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Pfizer Q2 net soars 132 % on plant sale
The Hindu Business Line, Mumbai
June 28, 2006.
The sale of its Hyderabad facility and the local launch of new medicines have helped Pfizer Ltd post a 132 per cent growth in net profit for second quarter ended May 31, 2006.
Pfizer posted a net profit after taxation of Rs 35.89 crore (Rs 15.47 crore). Total income increased to Rs 17.79 crore (Rs 14.51 crore).
Factors for growth
The company's profits have grown on the back of operational efficiencies and the launch of Viagra (for erectile dysfunction), Lyrica (to treat nerve-pain) and Caduet (for blood-pressure and high-cholestrol), Pfizer's Managing Director in India, Mr Kewal Handa, told Business Line.
But the 132 per cent growth in net profit includes the sale of the Hyderabad plant, he added. The Hyderabad plant had been sold for Rs 12 crore. The valuation of another Pfizer plant at Chandigarh is also underway, he indicated. Last quarter, Pfizer sealed a deal to sell-off its Ankleshwar plant for Rs 5.75 crore.
Pact with J&J
Earlier this week, Pfizer formalised a global agreement with Johnson & Johnson to sell its consumer healthcare business for $16.6 billion. Popular brands such as cough syrup Benadryl and mouthwash Listerine would now move out of Pfizer's stable.
Pfizer is yet to reveal how the global deal will play out in India, where these products are sold. A localised announcement on this count is expected in a few months.
The company's shares closed at Rs 770.90, up 1.35 per cent on the BSE.
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