Pfizer Q3 PAT up 5% YoY; board appoints Meenakshi Nevatia as MD

Pfizer reported 5% rise in net profit to Rs 150.66 crore despite an 8% fall in revenue from operations to Rs 621.75 crore in Q3 FY23 over Q3 FY22.

Total expenses during the quarter declined by 12% YoY to Rs 448.48 crore.

Profit before tax in Q3 FY23 stood at Rs 200.68 crore, down by 9% from Rs 184.09 crore in Q3 FY22.

The company said that its board has appointed Meenakshi Nevatia as an Additional Director and the Managing Director for a period of five years with effect from 3 rd April 2023. She succeeds S.Sridhar, who announced his early retirement in August 2022.

 

Meenakshi is a seasoned leader with nearly 30 years of business leadership and consulting experience with top companies such as Mckinsey and Co, Novartis Pharmaceuticals and more recently with Stryker Corporation. Meenakshi has worked in over 8 countries (developed and emerging) and has held several General Management roles across multiple markets such as Thailand, Spain (Iberia) and India.

Meenakshi received her Bachelor's in Science (Economics) from Presidency College, Kolkata, India and completed her Post Graduate Diploma in Management from the highly acclaimed Indian Institute of Management Ahmedabad (IIMA).

The appointment of Meenakshi will be subject to approval of shareholders through Postal Ballot and central government, the company said.

Pfizer is a major drug manufacturing company that focuses on a global portfolio of medical products. The company works across developed and emerging markets to advance treatments through its to segments, Pfizer Innovative Health and Pfizer Essential Health. The vast majority of the company's revenue is derived from the manufacture and sale of biopharmaceutical products. Most of the company's sales are generated by its Innovative Health segment.

The scrip shed 0.38% to currently trade at Rs 3854.15 on the BSE.

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