Pfizer Limited
Pfizer LimitedPride inevery strideAn exemplary team ofprofessionals, Pfizer FieldColleagues lead from thefront to steer our Companytowards success. Here, theytalk about their beliefs,values and ambition to makea difference every day.Corporate Overview2Statutory Reports34Financial Statements83
In this reportCorporate OverviewPfizer at a glance.Pfizer history.Letter from the Managing Director.Pride in purpose .Pride in people .Pride in performance .Pride in products .Product portfolio .Key performance indicators .Corporate Social Responsibility .Awards and recognitions .Board of Directors .Leadership team .Financial performance .Corporate Information .24681012141618202526283233Statutory ReportsBoard’s Report Including ManagementDiscussion and Analysis . 34Corporate Governance Report . 70Financial StatementsIndependent Auditor’s Report .Balance Sheet .Statement of Profit and Loss .Cash Flow Statement .Notes to the financial statements .8390919294Notice . 129
FY 15-16 HighlightsNet Sales ( Lakhs)199,486FY 15-16FY 14-15182,774 9% Y-O-YProfit Before Tax andExceptional Items ( Lakhs)39,233FY 15-16FY 14-1531,846 23% Y-O-YProfit After Tax ( Lakhs)22,277FY 15-16FY 14-1510,034 122% Y-O-Y21%EBITDA MarginOur performance is the outcome of a robust strategy,focus on rigorous implementation and relentless pursuitof excellence. We recognize that our reputation is hardearned; our work and products speak for themselves; andour performance creates value for stakeholders giving usa deep sense of satisfaction, achievement and pride.With this sense of purpose and pride, our FieldColleagues showcase the value of our science and ourproducts to healthcare professionals across the country.Pride results from a personal belief that each of our 2361Field Colleagues carry, as they step out every day in theremotest corners of the country – a belief that everyday, they make a difference. They make a difference inthe lives of our patients. They make a difference to thesuccess of our physicians by keeping them abreast ofnew information and new therapies at their disposal.Through their efforts, our Field Colleagues make adifference to all our stakeholders. Investing in our FieldColleagues’ talent, equipping them with the very latesttools to help them succeed remains a key priority atPfizer.To encourage and recognize our Field Colleagues’contributions, we have designated 2016 as the Yearof the field force. PRIDE IN EVERY STRIDE - Thetheme of this year’s Annual Report celebrates theseremarkable colleagues.
2Pride in every strideAt a glancePfizer Inc.Pfizer Inc., the parent company of Pfizer Limited, was founded in New York in1849. Today, it is the world’s premiere biopharmaceutical corporation with annualrevenues of 48.9 billion in 2015. It produces and markets its medicines, vaccinesand other consumer healthcare products across 175 markets globally. Pfizer’spurpose is to innovate to bring therapies to patients that significantly improvetheir lives. With more than 200 new R&D collaborations and 64 manufacturingsites, over 97,000 colleagues across the world at Pfizer Inc. are committed toworking with patients, healthcare providers and governments to help improve thehealth of people.Pfizer Inc. manages its commercial operations through three businesses: GlobalEstablished Pharma, Global Innovative Pharma and the Global Vaccines, Oncologyand Consumer Healthcare business.Global Established Pharma (GEP)Global Established Pharma (GEP) aims to be a World Leader in EstablishedBrands, Sterile Injectables and Biosimilars. GEP, a large and diverse business,has unique opportunities across portfolios and geographies. It marketslegacy established products in developed countries that have lost marketingexclusivity. In emerging markets, it brings quality legacy brands thatprovide significant value to patients and health care professionals. With theacquisition of Hospira, Pfizer Inc. is now the number one sterile injectablescompany globally and number two in biosimilars. GEP pursues growthopportunities including organic and inorganic initiatives, such as partnerships,product enhancements and innovative delivery technologies.Global Innovative Pharma (GIP)Global Innovative Pharma (GIP) is focused on developing, registering andcommercializing novel medicines in areas where Pfizer can lead by deliveringmedicines that significantly impact patients’ lives. The business is focusedon the therapeutic areas of Cardiovascular Metabolic, Inflammation &Immunology, Neuroscience & Pain and Rare Disease. Key brands include theblood thinner Eliquis (apixaban), the first-in-class oral JAK-inhibitorfor rheumatoid arthritis, Xeljanz (tofacitinib citrate), and the leadingtreatment for certain neuropathic pain, Lyrica (pregabalin) (U.S. and Japan)among others.Global Vaccines, Oncology and Consumer Healthcare (VOC)Global Vaccines, Oncology and Consumer Healthcare (VOC) are three globalbusinesses that are unique and have distinct specializations, go-to-marketstrategies, R&D priorities and operating models. Poised to have strongorganic growth over time, this structure, in 2015, provided each businesswith the focus, growth culture and dedicated resources required to furtherstrengthen and position them as global market leaders.48.9 BillionPfizer Inc. annual revenuefor 2015
Corporate OverviewStatutory ReportsFinancial StatementsAnnual Report 2015-162103 Pfizer LimitedTotal incomePfizer Limited began operations in India in the 1950s and today, has an annualtotal income of Rs. 2103 crores. Pfizer Limited is the 3rd largest MultinationalPharmaceutical Company in India with a portfolio of 142 products across 15therapeutic areas. Majority of Pfizer Limited’s revenue is derived from GlobalEstablished Pharma products. Its top brands include a number of householdnames like Becosules, Gelusil and Folvite among others. It has the distinctionof being the first pharmaceutical company in India to start clinical research.Employing 2889 colleagues across commercial operations, manufacturing andother functions, the Company is committed to providing therapies to prevent,treat and cure many of the diseases that impact India today.3LargestMNC Pharma in IndiaPfizer has a portfolio of142 products across15 therapeutic areas1995 CroresTotal RevenueMaintained the position ofthe 3rd largest multinationalpharmaceuticals company1#Large brandsIn nine represented productmarketsOn an average, our per brandrevenue is 3 times higher than thatof our peers in the Indian marketNine of our top ten brands are in theNo. 1 position in their respectiverepresented product markets2#In Indian Vaccines marketPfizer Limited is positioned as the2nd largest in the Indian Vaccines market142ProductsHighlights*rdCrores62%Value Market ShareNo. 1 position held by its flagshipbrand Prevenar 13 in the IndianPneumococcal Vaccines market* Source: IMS India TSA March MAT 2016 except Total Revenue2361*Field Colleagues* As on March 31, 20161stPharmaceutical companyto start clinical researchDistinction of being the1st pharmaceutical company tostart clinical research in India3
4Pride in every stridePfizer history19361966With a new plant anda fermentation-freeproduction method,Pfizer Inc. becomesthe world’s leadingproducer of VitaminC. Vitamin B-12 andVitamin A are added tothe portfolio, and, bythe late 1940s, Pfizerachieves leadership inthe manufacturing ofVitamins.Pfizer Limited is listedon the Bombay StockExchange (BSE).1849Cousins Charles Pfizerand Charles Erhartstart Charles Pfizer &Company as a finechemicals business.Their first product, aform of Santonin fortreatment of intestinalworms, is an immediatesuccess.1219971950Lipitor , a powerfulcholesterol-loweringdrug, achieves‘blockbuster’ statusby achieving 1bnin revenue within 12months of its launch.For nearly a decade,it remains the world’sbest-selling drug. Terramycin , a broadspectrum antibiotic,becomes the firstpharmaceutical productsold in the UnitedStates under the Pfizerlabel. It leads to theformation of Pfizer’sfirst sales force.34567891980Feldene , ananti-inflammatorymedication, becomesPfizer Inc’s first productto reach 1bn in salesworldwide.1944Pfizer Inc. becomesthe first companyto discover a way tomass-produce thebreakthrough antibioticdrug Penicillin.18801950Pfizer Inc. beginsmanufacturing CitricAcid. As demandincreases for aerateddrinks, it becomesPfizer’s key productand the launch pad forthe Company’s futuregrowth.Pfizer commencesoperations in India withMumbai as its countryheadquarters.
Corporate OverviewStatutory ReportsFinancial Statements5Annual Report 2015-1620002010Prevenar 13 , a vaccinefor prevention ofpneumococcal disease,is launched. Within fiveyears, it becomes theworld’s No. 1 vaccine.Marks the beginning ofa decade of acquisitionswith Warner-LambertCo. becoming a part ofPfizer Inc.20142005Pfizer Limitedcompletes merger withWyeth Ltd., bringing,among others, a strongportfolio of products inWomen’s Healthcare tothe Company.Pfizer Limitedcompletes merger withPharmacia HealthcareLtd.10111213141516171820032013Pfizer Limitedcompletes merger withParke-Davis (India) Ltd.Gelusil becomesIndia’s No. 1 liquidantacid brand.19982005Pfizer Inc. launchesViagra , a breakthroughtreatment for erectiledysfunction. Within sixmonths of its approval,physicians write ahistoric 5.3 millionprescriptions.Pfizer Inc. launchesLyrica for neuropathicpain2015Following the globalacquisition of Hospira,India becomesPfizer’s single largestmanufacturing hub inAsia with five plantsand four R&D centers.This includes one of theworld’s largest sterileinjectables plant atVisakhapatnam.
6Pride in every strideLetter from theManaging DirectorWe have had a good year,on the back of a strongperformance of ourtop brands.
Corporate OverviewStatutory ReportsFinancial StatementsAnnual Report 2015-16Dear Shareholders,This is my first communication to you after taking up theposition of Managing Director of your Company. Themanagement has always enjoyed your confidence, as we havesteered Pfizer Limited on a path of consistent growth. I hopeto continue receiving your support as we take new initiativesand sustain the momentum that has been built over the pastyears.Within the Company, our greatest emphasis duringthe year has been on our field force. Your Companyhas earmarked the year starting January 2016 as onededicated to its Field Colleagues. This initiative has seenan unprecedented effort by the leadership team toconnect with, motivate and equip the field force with theright tools to win.We have had a good year on the back of a strongperformance of our top brands. Our broad product portfolioallows us to serve as many as 15 therapy areas, with a numberof household names amongst them that continue to bepreferred by physicians, patients and customers.I am proud to state that your Company pursued anactive Corporate Responsibility agenda during the year.Having identified shared objectives with the Government,this year we launched our flagship CSR initiative – thePfizer IIT-Delhi Innovation and IP Program. In doing so,your Company has made its contribution to the PrimeMinister’s agenda of Startup India, Stand up India – aninitiative that encourages and supports the pursuit ofhealthcare innovations within the country. Our SwachhVidyalaya program too was scaled up this year. Pfizercolleagues worked together to build sanitation facilitiesin schools across Maharashtra – an effort that we believehas changed young lives in a fundamental way.Our strategy has been to focus on these ‘Power Brands’and their strategic extensions. We achieved this throughimpactful and innovative ways of reaching new prescribersand sustaining the preference of those who prescribe ourproducts today. I would like to call out our multi-channelmarketing strategy as an example of these efforts. Deployedduring the year, this approach utilizes new age digital tools tobetter engage with physicians – building differentiation in acompetitive and cluttered environment. As a result of theseand other measures, your Company was successful in placingnine of its top ten brands in leadership positions in theirrespective represented product markets.This year has not been without challenges. In particular, therevision of the National List of Essential Medicines (NLEM),and ensuing price controls, have impacted the Industry andyour Company. We expect the full impact of these expandedprice controls to be visible during the next year. On the positiveside, however, the revised NLEM brings in greater clarity thanbefore on the criteria for inclusion and the specific dosageand delivery forms of drugs to be included. The order of theMinistry of Health against certain fixed dose combinationshas also posed significant challenges. While your Companysupports the intent of the Government to weed out irrationalcombinations, the approach of not segregating productsthat have due central and state approvals and the lack ofopportunity for manufacturers to present their case has beenchallenged. This matter remains sub-judice and we await theruling of the Hon’ble Court.In summary, our strategy has remained consistentfrom the year before – a focus on our strong brands, anemphasis on engaging innovatively with our physiciansand being an advocate for positive external policies whilebeing reasonably resilient to challenges. The results of2015-16 demonstrate the effectiveness of this strategy.Your Company’s strengths are its product portfolio, thequality and commitment of its people, its relationshipswith external stakeholders and most importantly, theethical and compliant manner in which it operates.We intend to leverage these fundamentals to deliverconsistent growth and performance.I thank you for your continued encouragement as alwaysand look forward to your constant support in our journeyof charting success.Yours sincerely,S. SridharManaging Director7
8Pride in purpose“At Pfizer, integrity is adeclaration of our corebeliefs. It reflects the valuesand principles with which weengage with our healthcarepractitioners. These are highstandards that we are proudto keep.”Nitin Arora,Field Colleague, GEP– WHC Team“I am proud to haveparticipated in the PfizerSwachh Vidyalaya campaign.By building these sanitationunits for girl students in theschool, I hope we have madea real difference in their lives.It feels great to contribute tothe society we operate in.”Jay RajavatField Colleague, GEP– Ophthalmology Team“For me, collaboration meansbeing able to depend oneach other to get results thatare better than before. It’sthe best way to deal withcomplex tasks that needexperts to work together.”Joytilak Roy,District Manager, GEP– Respiratory Team“Bringing new and innovativetherapies that our patientsreally need is customerfocus. Understandingour physicians and theirexpectations from us iscustomer focus too.We always want to ensurethat our customers can relyon us.”“Leadership andaccountability go together.We are trained to demonstrateboth. My job is to make surethat I place my team in thepath of success, while owningthe commitment to growthe business in my region.Challenge and be challengedis a great way to work.”“Pfizer is built aroundinnovation. We do this byinventing new drugs. Wealso do this by creating newways to engage with ourphysicians. We were amongthe first companies to switchfrom paper-based detailingto smart e-detailing usingiPads.”S. Vaithianathan,Field Colleague, GEP– Cardiovascular TeamMadhusoodanan Vayala,Business Manager, GEP– CNS TeamNoble Chawla,Field Colleague, GEP– Pain TeamPride in every stride“Pfizer is a company thatrespects its people and worksfor their and the society’sbenefit. This respect forpeople is a deeply ingrainedquality you will see in ourattitude, both within andoutside the organization.”“It is a performance cultureat Pfizer. Performance is aclear result of focus. Thefocus we bring to achieveresults that I know willimpact so many people, andmake me better at whatI do.”Laxman Parab,Field Colleague, GEP– Anti Infectives TeamTarun Dey,Field Colleague, GEP– Trade Rx Team“The way I see it, there isnothing more importantthan the faith thatphysicians and patients havein our quality. Lives dependon us doing what we promiseto do. I see this respect forPfizer Quality every day andit makes me really proud!.”Sai Srawan Kumar,Business Manager, GIP– Lyrica Team
Annual Report 2015-16“At Pfizer,we live our purpose ofbringing innovative therapiesto improve patients’ lives.”Avinash SinghField Colleague, GEP - Respiratory Team9
10Pride in peoplePride in every stride“It is a great feelingto be recognizedas a key contributor.I know that my success is not just about what I do. It has a lot to do with theorganization that stands behind me and equips me to succeed. I see Pfizer makingthese investments – training us on new scientific material for our conversations withphysicians and training us on new technologies to use for these conversations. With allthe support that I get, I can tell you that I quite feel like the hero here!”Kirti ChalwadiField Colleague, GEP – Pain TeamPfizer’s growth in India is fueled byan enthusiastic team of 2,361 FieldColleagues who communicate Pfizer’svalue proposition to healthcareprofessionals. Pfizer invests heavily intraining and development initiatives.Your Company on boarded closeto 400 Field Colleagues in the yearunder review. The program received arating of 4.4 on a scale of 5 from theparticipants.To ensure continuous engagementand training for the widely spread fieldforce, Pfizer also initiates differentiatedtechnology enablers including virtualclassroom training and mobile apps todrive anytime, anywhere learning.In 2015, Pfizer Limited’s GlobalCommercial Operations unit (GCO)launched ROKET, an innovative mobilelearning application that enablesour field force to enhance their salesproficiency on the go.
Annual Report 2015-1611Cornerstones of Management152Man Days of trainingfor 38 new managersTraining program to induct newmanagers into Pfizer managerialphilosophy. This training programincorporates Hay Group’smethodology and effect ofmanagerial styles on organizationalclimate.Total Headcount - 2889Plant 208Head Office320Field Colleague2361As on March 31, 2016FTM Coaching70Man Days of trainingTraining program to induct newField Training Managers intoPfizer training methodology.Soft skills, technical skillupgradation, speaking todoctors and rapport buildingwith pharmacistsAge demographics (%) / 30 years 4340-50 years 1830-40 years 3350 years 6
12Pride in every stridePride in performanceDigital EnhancementsWith ever mounting patient inflowsand the imperative to keep up withthe advances in medical science,the doctor today is pressed for time.Seen together with the increasinglycompetitive landscape, wi
Corporate Overview Statutory Reports Financial Statements Annual Report 2015-16 3 Pfizer Limited began operations in India in the 1950s and today, has an annual total income of Rs. 2103 crores. Pfizer Limited is the 3rd largest Multinational Pharmaceutical Company in India with a portfolio of 142 products across 15 therapeutic areas.
8 . 3 27 9 218 9 Pfizer Press Release 14 28 28 216 10 Pfizer Press Release. 2 28 7 218 11 Pfizer Completes Acquisition Of Wyeth. Pfizer Press Release. Issued October 15, 2009. Accessed November 28, 2016. 12 Pfizer Press Rel
Pfizer RxPathways ? Online: To access Pfizer RxPathways information or download an application, please visit www.PfizerRxPath.com. By phone: Call 1-866-706-2400, Monday to Friday, 8 am to 8 pm Eastern Time. English and Spanish operators are available to speak with. Pfizer RxPathways is a joint program of Pfizer Inc. and the Pfizer Patient
Dec 07, 2018 · "Pfizer RxPathways" (Special Program to Help Families) Pfizer and other pharmaceutical companies have established special programs to help ensure that patients on limited incomes and those without insurance can obtain needed drugs. Pfizer RxPathways, formerly "Pfizer Helpful Answers", helps eligible patients get access to their Pfizer medicines
Pfizer was established in 1849 in Brooklyn, New York by cousins Charles Pfizer and Charles Erhart with a loan of 2,500 from Pfizer’s father. 2 Today, 167 years later, Pfizer Inc. has international revenues of 49
There are 5 programs available through Pfizer Rx Pathways: Pfizer Patient Assistance Program - Provides free Pfizer medicines to eligible patients through their doctors’ offices, at home, or—in some cases—directly at the pharmacy. Pfizer Savings Program - Helps uninsured patients receive savings on mo
Pfizer Rx Pathways helps eligible patients in the U.S. get access to their Pfizer medicines by offering a range of support services, including insurance counseling, co-pay help, providing Pfizer medicines for free or at a savings, and more. Pfizer Rx Pathways is the latest in an array of prescription assista
1.2.1. Wyeth Acquisition by Pfizer On 15/10/2009, Pfizer Inc., completed its acquisition of Wyeth in the United States, with Wyeth becoming a subsidiary of Pfizer. Because of the merger, Pfizer owns Wyeth and became the ultimate corporate parent of the WMI Newbridge facility. It was anticipat
Pfizer RxPathways helps eligible patients get access to their Pfizer medicines by offering a range of prescription assistance services: Pfizer RxPathways helps insured patients find an appropriate specialty pharmacy For uninsured and underinsured patients, Pfizer RxPathways can provide eligible patients with free medicine for up to .
