Pfizer shares jump 3.5% after profit rises 61% in the first quarter

Pfizer reported a 6% rise in its revenue from operations at ₹563 crore. Total revenue rose 7% to ₹604.7 crore during the quarter, while operating earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 60.31% to ₹177.49 crore. Net profit for the quarter rose 61.14% to ₹150.71 crore.

The company pointed out that the exceptional item for the year ended March 31, 2024, is in relation to the provision for old pending VAT/CST litigations. The company said it opted for the Maharashtra VAT Amnesty Scheme for certain years and had received final settlement orders, following which it had written back an excess provision of approximately ₹7.95 crore.

Pfizer operates in India through three legal entities, namely Pfizer, Pfizer Products India (a 100% Pfizer Inc. subsidiary), and Pfizer Healthcare India (a 100% indirect subsidiary of Pfizer Inc. focused on manufacturing and research).

Earlier this year, Glenmark Pharmaceuticals and Pfizer joined hands to launch Abrocitinib, an oral advanced systemic treatment for moderate-to-severe atopic dermatitis (AD), in India. Atopic dermatitis is a chronic skin disease characterized by inflammation of the skin and skin barrier defects. The prevalence of AD has been on the rise over the past three decades, with an estimated prevalence of about 10-20% in developed countries, the firm stated.

Pfizer pointed out that Abrocitinib is available in over 35 markets globally, including the U.S., Japan, and China. The drug, which is developed by Pfizer, received marketing authorization from the Central Drugs Standard Control Organization (CDSCO) in India, and was approved by the U.S. Food and Drug Administration, European Medicines Agency (EMA), and other regulatory agencies.

Shares of the company have risen by over 30% since the beginning of the year. The stock has gained over 39% in the last one year.