Pfizer Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2023

1.The above results were reviewed and recommended by the Audit Committee, for approval by the Board, at its Meeting held on February 09, 2024 and approved and taken on record at the Meeting of the Board of Directors of the Company held on that date.



2. The financial results of the Company have been prepared in accordance with Indian Accounting Standards (‘Ind AS”) prescribed under Section 133 of the Companies Act, 2013 read with relevant rules thereunder and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended from time to time).



3. The financial results for the quarter ended December 31, 2023 have been subject to limited review by the statutory auditors of the Company. The limited review report does not contain any modifications. The limited review report will be filed with the Stock Exchanges and will also be available on the Company’s website - www.pfizerltd.co.in



4. During the current quarter the Company has entered into an agreement to assign and assume the Lease of MIDC Land and Sale of Building constructed on such land for transferring and assigning Pfizer’s unexpired leasehold rights in the land situated at Thane and sale of structures and buildings constructed thereon, to Zoetis Pharmaceutical Research Private Limited, for a lumpsum consideration of Rs.264.40 crore, of which Rs. 52.88 crore has been received as an advance . Completion of transaction is subject to requisite approvals from concerned regulatory authorities, including the Maharashtra Industrial Development Corporation and accordingly, no effect of the said agreement has been given in the financial results.



5. During the quarter ended June 30, 2023 the Company, based on the recommendation from Astral SteriTech Private Limited (“Astral”) and out of an abundance of caution, had a voluntarily recall for all the batches of Magnex, Magnamycin and Zosyn manufactured by Astral and marketed / distributed by Pfizer Limited. The said products recorded a sale of Rs.139.25 crore during the year ended March 31, 2023.



6.Exceptional item

a. In relation to provision for old pending VAT / CST litigations recognized in the quarter ended March 31, 2023 that was disclosed as an Exceptional Item (Refer note b(ii) below), during the quarter ended December 31, 2023, the Company opted for Maharashtra VAT Amnesty Scheme for certain years and has received final settlement orders. Pursuant to the said orders the Company has written back excess provision of Rs. 7.95 crore.



b .Net exceptional items aggregating Rs. 33.00 crore for the year ended March 31, 2023 include:



i. Income of Rs. 67.12 crore on account of sale of Business undertaking at Thane together with its related business assets and liabilities during the quarter ended March 31, 2023.



ii. Charge of Rs. 86.71 crore on account of re-evaluation and reassessment of the risk relating to the Company’s old pending VAT / CST litigations, during the quarter ended March 31, 2023.



iii. Income of Rs. 188.92 crore on account of transfer of certain primarily off patented and generic established medicines business (Upjohn Business) as a going concern together with its related business assets and liabilities during the quarter ended September 30, 2022.



iv. Charge of Rs. 129.85 crore on account of Voluntary Retirement Scheme (VRS) and an additional charge of Rs. 6.48 crore (net) on account of restructuring to drive business transformation during the quarter ended June 30, 2022.