The Hindu Business Line : Pfizer net, sales dip in fourth quarter

PFIZER Ltd has seen a decline in its net profit and sales for the fourth quarter and year ended November 30, 2003. The company clocked a net profit of Rs 6.1 crore for the quarter under review, down from Rs 22.31 crore in the corresponding period the previous year. Total income in this period also decreased to Rs 143.75 crore (Rs 190.99 crore).

According to analysts, one of the reasons for Pfizer's performance in the current quarter to pale was because the National Pharmaceutical Pricing Authority (NPPA) reduced prices on Pfizer's vitamin drug, Becosule.

Also, the company is in the process of internal restructuring and this was part of the reason for the company's performance to take a hit, the analyst said.

Meanwhile, for the financial year ended November 30, 2003, Pfizer posted a net profit of Rs 27.51 crore, down from the previous year's net profit of Rs 75.94 crore. Total income for the year decreased to Rs 515.16 crore (Rs 602.50 crore). The board of directors, who met on Thursday, recommended a dividend of Rs 7.50 per equity share.

According to the company, net sales for the year had been hit "mainly on account of general slowdown in the pharmaceutical market, uncertainty on VAT implementation resulting in low off-take by the trade and planned de-stocking at the wholesalers' level."