Pfizer Shares Leap Following Q1 Earnings

Pfizer India reported a strong performance in the first quarter, with revenue and profit climbing significantly. Total revenue surged 7% to approximately $73.4 million USD while operating earnings before interest, tax, depreciation, and amortization (EBITDA) soared by 60.31% to $21.4 million USD. Consequently, net profit for the quarter skyrocketed by 61.14% to $18.2 million USD.

The company attributed part of this exceptional growth to a one-time benefit of approximately $967,000 USD from the Maharashtra VAT Amnesty Scheme. Pfizer opted for this scheme for certain years and received final settlement orders, leading to the reversal of an excess provision.

Aside from the financial performance, Pfizer India also highlighted its strategic partnership with Glenmark Pharmaceuticals to launch Abrocitinib, a treatment for atopic dermatitis. This drug, already approved in major markets like the US, Japan, and China, is expected to contribute to the company’s growth trajectory.

Pfizer shares have been on an upward trend, gaining over 30% since the start of the year and more than 39% in the past twelve months.
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