Pfizer gains after declaring Q1 result

Pfizer rose 1.67% to Rs 4,444 after the company's net profit rose 10.32% to Rs 124.45 crore on 8.3% fall in total income to Rs 532.09 crore in Q1 June 2020 over Q1 June 2019.

The result was announced after market hours yesterday, 27 July 2020. Profit before tax remained flat at Rs 173.34 crore in Q1 June 2020 as against Rs 174.91 crore reported in Q1 June 2019. Total tax expenses fell 21.27% to Rs 48.89 crore.

Pfizer said that the current quarter sales were impacted due to COVID-19. Hospitals and Vaccines business have a higher impact as compared to the established products business. Current quarter results are also impacted by divestment of rights and interests in certain brands in December 2019.

The COVID-19 pandemic and consequent nationwide lockdown impacted regular business operations. In view of the continued uncertainties and its inability to predict the extend and duration of COVID-19 situation, the company currently is unable to predict any future impact on its business operations, Pfizer said.

Pfizer is a research-based global biopharmaceutical company which is engaged in the discovery, development and manufacture of healthcare products.

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