India's Pfizer hits 7-month high on qtrly profit jump

Pfizer

14/11/2022 04:26

** Shares of pharmaceutical company Pfizer Ltd  PFIZ.NS  up
as much as 5% at 4,529 rupees
    ** Stock touches highest level since March 23
    ** The Indian arm of U.S. pharma giant Pfizer Inc  PFE.N ,
reported a rise in second-quarter profit on Friday, boosted by
price hikes and lower input costs
    ** Profit before tax and exceptional items rose to 2.26
billion rupees ($27.97 million) in Sept-qtr, from 1.75 billion
rupees Y/Y
    ** PFIZ booked a one-time gain of 1.89 billion rupees on the
sale of its off-patent and generic medicines business, Upjohn
    ** Revenue from operations rose 0.3% to 6.38 billion rupees
    ** Five of 6 brokerages rate the stock "buy" or higher, and
1 "hold"; their median PT is 5298 rupees - Refinitiv data
    ** Up to last close, stock had fallen 14.1% YTD, compared
with an 8.5% decline in the Nifty Pharma Index  .NIPHARM  
 (Reporting by Yagnoseni Das in Bengaluru)
 ((yagnoseni.das@thomsonreuters.com;Mobile: +91 6001289066))