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Thursday, November 6, 2014

Pfizer's India unit reports Q2 loss on plant lockout costs, (NYSE: PFE)

Pfizer Ltd, the Indian unit of U.S. drugmaker Pfizer Inc, reported a quarterly loss on Thursday, due to expenses related to a lockout at its manufacturing plant in Mumbai. For the quarter ended September, Pfizer Ltd reported a net loss of 118.3 million rupees ($1.93 million), compared with a profit of 695.9 million rupees a year earlier. Net sales were nearly flat at 2.69 billion rupees.Results included exceptional items of 760.3 million rupees, which included expenses related to employee costs at its Thane plant in Mumbai.In August, Pfizer had said it locked out staff at its Thane drug factory, which employed 212 people, after some employees tried to disrupt production lines and threatened the management.A company spokeswoman said at the time that the lockout would have no impact on the group's supply of medicines. ($1 = 61.4400 Indian rupees)

Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. Shares of PFE traded higher by 0.07% or $0.02/share to $30.04. In the past year, the shares have traded as low as $27.51 and as high as $32.96. On average, 24539100 shares of PFE exchange hands on a given day and today's volume is recorded at 19808464.