Besides legacy NLEM/GST related adjustments, Pfizer has been continuously restructuring its portfolio in the last few years to improve the productivity of its core brands and also in accordance with development at the parent level. Despite stagnant turnover growth (FY16-21 CAGR of ~2%), the company has delivered margin improvement on a fairly consistent basis (FY21 EBITDA margin of 31.8% vis--vis FY16 EBITDA margins of 21.5%;...