Pfizer has posted unsatisfactory performance during the first quarter ended June 2014 as its net sales remained almost stagnant at Rs.240 crore as against Rs.238 crore in the corresponding period of last year. Its net profit declined by 3.1 per cent to Rs.46.15 crore from Rs.47.63 crore and EBDITA declined by 3.8 per cent to Rs.72.33 crore from Rs.75.20 crore mainly due to lower other income of Rs.10.08 crore as against Rs.30.49 crore in the last period. EPS remained at Rs.15.47 as compared to Rs.15.96 in the last period.
The company had spun-off its animal health business operations during April 2012 to Pfizer Animal Pharma Pvt Ltd. However, it continued to provide transitional support to new entity including support for manufacture of certain animal health products. The revenue for the quarter ended June 2013 includes Rs.19.30 crore for sale of such products as compared to nil in the quarter ended June 2014. Similarly, Pfizer has provided consignment selling agent services (CAS) and other support functions. Other operating income for the quarter ended June 2014 includes Rs.53 lakh as compared to Rs.3.94 crore in the corresponding period of last year towards such CSA commission and support services.
The Board of Directors approved the scheme of amalgamation of Wyeth with the company in November 2013 and received approval from equity shareholder during April 2014. However, pending all other statutory approvals, Pfizer has not given any effect to the above scheme in current results.