.77 crore in Q2 FY26 and lowest at ₹127.6 crore in Q3 FY25. It has increased from ₹199.82 crore in Q4 FY26 to ₹204.47 crore in Q1 FY27 and ₹313.25 crore in Q2 FY27. EBITDA margin rose to 37.9% in Q1 FY27 before easing to 35.9% in Q2 FY27.
How did Pfizer shares react?
After the filing appeared in the market, Pfizer’s price was 2.2% higher after 5 minutes, 3.3% higher after 15 minutes and 4.0% higher after 30 minutes. From the previous close, the stock was up 3.2% on the reaction day and 5.3% by the next day’s close.
The Pharmaceuticals industry median was up 0.1% on the reaction day and 1.1% by the next day’s close. Pfizer’s move was 3.1 percentage points above the industry median on the reaction day and 4.2 percentage points above it by the next day’s close.
Earlier results-day reactions were mixed: the stock was up 3.7% on 9 February 2026 and 4.8% on 13 August 2025, while it fell 1.6% on 12 May 2026 and 28 October 2024. Its reaction-day move was 0.3% on 28 July 2026.
| After the filing | Stock | Pharmaceuticals median |
|---|---|---|
| 5 minutes | +2.2% | |
| 15 minutes | +3.3% | |
| 30 minutes | +4.0% | |
| Reaction day | +3.2% | +0.1% |
| Next day | +5.3% | +1.1% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 28 July 2026 | +0.3% |
| 12 May 2026 | −1.6% |
| 9 February 2026 | +3.7% |
| 12 November 2025 | +0.6% |
| 13 August 2025 | +4.8% |
| 31 January 2025 | +0.1% |
| 28 October 2024 | −1.6% |
| 29 July 2024 | +3.6% |
Source: MarketPing price-reaction measurement.
How did other Pharmaceuticals companies do?
Among 59 Pharmaceuticals companies compared for the quarter, the median revenue growth was 18.9%. Two peers grew slower than Pfizer and 57 grew faster than Pfizer. Profit was higher for 39 peers out of 53 compared for profit.
Peer revenue growth was above Pfizer’s reported 18.9% median in 57 cases, while two peers recorded lower growth. The data was available as of 4 November 2026.
| Pfizer revenue growth (YoY) | −41.6% |
|---|---|
| Median of 59 other Pharmaceuticals companies | +18.9% |
| Companies with slower revenue growth than Pfizer | 2 of 59 |
| Companies with faster revenue growth than Pfizer | 57 of 59 |
| Companies whose net profit rose | 39 of 53 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Pfizer's revenue in Q2 FY27?
Revenue from operations was ₹726.86 crore, down 41.6% from ₹1,245 crore in Q2 FY26 (standalone).
Did Pfizer make a profit in Q2 FY27?
Yes. Net profit was ₹313.25 crore, against a net profit of ₹380.77 crore in Q2 FY26.
What was Pfizer's EPS in Q2 FY27?
Basic earnings per share were ₹68.47, against ₹83.23 in Q2 FY26.
How did Pfizer shares react to the Q2 FY27 results?
On the reaction day the stock moved +3.2% from the previous close; the median Pharmaceuticals stock moved +0.1%.
When did Pfizer announce its Q2 FY27 results?
On 3 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Board Meeting To Consider And Approve The Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026. (BSE, 26 October 2026) · PDF
- Outcome of Board Meeting (NSE, 3 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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