Pfizer has received setback during the second quarter ended September 2014 on account of stagnant sales, lower other income and VRS provision. The company incurred a net loss of Rs.11.83 crore as against a net profit of Rs.69.59 crore in the corresponding period of last year. Its net sales improved marginally to Rs.269.45 crore from Rs.267.35 crore. However, its other income and other operating income declined to Rs.37.01 crore from Rs.66.07 crore. EBDITA declined sharply to Rs.60.10 crore from Rs.108.96 crore. The company provided Rs.76.03 crore for VRS at its Thane plant as against nil in the last period.
For the first half ended September 2014, Pfizer's net sales reached at Rs.509.30 crore from Rs.504.88 crore in the similar half of last year. Its net profit declined sharply by 70.7 per cent to Rs.34.32 crore from Rs.117.22 crore due to exceptional item in respect of VRS provision. With fall in profits, its EPS declined to Rs.28.29 from Rs.39.28 in the last period.
The company had spun-off its animal health business operations on April 2012 to Pfizer Animal Pharma Pvt Ltd (PAPPL) and revenue was included in other income during last period. It continued to provide transitional support to PAPPL including support for manufacture of certain Animal Health products and revenue was included in other income of last year. Further, Pfizer also provides consignment selling agent services and other support functions.
The company received necessary approval for amalgamation of Wyeth with the company on October 31, 2014.