Pfizer Ltd, a major pharma MNC, has reported improved performance during the first quarter ended February 29, 2004 on account of increase in sales of pharmaceutical division by 31 per cent. The net profit went up by 55.4 per cent to Rs 12.26 crore from Rs 7.89 crore in the corresponding period of last year.

Pfizer’s gross sales improved by 29 per cent to Rs 152.51 crore during the first quarter from Rs 118.23 crore in the similar period of last year. Net sales after providing Rs 23.37 crore for sales tax and excise, moved up to Rs 129.14 crore from Rs 101.01 crore.

The pharmaceutical division notched up sales of Rs 117.03 crore as against Rs 89.36 crore in the first quarter of preceding year. The animal health division achieved sales of Rs 13.97 crore as compared to Rs 13.74 crore. However, its sales from services – clinical development operations declined marginally to Rs 2.90 crore from Rs 3.08 crore.

The profit before exceptional items and taxation moved up sharply to Rs 23.97 crore from Rs 15.94 crore after providing Rs 4.18 crore for VRS (Rs 3.24 crore in the previous period) and Rs 7.53 crore for taxation (Rs 4.81 crore), its net profit worked out to Rs 12.26 crore as against Rs 7.89 crore in the corresponding period of last year, representing a growth of 55.4 per cent. This resulted in improvement in earnings per share to Rs 4.26 from Rs 2.73.

The company has entered into an agreement on January 27,2004 for sale of its Ankleshwar plant for the total consideration of Rs 4.50 crore. However, due to pending permission from GIDC, the company has not credited the profit of Rs 2.87 crore from sales of plant during the first quarter of current year.