Pfizer’s India unit stops production of cough drug, shares drop almost 8%

pharmafile | March 14, 2016 | News story | Business Services, Sales and Marketing Bombay Stock Exchange, Corex, Pfizer Inc, Pfizer Ltd, Shares 

Shares in the Indian arm of drug major Pfizer Inc (NYSE: PFE) dropped nearly 8% on the Bombay Stock Exchange Monday as the company said it has stopped the production of its cough drug.

The company, Pfizer Ltd (BOM: 500680), in a filing to the exchange said it has stopped the manufacture and sale of its drug Corex with immediate effect after the government issued a notification prohibiting Pfizer from selling fixed dose combination of chlopheniramine maleate + codeine syrup.

The pharma company, said: “The prohibition will impact is likely to have an adverse impact on the revenue and profitability of the company.”

Corex contributed Rs 1.76 billion to total sales for the nine month to December 31, 2015, the company said.

For the December quarter, Pfizer reported net profit of Rs 0.40 billion.

Shares In Pfizer Ltd were trading down 8% to Rs 1772 in afternoon trade on the Bombay Stock Exchange.

Anjali Shukla

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