After ₹30 special dividend, pharma stock trades ex-dividend

Market


Shares of Pfizer Ltd plunged nearly 2% to 4,129 apiece on the BSE in Monday’s opening deals as the stock started trading ex-dividend, a day ahead of the record date for its interim special dividend of 30 for the financial year ending 2023 that the company had announced earlier this month. 

“The board of directors at its meeting held on September 6, 2022 has declared an Interim (Special) Dividend of 30/- per equity share of Rs. 10/- each (300%) for the financial year ending March 31, 2023, in view of the gain on account of sale of Upjohn Business to Mylan Pharmaceuticals Private Limited,” Pfizer had informed in an exchange filing on September 6, 2022.

Further, the company had said that the said interim dividend will be paid to the eligible members of the company on or before Friday, September 30, 2022 and additionally informed that the Record Date for the payment of aforementioned dividend of 30/- (300%) per equity share is Tuesday, September 20, 2022.

Multinational pharma company Pfizer was listed on the Indian stock exchanges in 1966. In India, Pfizer has over 150 products in 15 therapeutic areas under 4 key business categories, that are: Vaccines, Hospitals, Internal Medicine, and Inflammation and Immunology. 

The pharma stock is down about 28% in a year’s period whereas is has declined over 19% in 2022 (YTD) so far as compared to 0.1% fall in BSE Sensex.

Drug firm Pfizer reported 83% decline in consolidated net profit at 33 crore for June quarter as compared to 200 crore in the year-ago quarter. Meanwhile, its revenue from operations declined to 593 crore in the quarter from 749 crore in the year-ago period. The company said exceptional items for June quarter comprised 130 crore on account of a voluntary retirement scheme and 6 crore for restructuring to drive business transformation.

In October last year, the company had informed that it has entered into an agreement with Mylan Pharmaceuticals to sell its Upjohn business, to transfer certain primarily off-patent branded and generic established medicines (Upjohn business) as a going concern to Mylan.

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