Pfizer India (PFIZER) AGM 2024 summary

Opening remarks and agenda

• The 73rd AGM was convened via video conferencing, with a quorum present and compliance with regulatory requirements ensured.

• New directors, including two independent directors and two executive directors, were welcomed to the board.

• Statutory, secretarial, and cost auditors attended virtually; 66% of paid-up share capital was represented.

Financial performance review

• Sales for FY 2023-24 were INR 2,081 crore, an 11% decline year-on-year, mainly due to one-off events like the MAGNEX recall and expanded price controls.

• Profit before tax was INR 746 crore; profit after tax was INR 551 crore, down 11.6% from the previous year.

• Key brands such as PREVNAR, MINIPRESS, and ELIQUIS showed double-digit growth and gained market share.

• Q4 FY24 and Q1 FY25 showed a return to growth, with Q1 FY25 up 5.9% year-on-year.

Board and executive committee updates

• Mr. Lakshmanan Krishnakumar and Ms. Sonia Singh joined as Independent Directors; Mr. Amit Agarwal as Executive Director, Finance & CFO; Mr. P. Rengan as Executive Director, Plant Operations.

• The board composition reflects a mix of expertise in finance, marketing, manufacturing, and corporate services.