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Pfizer : to shut two manufacturing plants in India

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01/09/2019 | 12:08pm EST
FILE PHOTO: Logo of U.S. pharmaceutical corporation Pfizer Inc. is seen in Zurich

(Reuters) - U.S. drugmaker Pfizer Inc said on Wednesday it was shutting down two manufacturing plants in India that make generic injectables like penicillin as a response to falling demand.

Indian financial newspaper Business Standard reported https://www.business-standard.com/article/companies/pfizer-to-stop-manufacturing-operations-in-chennai-aurangabad-units-119010801430_1.html the news on Tuesday, saying over 1,700 employees would be impacted by the closure of the two factories in the states of Tamil Nadu and Maharashtra.

The factories employ nearly 6 percent of Pfizer's global manufacturing workforce.

"Pfizer has conducted a thorough evaluation of the ... sites in India and concluded that due to the very significant long term loss of product demand, manufacturing at these sites is not viable," the company said in an emailed statement.

Pfizer acquired the sites as part of its $15 billion (£11.7 billion) purchase of Hospira Inc in 2015, to boost its portfolio of generic injectable drugs and copies of biotech medicines.

The plant in Chennai makes generic injectable cephalosporin, penems and penicillin. The Maharashtra plant supplied the Chennai unit with certain products.

Both plants do not manufacture products for the India market, Pfizer said, adding that it is expanding operations in its Visakhapatnam facility in south India.

(The story corrects the third paragraph to show plants employ nearly 6 percent of manufacturing workforce, not total workforce)

(Reporting by Tamara Mathias in Bengaluru; Editing by Arun Koyyur)

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Financials ($)
Sales 2018 53 608 M
EBIT 2018 20 023 M
Net income 2018 13 632 M
Debt 2018 28 504 M
Yield 2018 3,25%
P/E ratio 2018 17,86
P/E ratio 2019 16,96
EV / Sales 2018 5,09x
EV / Sales 2019 5,00x
Capitalization 244 B
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Average target price 45,3 $
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Albert Bourla Director, Chief Executive & Operating Officer
Ian C. Read Executive Chairman
Frank A. D'Amelio Chief Financial Officer & EVP-Business Operations
Freda C. Lewis-Hall Chief Medical Officer & Executive Vice President
W. Don Cornwell Independent Director
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