Shares of drugmaker, Pfizer Ltd outperformed in an otherwise weak market. The stock of the multinational drugmaker listed on Indian exchanges rose 9% and hit an intraday high of ₹4,477 on the NSE after the company on Friday announced that it has entered into a marketing and supply agreement with Mylan Pharmaceuticals Pvt Ltd.
Pfizer said it has entered into an agreement with Mylan for a period of five years to market and sell two brands Ativan and Pacitane in India. Ativan is a drug used to treat anxiety in adults and children aged 12 years and above. It also treats insomnia caused by anxiety in adults while Pacitane is indicated to treat Parkinson’s disease and extrapyramidal symptoms.
“Mylan has a strong presence in the central nervous system therapy space, with skilled resources to connect with super specialists such as neurologists and psychiatrists,” Pfizer said in an exchange filing. “This arrangement with Mylan will enhance the distribution and clinical presence of the company’s products,” Pfizer added. In the quarter ended December 2024, Pfizer’s revenue rose 0.85% to ₹580.75 crore from ₹575.82 crore in the year-ago period.
However, its net profit declined marginally to ₹127.60 crore compared to ₹130 crore in the same quarter last year. Pfizer shares have fallen 15% so far this year, less than the BSE500 index, which has declined 8.32%. As of 12:00 pm, Pfizer shares traded 5.42% higher at ₹ 4,316, outperforming the benchmark NIFTY50 index, which was down 1%.
