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IndexCorporate OverviewPfizer at a Glance02Message from the Managing Director04Key Products06Key Performance Highlights08Financial Performance -10 year record09Board of Directors10Leadership Team12Live Well, Age Well13Corporate Social Responsibility34Message from theManaging DirectorStatutory ReportsNotice41Board’s Report Including ManagementDiscussion and Analysis55Corporate Governance Report91Business Responsibility Report106page 04Reasons whyVaccines are goodfor AdultsKey PerformanceHighlightspage 14Financial StatementsIndependent Auditor’s Report114Balance Sheet126Statement of Profit and Loss127Statement of Cash Flows128Statement of Changes in Equity130Notes to the Financial Statements131Glossary170More information online atwww.pfizerindia.compage 08Common Vaccinesrecommended byAPI for AdultsDisclaimer:Your Company participates in numerous initiativesand awareness programmes. One such awarenessinitiative that your Company is committed tois vaccination. The content herein is meant forinformational and awareness purpose only andshould not be considered as a substitute tocompetent medical advice. Please consult yourdoctor on vaccination.page 18
Vaccines for SpecialGroupsCorporate SocialResponsibilitypage 23page 34Vaccination asa tool to tackleAntimicrobialResistancepage 26Live well, age wellThe lifestyle of today, particularly in urban cities, is getting more rushed andstressed. Lives are getting busier, work hours are getting longer and health isoften one of the first casualties. People are now becoming more aware of thelink between their lifestyle and health. In recent years, there has been growingawareness amongst the general public on the need to stay healthy, both physicallyand mentally. ‘Preventive health’ has become a new goal and people are tryingto exercise more, eat better and sleep longer, in order to stay healthy andprevent illness.An important enabler of preventive health is vaccination. Vaccines can play avital role in preventing illnesses that may otherwise lead to serious complicationsand a poor quality of life. As an adult, many of us think that vaccinations given inchildhood would provide protection for life. This is not the case. As we grow older,the protection given by childhood vaccines weakens.There are other reasons as well for why adults should consider vaccinations: aweakening immune system as we age; other medical conditions we may acquirein the course of our life; and the arrival of new vaccines which were perhaps notavailable when we were children. Together, these are powerful incentives to choosethe shield of protection that vaccination offers. Vaccines are an important featurein the blueprint for adult health. Unfortunately, the rate of adult vaccination is verylow in India. Pfizer is committed to make more people aware of the need for adultvaccination and the section that follows tells this important story.
Pfizer Limited Annual Report 2018-19Pfizer at a glancePFIZER INC.OUR PURPOSEPfizer Inc., the parent company of Pfizer Ltd. was founded in New York in1849. Today, it is the world’s premier biopharmaceuticals corporation andhad annual revenues of approximately 53.6 Billion in 2018 with over 92,400employees around the world. Pfizer produces and markets its medicines,vaccines and consumer healthcare products in over 125 countries.Breakthroughs thatchange the lives of patientsPfizer is organised worldwide into three distinct businesses.The Pfizer Biopharmaceuticals Groupconsists of six impressive productportfolios. Vaccines Oncology Internal Medicine Rare diseases Inflammation and Immunology HospitalsIn addition to the current portfolio, by2025 the Pfizer BiopharmaceuticalsGroup is committed to introducing25 new breakthrough products forpatients, keeping the focus on researchbased therapies, ensuring acceleratedlaunches and making availability easyin these markets.In keeping with its heritage as acompany known for its pioneeringscience, Upjohn harnesses thepower of 20 of Pfizer's most iconicestablished biopharmaceutical brandsacross therapeutic areas such asCardiovascular, Pain, Psychiatry andUrology, and brings them to more than100 markets across the world.The Upjohn business currently includesbrands such as Lyrica, Lipitor, Norvascand Viagra. The Company is known for itsworld-class commercial, manufacturingand medical expertise, underpinned bya fast, focused and flexible startup mindset.With a mission to relieve the burden ofNon Communicable Diseases (NCDs)with trusted, quality medicines for everypatient, everywhere, Upjohn has set agoal to treat 225 million new patientsby 2025.The Pfizer Consumer Healthcare (PCH)business is aligned with the growingtrend of consumers taking their healthinto their own hands. PCH develops,manufactures and markets leadingnon-prescription medicines, vitaminsand nutritional products. The globaldivision's major categories consist ofPain Management, Dietary Supplements,Gastrointestinal, Respiratory andPersonal Care. Come 2025, the PCHbusiness is determined to reach over100 million consumers empowered toboost their health.To allow Pfizer to sharpen its focus on itsPharmaceuticals business, an agreementwas signed in December 2018 withGlaxoSmithKline (GSK) to form a newConsumer Healthcare Joint Venture.The transaction is expected to closein the second half of 2019, subject tocustomary closing conditions, includingGSK shareholder approval and requiredregulatory approvals.“The value of vaccination isn’t confined to childhood. Evidence suggests that vaccination of adultsshould be part of healthy ageing strategies to prevent morbidity and mortality, and to supportquality of life. With people around the world living longer, vaccination for adults has the potentialto benefit individuals, communities and economies. Pfizer is committed to advancingthe conversation around life-course vaccination and its importance tohealthy aging.”– Nanette Cocero,Global President, Vaccines, Pfizer Inc.2
Corporate OverviewLive well, age wellStatutory ReportsPFIZER LIMITEDPfizer Limited began its operations in India in 1950. Today, with an annual sales of 2,030 crore,it is the third largest multinational pharmaceutical company in India. The Company has aportfolio of over 150 products across 15 therapeutic areas.Its top brands include Prevenar 13, Lyrica, Corex – DX, Dolonex, Enbrel, Becosules, Gelusil andFolvite among others. Pfizer Limited has a state-of-the-art, award-winning manufacturing facilityin Goa that produces more than a billion tablets annually.The Company employs 2,631 colleagues across commercial operations, manufacturing and otherfunctions, and is committed to providing therapies to prevent and treat some of the most criticaldiseases that impact public health in India today. 2,030 croreANNUAL SALES1502,631PRODUCTSEMPLOYEESCORPORATE PROFILEREGISTERED OFFICEPFIZER LIMITEDThe Capital, 1802 / 1901, Plot No. C-70,G Block, Bandra Kurla Complex,Bandra (E), Mumbai – 400 051.Tel: 91 22 6693 2000Fax: 91 22 2654 0274Website: www.pfizerindia.comE-mail ID: contactus.india@pfizer.comCIN: L24231MH1950PLC008311REGISTRAR AND SHARE TRANSFER AGENTKARVY FINTECH PRIVATE LIMITED(formerly Karvy Computershare Pvt. Ltd.)UNIT: PFIZER LIMITEDKarvy Selenium Tower B, Plot No 31 & 32,Gachibowli, Financial District, Nanakramguda,Serilingampally, Hyderabad,Telangana – 500032.Tel: 91 40 6716 2222Fax: 91 40 2300 1153Toll Free No: 1-800-3454-001E-mail ID: einward.ris@karvy.comSOLICITORS AND ADVOCATESCRAWFORD BAYLEY & CO.VERITAS LEGALBANKERSJP MORGAN CHASE BANK N.ADEUTSCHE BANK AGCITIBANK NAICICI BANKSTATE BANK OF INDIACOMPANY SECRETARYPRAJEET NAIRSTATUTORY AUDITORWALKER CHANDIOK & CO. LLPCOST AUDITORRA & CO.SECRETARIAL AUDITORSARAF & ASSOCIATES3Financial Statements
Pfizer Limited Annual Report 2018-19Message from theManaging DirectorThe promise of a healthier world hinges on breakthroughs.A promise we have made our very purpose.Dear Shareholders,As the world’s leadingbiopharmaceutical company, Pfizerstands by its unwavering commitmentto the patients we serve. This promiseis upheld by our ability to driveinnovations in our therapy areas anddevelop novel ways to accelerate thejourney of our medicines from ourresearch centers into patients’ hands.It is towards this commitment to achievebreakthroughs that change patients’lives – our new purpose – that Pfizer Inc.undertook a global reorganisationexercise in 2018, restructuring itsoperations into three different businessesthat play to their individual strengths.Your Company undertook a similarrestructuring to align the India businessand portfolio to the global structure.This new structure has resulted in deepsynergies between the global andIndia operations.During the year, our flagship brandsincluding Prevenar, Mucaine, Corex,Becosules, Folvite, Magnex and Meronemshowed strong performance, aidingyour Company’s growth of 7% adjustedfor brands that were divested and theimpact of Excise Duty and Goods andServices Tax (GST). To accelerate andsustain your Company’s growth, wehave proactively taken several stepstowards our product portfolio, resourceallocation and market strategies thatare expected to yield positive results inthe coming years.Recently your Company launched anovel, next-generation and patentedantimicrobial combination, Zavicefta.The product is expected to bepredominantly used against seriousbacterial infections that are difficultto treat due to severe drug resistance.This latest introduction has cementedyour Company’s leadership in the antiinfectives domain.In its role as a responsible healthcareprovider, your Company undertookimportant initiatives towards itscommitment to curbing the growingthreat of Antimicrobial Resistance (AMR).In partnership with the Indian Council ofMedical Research (ICMR), your Companylaunched one of largest public awarenesscampaigns – ‘AMR ko Aao Milkar Rokein’(Let us work together to curb AMR) –to raise awareness and empower the4
Corporate OverviewLive well, age wellStatutory ReportsFinancial Statements“Each year thousands of adults in India get sick, are hospitalised and even die from diseasesthat could be prevented by vaccines. Pneumococcal diseases take a toll on the patients, theircaregivers and the community around them. Vaccines are among the most important innovationsin the science of health, and they are effectively reducing the threat of disease across all stagesof life. We have a responsibility towards more than 175 million adults whoare 55 years and older, living in India to increase their access to vaccines thatcan help them guard against infectious diseases and prevent the spread ofvaccine‑preventable diseases to others.”– Susan SilbermannGlobal President, Emerging Markets, Pfizer Inc.general public with information on usingantibiotics responsibly. The campaignreached over a 100 million peoplethrough multiple mass media channels,no easy feat to achieve and a strongtestament of the collective impact ourinitiatives have on communities.By aligning with public, social andgovernment healthcare priorities,your Company’s Corporate SocialResponsibility (CSR) programmes havealso been instrumental in preservingand enriching public health anduplifting disadvantaged sections ofsociety. During the year, under ourschool development programme,we continued our efforts to upgradelearning and health infrastructure atunderprivileged schools.At Pfizer, we strongly believe that goodhealth is for all. Every adult should havethe best opportunity to live well and agewell. While a healthy lifestyle is central tohealthy living, the importance of stayinghealthy by preventing disease is oftenunder-appreciated.Your Company strongly believes that theadvancements in immunisation mustbe harnessed to keep adults healthy,as much as they are to protect childrenfrom dreaded illnesses. Vaccines helpprotect adults from illnesses that theyare vulnerable to because of theirage or medical condition, boost theeffectiveness of vaccines administeredduring childhood, lower the risk ofcomplications for people with chronicconditions and protect against infectionsthat can be contracted during work ortravel. It is therefore imperative that thebenefits of immunisation reach everyadult across the country.We see public health as an area of focusfor the Government too. This is evidentwith the launch and early successesof flagship programmes such as theAyushman Bharat, Pradhan Mantri JanArogya Yojana, as also with policies thatlook to make essential and importantmedicines more affordable for thegeneral public.Your Company strongly supports theGovernment’s efforts to make qualityhealthcare affordable and accessibleto disadvantaged sections of society.This can be best achieved when theprivate sector, and particularly thosewho bring innovation to healthcare, are5able to participate in such initiatives onprinciples of targeted access and tieredpricing models. Above all, we look to aconsultative approach to policy makingand a stable operating environmentto enable us to confidently invest andpartner with the Government to realisethese shared goals of universal health.Before I end, I would like to expressmy deepest gratitude to you for yourcontinued support and good wishes.Your faith in us has helped us pushboundaries, explore the depth of ourstrengths and bring forth innovationsthat have brought tangible andintangible benefits to patients. In theyear to come, through the power ofour people, the rigour of our strategyand the excellence of our execution,your Company will continue totrailblaze untaken paths in search ofbreakthroughs that can transformpatients’ lives.Because the promise of a healthier worldis one we intend to keep well.Yours Sincerely,S. SridharManaging Director
Pfizer Limited Annual Report 2018-19KeyproductsMINIPRESS OVRAL LBECOSULESPREVENAR ENEKSIUMATIVAN6
Corporate OverviewLive well, age wellFinancial StatementsStatutory
employees around the world. Pfizer produces and markets its medicines, vaccines and consumer healthcare products in over 125 countries. Pfizer is organised worldwide into three distinct businesses. Breakthroughs that change the lives of patients The Pfizer Biopharmaceuticals Group consists of six impressive product portfolios. Vaccines Oncology
