Pfizer shares surge 12% after profit nearly doubles in March quarter

Shares of drugmaker, Pfizer, rose as much as 11.68% to hit an intraday high of ₹4,990 on the National Stock Exchange on Tuesday, May 20 a day after it reported March quarter earnings.

Pfizer post market hours on Monday reported that its net profit in January-March quarter jumped 85% to ₹331 crore from ₹179 crore in the same period last year.

The sharp jump in the profit came on the back of an exceptional item of ₹173 crore arising out of sale of building constructed on MIDC Land at Thane to Zoetis Pharmaceutical Research Private Limited, for a lumpsum consideration of ₹264.40 crore.

"The said assets were classified as held for sale. During the quarter ended 31 March 2025, the Company has received requisite approvals from MIDC and has completed the transfer and sale of said assets. Net gain of ₹172.81 crore (net of carrying value of ₹31.75 crore and cost to sell - Premium and other charges ₹59.84 crore, net of recovery) is disclosed as an 'Exceptional items' in the financial results," Pfizer said in a stock exchange filing.

Pfizer's revenue from operations rose 8% to ₹592 crore as against ₹547 crore in the year-ago period.

Operationally Pfizer reported stable performance in March quarter as its EBITDA rose 20% to ₹228 crore and its EBITDA margin improved by 370 basis points to 38.44% from 34.70% in the same period last year.

The company announced a total dividend of ₹165 per share for financial year 2024-25. The total dividend included final dividend of ₹35 per share, a special dividend of ₹100 per shares in view of 75th year of Pfizer in India and a special dividend of ₹30 per share in view of the gain on transfer of assignment of leasehold land and building constructed on such land thereon.

As of 10:53 am, Pfizer shares traded 11% higher at ₹4,952, outperforming the BSE500 index which was down 0.15%.