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Lord Jesus Christ Says...

“And so I tell you, keep on asking, and you will receive what you ask for. Keep on seeking, and you will find. Keep on knocking, and the door will be opened to you. For everyone who asks, receives. Everyone who seeks, finds. And to everyone who knocks, the door will be opened.” Jesus Christ, Luke 11:9-10

15 Mar 2016

STOCK MARKET- PFIZER, ABBOTT, PROCTER & GAMBLE SHARES HIT BY DRUG BAN.

 



Pfizer shares were headed for their second successive fall on Tuesday following a ban on the drugmaker's Corex cough syrup. Pfizer shares sank 9 per cent yesterday.
The stock had earlier gained as much as 3.5 per cent, reacting to the Delhi High Court's Monday evening decision to stay the ban on Corex. The court ruled that the government had not issued Pfizer a "show cause notice" before banning the medicine. The next hearing on Pfizer's plea is slated for March 21.

Pfizer said it had stopped Corex sales, a move that will hit the company's sales and profitability. The cough syrup had generated sales of Rs 176 crore in the nine months through December, the company said.

The ban on Pfizer's cough syrup was part of a wider notice issued by the government prohibiting the sale and manufacture of 344 combination drugs blacklisted by a panel of experts.

Shares of Abbott Pharmaceuticals, whose popular cough syrup Phensedyl has been hit by the ban, were down 3.5 per cent today. Abbott's Phensedyl commands around a third of India's cough syrup market and makes up over 3 per cent of the company's $1 billion in revenue in India.

Abbott's writ petition against the ban will come up for hearing on Tuesday.
Meanwhile, Procter & Gamble Hygiene shares slipped over 1 per cent after the company stopped manufacture and sale of its cough-and-cold medicine Vicks Action 500 Extra with immediate effect.

The product is a fixed dose combination of paracetamol, phenylephrine and caffeine, which was banned by health ministry in a notice issued over the weekend, Procter & Gamble Hygiene and Health Care informed the stock exchange.

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