 "Pfizer dips after ban on Corex cough syrup in India")
Shares of Pfizer have dipped 5% to Rs 1,827 on the BSE, after the company announced that it has discontinued the manufacturing and sale of its popular drug “Corex”.
“The Government of India has prohibited the manufacture for sale, sale and distribution of fixed dose combination of Chlopheniramine Maleate + Codeine Syrup with immediate effect,” Pfizer said in a statement.
The prohibition on Corex is likely to have an adverse impact on revenue and profitability of the company. Corex recorded a sale of Rs 176 crore for the nine months period ended December 2015, the company said.
Corex has a well-established efficacy and safety profile in India for more than 30 years and Pfizer makes every effort to maintain the highest standards of regulatory and quality compliance in the manufacturing and distribution of Corex Cough Syrup. The company is exploring all possible options at its disposal, it added.
Till 10:44 AM, a combined 44,635 shares changed hands on the counter on the BSE and NSE so far.
“The Government of India has prohibited the manufacture for sale, sale and distribution of fixed dose combination of Chlopheniramine Maleate + Codeine Syrup with immediate effect,” Pfizer said in a statement.
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The prohibition on Corex is likely to have an adverse impact on revenue and profitability of the company. Corex recorded a sale of Rs 176 crore for the nine months period ended December 2015, the company said.
Corex has a well-established efficacy and safety profile in India for more than 30 years and Pfizer makes every effort to maintain the highest standards of regulatory and quality compliance in the manufacturing and distribution of Corex Cough Syrup. The company is exploring all possible options at its disposal, it added.
Till 10:44 AM, a combined 44,635 shares changed hands on the counter on the BSE and NSE so far.