Pfizer, a Rs.2,000 crore plus leading multinational pharma company, has posted lower net sales of Rs.504 crore during the third quarter ended December 2016 as compared to Rs.521 crore in the corresponding period of last year. The net sales declined mainly on account of pricing notifications, lower sale of Corex and divestiture/sale of certain brands. The brands that are not under price control reflected a growth of 13 per cent.
Its net profit improved slightly by 4.4 per cent to Rs.62 crore from Rs.60 crore in the same period of last year due to exceptional income of Rs.19 crore related to sale of property. Profit before exceptional income declined to Rs.73 crore from Rs.90 crore. EPS worked out to Rs.9.53 as against Rs.13.04 in the last period. Pfizer share opened lower today at Rs.1,791.75 on BSE as compared to previous day's close of Rs.1,791.75.
The High Court quashed and set aside the notifications of the Government dated March 10, 2016, banning 344 fixed dose combinations, Corex cough syrup being one of them. The company decided to launch additional products as line extensions while discontinuing the manufacture of Corex cough syrup.
For the nine months ended December 2016, Pfizer's net sales increased by 1.7 per cent to Rs.1,570 crore from Rs.1,543 crore in the same period of last year. The net profit increased by 23.4 per cent to Rs.269 crore due to exceptional income of Rs.130.43 crore as compared to Rs.9.89 crore in the last period. The net profit stood at Rs.269 crore as against Rs.218 crore.