Pfizer rose 0.97% to Rs 1,828.40 at 12:42 IST on BSE after the company said it has undertaken a comprehensive review of its respiratory offerings in order to better cover a broader range of indications.The announcement was made after market hours yesterday, 28 November 2016.
Meanwhile, the S&P BSE Sensex was up 200.17 points or 0.76% at 26,550.34.
On BSE, so far 1,152 shares were traded in the counter as against average daily volume of 2,553 shares in the past one quarter. The stock hit a high of Rs 1,850 and a low of Rs 1,818 so far during the day. The stock had hit a 52-week high of Rs 2,540 on 7 December 2015. The stock had hit a 52-week low of Rs 1,611 on 21 March 2016. The stock had outperformed the market over the past one month till 28 November 2016, sliding 0.64% compared with the Sensex's 5.7% fall. The scrip had, however, underperformed the market in past one quarter, declining 7.04% as against the Sensex's 5.15% fall.
The mid-cap company has equity capital of Rs 45.75 crore. Face value per share is Rs 10.
Pfizer said it has undertaken a comprehensive review of its respiratory offerings in order to better cover a broader range of indications through an expanded product portfolio. As a result of this review, the company will launch additional products while it may also discontinue the manufacture of certain SKUs where needed. The company will be launching a series of products as line extensions under the Corex brand name, starting with the first launch in December 2016 and subsequent launches over the next year. The company has also decided to discontinue the manufacturing of the current Corex Cough Syrup formulation (Codeine Phosphate 10mg + Chlorpheniramine Maleate 4mg). Pfizer said it stands by the safety and efficacy of its current Corex Cough Syrup formulation that has been duly approved by Central and State regulators. As with this formulation, all additional line extensions will be introduced with all due regulatory approvals in place, it added.
The company remains committed to providing a more comprehensive set of solutions in respiratory indications, while ensuring minimal impact towards patients resulting from the discontinuation of manufacturing of the current Corex Cough Syrup formulation, Pfizer said.
Corex Cough Syrup recorded a sale of Rs 244.48 crore for the financial year ended 31 March 2016.
Pfizer's net profit rose 52.5% to Rs 126.33 crore on 4.9% growth in net sales to Rs 530.02 crore in Q2 September 2016 over Q2 September 2015.
Pfizer is a leading biopharmaceutical company.
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