Pfizer Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2021

1.The above results were reviewed and recommended by the Audit Committee, for approval by the Board, at its Meeting held on May 26, 2021 and were 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 and SEBI circular dated July 5, 2016.



3.The financial results for the year ended March 31, 2021 have been audited by the statutory auditors of the Company. The audit report does not contain any modifications. The audit report will be filed with the Stock Exchanges and will also be available on the Company’s website - www.pfizerindia.com



4. Figures for the quarter ended March 31, 2021 and March 31, 2020 represent the difference between the audited figures in respect of the full financial year and published figures of nine months ended December 31, 2020 and December 31, 2019 respectively which were subject to a limited review by the statutory auditors.



5.The Company has only one segment which is ‘Pharmaceuticals’. Therefore disclosure relating to segments is not applicable and accordingly not made.



6.Pfizer Inc and GSK Plc entered into an agreement in 2018 to merge their consumer healthcare businesses into a single joint venture to form GSK Consumer Healthcare (GSKCH). This consists 2 brands - Anacin and Anne French. Subsequent to GSKCH’s deliberations on the Pfizer Consumer Health (PCH) India business, Pfizer Limited has been requested to take appropriate steps to wind down the PCH business in India. Consequently, the Company will be reimbursed actual wind down cost and a compensation based on the fair value of PCH Products as determined by the independent valuers.



During the quarter the Company completed the wind down activities for its Consumer health business. The compensation of Rs. 27.5 crore derived based on the fair value of PCH Products as determined by the independent valuers, net of intangibles write off Rs. 3.1 crore is included in ‘Other Income’. The aforementioned compensation along with the wind down cost of Rs. 11.6 crore that would be reimbursed is carried forward in the Balance Sheet as “Other Current Assets”



7.The Covid-19 pandemic has developed rapidly in 2020, with a significant number of cases globally. The Company continued with the Work From Home model and several measures were put in place for communications, technology and productivity improvements to help employees cope with this change. The Company has monitored the impact of COVID-19 on all aspects of its business. The management has exercised due care, in concluding on significant accounting judgements and estimates, recoverability of receivables, assessment for impairment of goodwill, intangible assets, inventory based on the information available as on date, while preparing the financial results as of and for the year ended March 31, 2021.



8.The Board of Directors has recommended a normal dividend of Rs. 30 per equity share of Rs. 10 each (300 %) and a special dividend of Rs. 5 per equity share of Rs. 10 each (50 %), aggregating to total dividend of Rs. 35 per equity share of Rs. 10 each (350 %) for the year ended March 31, 2021.



9.Figures for previous quarters / year have been regrouped / restated where necessary.