Net profit rose to Rs 60.5 crore in the quarter ended December 2016 as against Rs 59.9 crore
Mumbai: Pharma major Pfizer Ltd today said it registered marginal improvement in net profit at Rs 60.5 crore in the quarter ended December 2016 as against Rs 59.9 crore in the same period last year.
Revenue for the quarter ended December 31, 2016 was Rs 504 crore as compared to Rs 521 crore in the same period last year. Revenue for the nine months ended December 31, 2016 was Rs 1,570 crore as compared to Rs 1,543 crore in the same period last year, reflecting a growth of 2 per cent.
Revenue has been impacted by multiple external factors, like pricing notifications during the year, lower sale of Corex and divestiture/sale of certain brands. Adjusting for the impact of Corex and divestiture/ sale of brands, the 'continuing business' delivered a growth of 4 per cent.
Within this, the brands that are not under price control reflected a growth of 13 per cent for the quarter, the company said in a statement here. The company said it has discontinued Corex cough syrup.
The Delhi High Court, on December 1, 2016, set aside the notifications of the Government dated March 10, 2016 banning 344 fixed dose combinations. Corex cough syrup was one of them.
"Independent of the favourable judgement, we had undertaken a comprehensive review of our respiratory offerings in order to better cover a broader range of indications through an expanded product portfolio.
"As a result of this review, we decided to launch additional products as line extensions while discontinuing the manufacture of Corex cough syrup," the release said.