Pfizer India has reported a 33% jump in its bottomline during the first quarter ended February 28, 2001. A 44% jump in other income has been partly responsible for the growth in bottomline.
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Out of the total other income of Rs 127 m, the management has stated that Rs 104 m is service income (previous year Rs 69 m). The company's gross sales recorded an improvement of 15% during the period.
Its key brand Becousules (its B–complex vitamin) was brought under price control early last year. Becousules contributes around 20% to the company’s turnover and the National Pharmaceutical Pricing Authority had reduced its prices by 30%. But for this, Pfizer's topline growth would have been higher.
The $16.9 bn Pfizer Inc. is next only to Glaxo–Smithkline in the global pharma sweepstakes. With the takeover of $ 9 bn Warner Lambert, it has emerged as the largest US company. In India however, six brands viz. Becousules, Lorex, Protinex, Dolonex, Terramycin and Minipress XL account for 80% of the company’s sales.
However, the company’s Hepatitis B brand ‘Hepashield’ continues to do well. This has helped the company to reduce its dependence on its six brands. Pfizer had launched Hepashield in March 2000 under a co-marketing deal with Shanta Biotech. Smithkline Pharma had been the leader in this segment with its brand Engerix B.
The stock trades at Rs 549, a P/e multiple of 36.7 times its annualised 1QFY02 earnings.
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