Pfizer Ltd, the Indian arm of US pharmaceutical giant Pfizer Inc, on Monday said that the company posted a net profit for its fiscal second quarter of Rs 37.92 crore. Net sales for the quarter ended May 31 was Rs 163 crore, the company said in a notice to the National Stock Exchange. The figures are unconsolidated.
The net sales for the three months ended and six months ended May 31, 2008 include sales relating to products transferred to Johnson & Johnson Limited was nil and Rs 4.51 crore respectively (corresponding three months and six months in the previous year Rs 14.52 crore and Rs 30.38 crore respectively). Hence, the figures are not comparable, the company said.
The Pfizer Ltd scrip was marginally down on the BSE on Monday to close at Rs 569.15. Pfizer Ltd had reported unconsolidated net profit of Rs 193 crore in the fiscal first quarter, which was boosted by exceptional income, on net sales of Rs 150 crore. In a media statement, the company said its promoters announced the global divestiture of the consumer healthcare business in June 2006 to Johnson & Johnson. Consequently, the global closure was fixed on 20th December 2006.
“Pursuant to the approval of the board of directors at their meeting held on 31st December 2007 the company has transferred the exclusive license in respect of trademarks relating to Benadryl, Caladryl, Benylin and Listerine and certain assets related thereto, for a total consideration of Rs. 214.85 crore to Johnson & Johnson Limited. All the remaining products under the consumer healthcare portfolio continues to be with the company. Accordingly, profit on this transfer amounting to Rs 210.95 crore has been recognised in the previous quarter ended 29th February 2008 and accounted under the head “exceptional item”,” the statement added.