Pfizer, a Rs.2,000 crore multinational pharma major which merged Wyeth Ltd, has posted net profit growth of 56.9 per cent during the fourth quarter ended March 2016 to Rs.66.97 crore from Rs.42.68 crore in the corresponding period of last year. EBDITA improved by 5.5 per cent to Rs.151.41 crore from Rs.143.55 crore. Its net sales moved up by 11.6 per cent to Rs.509.15 crore from Rs.456.31 crore mainly due to strong growth in key brands like becosules, corex, prevenar and gelusil. The board has recommended equity dividend of 150 per cent for 2015-16.
For the full year ended March 2016, Pfizer's net sales increased by 9.1 per cent to Rs.1,995 crore from Rs.1,828 crore in the previous year. Its net profit increased significantly to Rs.222.78 crore from Rs.69.82 crore basically due to exceptional items and impact of scheme of amalgamation relating to financial year 2013-14.
It shown exceptional item of Rs.9.89 crore consists of income from surrender of lease rights at Express Tower and expenses incurred in relation to proposed transfer of business undertaking at the Thane plant. as against Rs.80.45 crore in the last year related to voluntary retirement scheme.
During the year 2014-15, Pfizer has shown adjustment of Rs.87.92 crore as profit after tax of Wyeth Ltd, the amalgamating company and expenses of Rs.118.44 crore as depreciation amortization on fair valuation of fixed assets. Due to these adjustment in last year, its net profit was at Rs.69.82 crore for the year 2014-15.
The company had entered into an agreement for sale of business undertaking at the Thane plant as a going concern to Vidhi Research & Development LLP, on a slump sale basis for a consideration of Rs.178 crore, to be paid in installments, subject to fulfillment of the conditions precedent to the closing. The impact of the transaction would be reflected upon closure of the transaction.
The company had challenged the Government notification in respect of its product 'Corex' and obtained an interim stay on the operation and execution of the notification. The annual sales of Corex for the year ended March 2016 amounted to Rs.244.48 crore.