Pfizer declares interim dividend of Rs 30 per share after sale of Upjohn Business

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By CNBC-TV18 IST (Released)

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Shares of Pfizer Ltd closed at Rs 4,306.75, up Rs 28.15, or 0.66% on BSE.

US pharmaceutical major Pfizer Ltd said on Tuesday it had declared a special interim dividend of Rs 30 per share for the financial year ending March 31, 2023.

In a regulatory filing, the company said: “The Board of Directors, at its meeting held today i.e. 6th September 2022, declared an interim (special) dividend of Rs. 30 /- per share of Rs. 10/- each (300%) for the year ended 31 March 2023, taking into account the gain realized on the sale of Upjohn Business to Mylan Pharmaceuticals Private Ltd.”

This is the first interim dividend announced by the company for this financial year. September 20, 2022 was the record date for dividend payment purposes.

In 2021, Pfizer had reached an agreement with Mylan Pharmaceuticals to sell its Upjohn business for Rs 180.48 crore.

“Upjohn’s business comprises six brands, including Lyrica, Viagra, Celebrex, Amlogard, Daxid and Dilantin. These, and associated business assets and liabilities, will transition to Mylan,” the filing said.

The reason for the transaction is that Pfizer Inc, USA, announced on July 29, 2019 that it had entered into a definitive agreement to combine its Upjohn business – which consists of established non-patent branded and generic drugs – with Mylan NV , creating a new global pharmaceutical company, Viatris Inc.

As part of the global transaction, six brands currently marketed by Pfizer Ltd in India, namely Lyrica, Viagra, Celebrex, Amlogard, Daxid and Dilantin, will transition to Mylan Pharmaceuticals.

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