Pfizer shares surge 9% on marketing and sale agreement with Mylan

Shares of drug maker, Pfizer Ltd., were outperforming in an otherwise weak market. The stock of the multinational drug maker listed on Indian exchanges rose as much as 9% to hit an intraday high of ₹4,477 on the NSE after the company on Friday announced that it has entered into a marketing and supply agreement with Mylan Pharmaceuticals Private Limited.

Pfizer said that it has entered into an agreement with Mylan for a period of five years for marketing and sale of two brands Ativan and Pacitane in India. Ativan is a drug that is used to treat anxiety in adults and children ages 12 years and older. It also treats insomnia caused by anxiety in adults while Pacitane is indicated to treat the symptoms of Parkinson's disease and extrapyramidal symptoms.

Pfizer in an exchange filing said that, "Mylan has a good presence in the Central Nervous System therapy area with skilled resources for engagement with super specialists namely Neurologist and Psychiatrist."

"This arrangement with Mylan will enhance distribution and in-clinical presence of the products of the Company," Pfizer added.

In the quarter ended December 2024, Pfizer's revenue rose 0.85% to ₹580.75 crore from ₹575.82 crore in the year-ago period. Its net profit however, declined marginally to ₹127.60 crore as against ₹130 crore in the same quarter last year.

Pfizer shares have so far this year dropped 15%, underperforming the BSE500 index which has declined 8.32%.

As of 12:00 pm, Pfizer shares traded 5.42% higher at ₹4,316, outperforming the benchmark NIFTY50 index which was down 1%.