To the Members,
Your Directors take pleasure in presenting this 75th Annual Report along with the Audited Financial Statements for the Financial Year ended March 31, 2026 (‘FY 2026). The Company operates in one business segment, Pharmaceuticals and this Report covers its pharmaceutical business performance.
FINANCIAL OVERVIEW
Key Financial Highlights
( in Crore)
Particulars |
Year ended March 31, 2026 | Year ended March 31, 2025 |
| Sale of Products | 2,377.11 | 2,128.36 |
| Other Operating Income | 142.54 | 152.99 |
| Revenue from Operations | 2,519.65 | 2,281.35 |
| Other Income | 187.95 | 172.25 |
Total Income |
2,707.60 | 2,453.60 |
| Profit Before Tax | 975.67 | 1,016.09 |
| Income Tax Expense | 253.24 | 248.49 |
Profit for the Year |
722.43 | 767.60 |
Your Companys sales for the financial year ended March 31, 2026 stood at 2,377.11 Crore as compared to 2,128.36 Crore in the previous year, which represents a growth of 11.7%.
The profit before tax for the financial year ended March 31, 2026, was 975.67 Crore as compared to 1,016.09 Crore in the previous year. The profit before tax and exceptional item for the financial year ended March 31, 2026, was 1024.83 Crore as compared to 843.28 Crore in the previous year, representing an increase of 21.5%. The profit after tax stood at
722.43 Crore for the financial year ended March 31, 2026, as compared to 767.60 Crore in the previous year.
Key Financial Ratios
Sr. No. Particulars |
FY 2026 | FY 2025 |
| 1. Debtors Turnover Ratio | 13.44 | 11.99 |
| 2. Inventory Turnover Ratio | 1.86 | 1.78 |
| 3. Interest Coverage Ratio | N.A. | N.A. |
| 4. Current Ratio | 6.06 | 6.17 |
| 5. Debt Equity Ratio | N.A. | N.A. |
| 6. Operating Profit Margin | 33.59% | 29.78% |
| 7. Net Profit Margin | 28.67% | 33.65% |
| 8. Return on Net Worth | 17.16% | 19.65% |
None of the above ratios have undergone a change of more than 25% as compared to the previous financial year.
DIVIDEND
The Board of Directors at its Meeting held on May 12, 2026, recommended a dividend of 75/- (750%) per equity share of 10/- each for the financial year ended March 31, 2026. The said dividend, is subject to approval of the Members at the Annual General Meeting to be held on July 28, 2026. The payout for the said dividend will be 343.11 Crore and the dividend shall be paid on or after August 4, 2026.
The recommended dividend is in accordance with the Dividend Distribution Policy of the Company approved by the Board of the Directors. The said policy is available on the website of the Company at: https://www.pfizerltd. co.in/files/pfizer_limited_dividend_distribution_policy.pdf
MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis Report as per Regulation 34(2) of SEBI Listing Obligations & Disclosure Requirement Regulations, 2015 (LODR) forms part of this report. The state of the affairs of the business along with the financial and operational developments have been discussed in detail in the Management Discussion and Analysis Report.
Indian Economy
Overview
The global economic environment in FY 2026 was characterised by elevated uncertainty amid geopolitical tensions, volatile energy prices and uneven disinflation across major economies. The International Monetary Fund (IMF), in its April 2026 World Economic Outlook, has projected moderate global growth to around 3.1% in 2026, reflecting downside risks from prolonged geopolitical conflicts, global supply side disruptions and less favourable financial conditions in advanced economies. Global inflation is expected to remain sensitive to energy price volatility, gradually easing over the medium term.
Against this backdrop, India continued to demonstrate relative macroeconomic resilience in FY 2026. Real GDP growth is estimated at around 7.6%, supported by strong private consumption, sustained public capital expenditure and robust services sector performance. India remained among the fastest-growing major economies, aided by the tailwinds of policy continuity, improving financial sector health and a domestically focused growth model.
Outlook
In 2026, Indias growth is expected to moderate from recent highs while remaining structurally strong. The International Monetary Fund (IMF), in its April 2026 projections, estimated Indias GDP growth at around 6.5%, indicating continued outperformance relative to the global average despite global headwinds. The World Bank projects Indias growth at approximately 6.6%–6.7%, reflecting strong macroeconomic fundamentals, adequate foreign exchange reserves and resilient domestic demand.
The Reserve Bank of India (RBI), in its April 2026 Monetary Policy Statement, projected Indias GDP growth at around 6.9% for FY 2027, while cautioning that geopolitical developments and energy price volatility continue to be the risks.
Growth Drivers and Sectoral Trends
Indias growth in 2026 is expected to depend on multiple structural drivers. Domestic consumption remains resilient, with improving discretionary demand expected to support growth. Public capital expenditure continues to anchor the investment cycle, with sustained spending on roads, railways, logistics, urban infrastructure and energy transition projects crowding in private investment and enhancing long-term productive capacity.
The manufacturing sector is expected to enter a phase of robust recovery, following a sharp slowdown in early 2026. After hitting a nearly four-year low in March due to geopolitical tensions in West Asia, activity rebounded in April 2026. The outlook remains positive, owing to strong domestic demand, record-high foreign investment and an aggressive policy push to establish India as a global supply chain hub. The services sector, particularly IT-enabled services, financial services, trade, transport and tourism-linked activities, remains a key contributor to growth.
Inflation, Monetary Policy and Financial Stability
Inflation in 2026 is expected to remain manageable but sensitive to global energy prices. The RBI has projected CPI inflation at around 4.6% for FY 2027 within its medium-term target band and maintains a calibrated, data-dependent monetary policy stance, balancing price stability and growth. Indias macro-financial stability is reinforced by adequate foreign exchange reserves, a well-capitalised banking system and improving asset quality.
Geopolitical Environment
Geopolitical tensions, particularly in West Asia, remain a source of global uncertainty and energy market volatility in 2026.
For India, higher crude oil prices pose risks to inflation and the current account. However, diversified sourcing, strong services exports and policy buffers provide resilience. Indias continued engagement in multilateral forums and deepening strategic trade partnerships support medium-term economic stability.
Industry Overview - Pharmaceuticals
Indian Pharmaceutical Market (IPM)
The IPM recorded a turnover of 256,500 Crore from
April 2025 to March 2026, registering a growth of 9.9% as against 8.1% in the previous year (2022-26 CAGR 8.3%). Price increases (4.4%) remained the key growth driver, followed by contributions from new introductions (2.8%) and volume (2.7%).
Therapy Segment Performance
The Chronic segment grew 13.6% over MAT March 2025, compared to 7.5% growth in the Acute segment for the same period. Growth in the Chronic segment was primarily led by cardiac and anti-diabetic therapies, including newer anti-obesity products. The Acute segment was impacted by slowdown in gastrointestinal, dermatology and pain therapies. Price remained the predominant growth factor across both segments.
Market Outlook
As per the IQVIA Prognosis report for FY 2026, the Indian Pharmaceutical Market (IPM) is forecast to grow at a CAGR of 8.2% between 2025 and 2030, reaching approximately 3,88,800 Crore by 2030. Key growth drivers include new product launches, such as innovative therapies namely anti-obesity treatments, expansion of promotional coverage beyond metros and Tier 1 markets, rising health awareness and affordability, and increasing health insurance penetration.
However, growth may be moderated by the increasing share of trade and non-branded generics, together with the regulated pricing environment under the Drug (Price Control) Order.
Regulatory Environment
The year 2025 marked a decisive shift in Indias regulatory landscape, with the Central Drugs Standard Control Organization (CDSCO) accelerating reforms to modernise drug oversight, strengthen quality systems and align with global standards. Key focus areas include digitalisation, strengthened pharmacovigilance, Good Manufacturing Practices (‘GMP) enforcement and faster approval pathways, reflecting Indias alignment with International Council for Harmonisation (ICH), World Health Organisation (WHO) and US FDA frameworks.
A key policy development was the proposed Drugs, Medical Devices and Cosmetics Act, 2025, intended to replace the Drugs & Cosmetics Act, 1940 and provide CDSCO with statutory powers. The proposed legislation aims to strengthen enforcement against substandard and falsified drugs, enhance testing infrastructure, digitise licensing and improve coordination between state and central regulators.
India introduced several new frameworks, including enhanced documentation requirements, stricter export quality standards and mandatory upgrades to manufacturing facilities in line with evolving GMP norms.
In parallel, broader policy initiatives such as "Biopharma
Shakti", with an outlay of 10,000 Crore over five years, aim to strengthen domestic capabilities in biologics and biosimilars, including expansion of clinical trial infrastructure and upgradation of National Institutes of Pharmaceutical Education and Research (NIPERs). These investments underscore Indias ambition to become a global biopharma innovation and manufacturing hub.
Regulatory processes have been streamlined through amendments to the New Drugs and Clinical Trials Rules, 2019 including reduction in approval timelines from 90 days to 45 working days and introduction of a prior intimation pathway for certain investigational products. In addition, a 45-day approval timeline has been formalised for test licenses related to new drugs, investigational new drugs and unapproved Active Pharmaceuticals Ingredients (APIs).
From an operational perspective, the pharma industry faces increased compliance requirements, including upgrades to facilities, enhanced documentation standards and adoption of advanced quality and traceability systems. Accelerated regulatory timelines demand stronger regulatory intelligence, compliance readiness and cross-functional coordination across R&D, manufacturing, quality and supply chain functions. Companies are also adapting to higher expectations for data integrity, serialization, real-time reporting and risk-based regulatory oversight. These developments are expected to enhance efficiency, strengthen quality standards and improve global competitiveness of Indias pharmaceutical sector.
Key Market Trends
Product Launches
New product launches are expected to support growth, particularly in therapy areas such as alimentary tract and metabolism, cardiovascular and oncology. Anti-obesity therapies are also expected to remain a key contributor to growth within the new product segment.
Health Insurance Expansion
Healthinsurancecoverage,acrossbothpublicandprivate segments, is expected to expand. Enrolment under the Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) scheme continues to increase, supporting access to hospital care for lower-income populations and senior citizens. Demand for private health insurance is also rising, supported by recent policy measures including GST exemption on individual health insurance policies and relaxation of Foreign Direct Investment limits, which are expected to attract additional market participants.
Expansion of Market Access
Improved healthcare and transport infrastructure, rising incomes and increased health awareness are driving demand beyond metro and tier 1 cities. Pharmaceutical companies are expanding sales forces and deepening their presence in tier 2 and tier 3 markets. Co-marketing partnerships and alternative go-to-market models, including the use of contract sales organisations, are also being adopted to expand distribution and promotional reach.
Private Healthcare Sector Expansion
Demand for private hospital care is growing, driven by rising incomes, increased health awareness, an ageing population, higher incidence of chronic and lifestyle diseases, expanding health insurance coverage and medical tourism. Established corporate hospital players are expanding existing networks to meet this demand. The sector continues to attract significant private equity and venture capital investment, supporting capacity expansion as well as growth of single-specialty players. While investment remains concentrated in tier 1 cities, rising demand in tier 2 and tier 3 markets is expected to drive private healthcare network expansion over the medium term. Growth and consolidation in the sector are likely to enhance the bargaining power of large hospital networks, with implications for pharmaceutical manufacturers in pricing and procurement.
Impact of Trade Generics
Trade generics, which are largely influenced by price considerations at the dispensing level rather than brandled prescribing, continue to impact the growth of the branded generics market. With pricing comparable to branded generics but without physician promotion costs, trade generic manufacturers are able to offer higher discounts to distributors, making these products attractive to pharmacies and hospitals due to higher margins.
Indias leading pharmaceutical companies, as well as select multinationals, have established trade generic divisions, while a growing number of smaller regional players are entering the segment – a trend expected to continue. Although the market size is difficult to assess due to limited visibility in traditional distribution channels, IQVIA India estimates that trade generics accounted for around 12% of the market by value in 2025.
Initially concentrated in acute therapies, trade generics are increasingly expanding into chronic therapies. This trend is also expected to continue, leading to likely market share shift from branded generics and moderation of overall market growth.
Regulation of Promotional Practices
An updated version of the Uniform Code for Pharmaceutical Marketing Practices (‘UCPMP) replaced the previous voluntary code in March 2024. The revised code introduces greater executive accountability, defines limits on promotional items and samples, and provides guidelines for engagement with medical practitioners. Even without a statutory framework, enforcement and vigilance by authorities have increased. The updated UCPMP is changing the nature of pharmaceutical companies engagement with physicians, pivoting from hospitality and free samples to more scientific and product-focused interactions. In response, leading companies have strengthened their compliance systems, supporting the transition towards more structured and science-led promotional practices.
Opportunities and Threats
The Company operates in a structurally favourable environment supported by rising healthcare awareness, expanding insurance coverage, growing focus on preventive healthcare as also an increasing chronic disease burden. The demand growth would be further supported by increased adoption of innovative therapies, rise in adult vaccination, an increasing focus on life course immunisation and improving access to healthcare services beyond metropolitan markets. Digital healthcare adoption and continued improvement in healthcare infrastructure are expected to strengthen and expand patient access and support long-term growth across therapy areas. The Company continues to evaluate opportunities to enhance reach, improve access and strengthen its commercial execution, through strategic initiatives, partnerships and strong vaccine portfolio.
The operating environment continues to remain competitive and regulated. Regulated pricing environment, increasing competition from branded and trade generics and evolving regulatory expectations present ongoing challenges. In addition, continuing geopolitical developments, supply chain disruptions and shifts in healthcare procurement dynamics may impact business performance. The Company remains focused on strengthening its operating model, leveraging partnerships to expand market access and reinforcing a disciplined approach to risk management, consistent with its long-term growth strategy.
Risks and Concerns
The current environment is characterised by regulatory complexity, evolving compliance expectations and increasing competitive intensity. Key risks include pricing controls, regulatory and compliance challenges, supply chain disruptions, cybersecurity and data privacy risks. The Company manages these risks through a structured Enterprise Risk Management framework, supported by continuous monitoring, defined mitigation plans and strong governance oversight.
Increasing regulatory focus on quality standards and global alignment continues to drive higher compliance requirements across the pharmaceutical sector. Evolving expectations on product quality including impurity profiling, enhanced testing protocols and manufacturing standards may require additional investments in quality systems and supply chain readiness. These developments may increase compliance costs and operational complexity in the near term for pharmaceutical companies. This would entail proactive strengthening of quality, regulatory and manufacturing capabilities to ensure compliance, maintain supply continuity and uphold patient safety.
Business Overview
During FY 2026, your Company undertook targeted organisational actions to enhance efficiency, sharpen accountability, and drive stronger execution across our portfolio. This included the consolidation of select functions and leadership realignments to unlock synergies for a more cohesive go-to-market approach. Your Company also continued to evolve its commercial models by investing in innovative partnerships, including its collaboration with Cipla Limited, aimed at enhancing patient access and expanding the reach of Pfizers therapies. Today, Pfizer Limited touches approximately 217 million patient lives annually across
15 therapy areas and a portfolio of over ~125 SKUs. As we move forward, we remain committed to evaluating and investing in opportunities that strengthen our commercial capabilities, ensuring we operate with agility, discipline, and a strong focus on delivering sustained value for patients and stakeholders.
Vaccines
The Vaccines Business Unit focuses on preventing life-threatening infectious diseases across the life course of an individual, from infancy through healthy ageing. During FY 2026, the Vaccines Business strengthened its leadership in pneumococcal vaccination and expanded its footprint in adult immunisation, a largely underpenetrated segment in India.
Pneumococcal Leadership
Your Company continued to consolidate its position in the private paediatric pneumococcal vaccines segment through Prevenar 13, which remains Indias first and only approved pneumococcal conjugate vaccine indicated across all age groups. Prevenar 13 maintained leadership in the private pneumococcal vaccines market, with 52% unit share and 60% value share (MAT March 2026), reflecting sustained physician confidence. Aligned to your Companys vision of Life-Course Vaccination, the Vaccines team continued to invest in scientific dissemination, healthcare provider (HCPs) education and public awareness initiatives to strengthen confidence in vaccination as a preventive healthcare pillar.
Prevenar 20
In August 2025, your Company launched Prevenar 20 a next-generation pneumococcal conjugate vaccine, representing a strategic expansion into adult immunisation. Prevenar 20 addresses a critical gap in adult pneumococcal vaccination in India, where uptake has historically remained low despite a high disease burden.
Prevenar 20 is positioned as a simplified, single-shot conjugate vaccine for adults, aimed at addressing clinical complexity, low perceived risk and structural barriers to adoption. The launch strategy focused on three pillars: strengthening healthcare provider conviction, expanding access through partnerships and building public awareness.
Within a short span, the Vaccines team engaged healthcare professionals nationwide through structured scientific interactions, training programmes and continuing medical education initiatives. In parallel, partnerships with hospitals, institutions, corporates and public stakeholders are supporting the integration of adult pneumococcal vaccination into care pathways, workplace health programmes and select state-level initiatives.
Targeted awareness efforts supported inclusion of adult pneumococcal prevention in mainstream healthcare discussions, enabling informed doctor-patient discussions and improving vaccine consideration among eligible populations.
Despite a mid-year launch, Prevenar 20 has delivered strong commercial and public-health impact:
12.1% Value market share in the pneumococcal vaccines market Ranked among Indias top two new pharmaceutical launches across 2,500 brands.
Enabled protection for approximately 2,00,000 adults
Looking Ahead
The Vaccines Business Unit remains focused on sustaining leadership in paediatric immunisation and scaling adult vaccination. By continuing to work closely with healthcare professionals, institutions and policymakers, your Company aims to strengthen preventive healthcare adoption and improve health outcomes across age groups.
Internal Medicine (IM)
The IM business continues to be a key contributor to your Companys revenue. The teams focus remains on strong scientific engagement with healthcare professionals, expanding HCP reach and improving patient access through diverse operational models.
Growth in HCP advocacy and trust in Pfizer brands, along with improved patient reach, has been driven by scientific communication of recent clinical evidence, sustained and consistent engagement with Key Opinion Leaders (KOLs), strengthened distribution networks and therapy support programmes.
Your Company continues to optimise its portfolio through strategic partnerships. A key element of this strategy is collaboration with organisations to leverage strengths in reach, technology-enabled distribution and channel access, while building on the legacy and trust associated with Pfizer and its brands.
During the year, your Company strengthened engagement with channel partners through its ongoing collaboration with GoApptiv, leveraging its distribution capabilities and technology-enabled solutions to enhance availability and expand reach. This partnership has enabled deeper market penetration for consumer-centric brands, strengthening the reach of the IM portfolio and supporting long-term growth.
In addition, your Company entered into a marketing and distribution partnership with Cipla Limited for a key portfolio consisting of Corex Dx, Corex LS, Dolonex, and Neksium, aimed at enhancing reach across priority specialties and enabling access to a larger patient base.
Cardiovascular and Neuroscience
Eliquis
Brand Overview
Eliquis (apixaban), a Factor Xa inhibitor, is an oral anticoagulant prescribed across key specialties including cardiology, neurology, internal medicine/pulmonology, vascular surgery and orthopaedics for the management of Atrial Fibrillation (AF) and Venous Thromboembolism (VTE). Following the Loss of Exclusivity in 2022, the Indian oral anticoagulation market has undergone significant genericisation, intensifying competitive pressure.
Performance
Despite a highly competitive post-LOE environment, Eliquis maintained its leadership in oral anticoagulation market. During the year under review Eliquis delivered 30 % Year on Year growth. Eliquis retained its position as the #1 NOAC/OAC in the represented market, with a 37% market share, reflecting a ~1% increase, and recorded 21% value growth.
Strategy
Performance was driven by a strategy focused on scientific differentiation, targeted market expansion and stakeholder engagement. During the year, Eliquis strengthened its footprint across tier 1 and tier 2 markets and expanded neurology coverage by engaging approximately 1,000 additional healthcare professionals. These initiatives were enabled by continued investments in field force capability and specialty-focused execution.
Scientific Engagement and Education
Scientific engagement remained central to Eliquis growth strategy. In FY 2026, the brand conducted more than 1,800 scientific activities, engaged over 2,450 key opinion leaders and reached over 10,000 healthcare professionals through speaker programmes, expert conclaves, CMEs and structured educational initiatives.
Evidence-Based Engagement
Medical engagement was supported by robust clinical and real-world evidence from landmark studies including Aristotle, Augustus, Aristophanes, Amplify, Dawwas and Athens. These data driven discussions, alongside focused campaigns on manufacturing excellence, safety, e cacy and optimal dosing, helped strengthen brand preference and sustain share gains in a market with more than 100 generic competitors.
Global and Regional Scientific Engagement
Eliquis continued to promote anticoagulation science through educational platforms, including case-based panel discussions and symposia featuring international and national experts:
• Prof. Renato Lopes (Duke University, USA), a principal investigator of landmark trials such as Aristotle and Augustus, undertook a multi-city India tour, engaging over 4,000 healthcare professionals.
• Participation in the EM Asia Regional Masterclass enabled dissemination of real-world evidence in anticoagulation, with insights from Dr. Christopher Granger reaching over 1,500 healthcare professionals and supporting evidence-based NOAC selection and optimal anticoagulation practices.
• In partnership with the European Society of Cardiology, Eliquis supported the "Action AF 3.0" upskilling programme. Led by Dr. Derek Connolly and Dr. G. Andrei Dan, the initiative aimed to enhance knowledge, aptitude and practices (KAP) in anticoagulation among more than 2,000 young and emerging cardiologists.
During the year, Pfizer established Indias first "Anticoagulation Center of Excellence" at AIG Hospital, Hyderabad, designed to advance specialised anticoagulation care and improve patient outcomes. Ativan and Pacitane
Overview and Partnership
.
The strategic partnership with Mylan Pharmaceuticals
. Private Limited strengthened access to therapies in
the central nervous system space. Built on a shared commitment to scientific integrity, continuity of care and patient-centricity, the collaboration around Ativan and Pacitane has enabled momentum across key neuropsychiatric segments in India.
Looking Ahead
Mylan and Pfizer remain aligned on strengthening a sustainable, patient-first CNS portfolio anchored in access, education and responsible care. As the partnership continues to evolve, it aims to deepen scientific engagement, leverage data-driven insights and expand patient-centric initiatives, supporting long-term value for healthcare professionals and patients.
Nurtec ODT – Acute Migraine Care in India - an Unmet Need
Migraine represents a substantial health and productivity burden in India, affecting an estimated 213 million people annually and contributing to loss of productive days. Despite multiple acute treatment options, many patients remain inadequately treated due to insufficient relief, symptom recurrence, tolerability issues or contraindications. This unmet need is pronounced among patients with insufficient response to triptans, leaving a large segment underserved by conventional therapies.
Scientific Breakthrough
Advances in migraine biology have established the Calcitonin Gene-Related Peptide (CGRP) pathway as a key driver of migraine pathophysiology, underlying neurogenic inflammation, pain transmission and vasodilation. Nurtec ODT (Rimegepant), a CGRP receptor antagonist, represents a targeted therapeutic approach aligned with this evolving scientific understanding. Anti-CGRP (gepant) therapies do not induce vasoconstriction, differentiating them from traditional acute therapies and supporting their use in patients with cardiovascular risk factors. Unlike many conventional acute migraine therapies, Rimegepant has shown no increased risk of medication-overuse headache in clinical studies, addressing a key limitation associated with frequent use of traditional treatments.
Strategy
Your Company introduced Nurtec ODT (Rimegepant 75 mg) for the acute treatment of migraine with or without aura in adults with a previous insufficient response to triptans; delivered via a convenient orally disintegrating tablet (ODT) formulation. The strategy focused on shifting the treatment goal from short-term symptom relief to rapid and sustained return to normal function, underpinned by a science-led adoption model. Execution followed a specialist-first strategy, prioritising neurologists and psychiatrists, reinforced through scientific education. Speaker programmes, expert conclaves, CMEs, and scientific conferences were designed to translate global evidence into Indian clinical practice and strengthen confidence in CGRP-targeted therapies.
Execution
• Evidence-to-Practice Activation (HCP ecosystem): A multi-format scientific outreach model, combining in-person and virtual platforms, expanded the scale and consistency of engagement. These efforts strengthened confidence in CGRP-targeted therapy adoption and enabled engagement with ~3,400 HCPs across 120+ hospitals nationwide.
• Patient Activation and Onboarding: Patient activation focused on empowering clinicians / neurologists to identify underserved migraine patients, particularly those with inadequate response to triptans. Structured in-clinic assessment tools, educational materials and follow-up mechanisms supported appropriate patient identification and continuity of care. During the early growth phase, onboarding scaled to over 500 new patients per month, with a sustained upward trend.
• Message Quality and Compliance Discipline: Execution was reinforced through standardisation of scientific platforms, rigorous field capability building, and strong adherence to compliant engagement practices—ensuring consistency, credibility and scalability.
Outlook
By pairing a targeted CGRP receptor mechanism with a strategy grounded in scientific evidence, specialist leadership and patient activation, Nurtec ODT is positioned for sustainable growth. Looking ahead, the focus remains on disciplined scale-up—strengthening prescription fulfilment, patient persistence, institutional access and continuous education—with focus on improving patient outcomes.
Womens Health
The Womens Healthcare (WHC) team, with a portfolio spanning maternal nutrition and Combined Oral Contraceptive (COC), continued to strengthen your Companys leadership in womens healthcare in India. The portfolio remains a market leader in its represented segments, with an overall market share of 11%.
Flagship brands such as Folvite and Ovral L sustained their leadership positions, driving consolidated portfolio growth. The WHC team leads the folic acid and combinations represented market category with a 24% market share and holds the second-largest share (19%) in the combined oral contraceptive represented market.
Folvite ranked among the top five most prescribed brands by gynaecologists, supported by targeted HCP segmentation and indication-specific positioning. Folvite line extensions demonstrated accelerated performance in their respective RPMs, consistently outpacing overall market growth.
The oral contraceptive portfolio was driven by an indication-led engagement strategy, expanding the role of oral contraceptives beyond contraception. The recent DCGI approval of new indications for Ovral L, including abnormal uterine bleeding, dysmenorrhea and endometriosis, expanded its clinical relevance. Indication-wise positioning across Combined Oral Contraceptives (COC) brands enabled differentiated promotion aligned to patient needs and prescribing preferences. Ovral L remains the most prescribed oral contraceptive brand across HCP specialties.
Mucaine was integrated to address upper GI symptoms commonly experienced by women. The brand strengthened the portfolios ability to manage pregnancy-associated heartburn and acid-related symptoms through a science-led positioning focused on rapid and prolonged acid neutralisation. This integration expanded WHCs scope beyond reproductive health to include women-relevant GI care, reinforcing a life-stage-based approach to womens health.
HCP engagement and patient awareness initiatives supported prescription growth during the year. The WHC team continued to strengthen patient-centric care through innovative "pill-plus" initiatives aimed at improving treatment outcomes. These included diagnostic camps to enhance the detection of anaemia—a highly prevalent yet often underdiagnosed condition—along with targeted HCP and consumer engagement programmes that were well-received by leading gynaecologists.
In parallel, the team strengthened in-clinic scientific and patient engagement by anchoring conversations around key womens health priorities across life stages, including anaemia, menstrual health, nutrition, contraception and menopause. By aligning education initiatives with recognised health awareness milestones, the team enabled meaningful HCP–patient interactions, reinforcingpreventivecare,earlydiagnosis,andinformed treatment decisions. These efforts complemented core brand strategies while advancing Pfizers commitment to patient-centric womens healthcare.
In-clinic engagements were complemented by consistent, digitally-enabled interactions, ensuring continuity of scientific dialogue beyond physical touchpoints. Through structured and compliant digital platforms, the WHC team sustained engagement with HCPs and reinforced key scientific and patient-centric messages throughout the year.
Pfizers commitment to a "Science First" approach was reinforced through partnerships with leading scientific associations at regional levels across the country. These collaborations strengthened scientific knowledge among gynaecologists and supported improved management of womens health across life stages—from menarche to menopause.
Gastroenterology
Gelusil remains a trusted brand in the antacids category, backed by over five decades of presence and consumer confidence across India. Used for everyday gastric discomfort, the brands strength lies in its consistent quality, dependable relief and easy availability, making it a preferred choice at the point of need.
During the year, Gelusil maintained a consumer-first, retail-led strategy, recognising the importance of visibility and accessibility in an OTC-driven market. Focused engagement with retailers, stockists and channel partners ensured availability across high-potential markets, reinforcing last-mile presence. In-store visibility and point-of-sale activations remained central to execution. Structured retail programmes, window displays and branded visibility initiatives enhanced shelf presence and recall, enabling conversion at the retail counter.
Recognising Pharmacists as key influencers in the consumer journey, Gelusil continued to strengthen trade partnerships, supporting informed recommendations and trust at the point of care. Selective engagement with healthcare professionals continues to enable long-term brand credibility.
Lookingahead,Gelusilremainsfocusedonstrengthening consumer engagement through trust, visibility and accessibility, reinforcing its role in everyday digestive health.
Pain and Inflammation
Your Company has an established presence in the pain and inflammation segment through its legacy brands—Dolonex (Piroxicam) and Wysolone (Prednisolone)—both of which have been in the Indian market for over four decades and continue to lead in their respective categories. Your Company actively engaged in addressing Osteoarthritis (OA) and Low Back Pain (LBP) through targeted medico-marketing initiatives and collaborations with organisations, including state chapters of the Orthopaedic Society and the Indian Dental Association.
Vitamins – Becosules
2025 marked a key phase in the evolution of Becosules, with initiatives aimed at strengthening relevance and expanding consumer base while retaining its established positioning.
Franchise Integration and Positioning
In 2025, the Becosules franchise was consolidated under a single team, thus enabling sharper focus, improved execution and consistent, unified positioning across markets, with the Go Apptiv team managing the portfolio.
This approach unlocked stronger engagement with healthcare professionals and channel partners.
Product Upgrade and Packaging
Pfizer relaunched Becosules Capsules in a new Alu-Alu blister pack. The new packaging improves portability and product protection. Each blister includes a QR code for product verification and authenticity. This initiative retained the existing formulation while improving packaging and usability.
Portfolio Enhancement
Your Company transitioned to Becosules+ Syrup, an enhanced formulation with added Vitamin A and Vitamin D. It reinforces the brands role beyond supplementation—supporting immunity and recovery, particularly among children. This transition aligns with the focus on need-based innovation across life stages.
Execution and Performance
Execution remained a key driver of Becosules growth. Focus areas included in-clinic engagement, point-of-sale visibility and channel partnerships. These were enabled through trade initiatives and execution by the Go Apptiv team.
These efforts enabled the Becosules franchise to deliver a 1% market share gain in the vitamins market of approximately 3,000 Crore. Becosules, contributing over 75% of franchise sales, recorded a 5% market share growth in its relevant prescription market (RPM) on a MAT March 2026 basis, reaffirming its leadership credentials.
Outlook
With a unified franchise, updated packaging and portfolio enhancements, Becosules is positioned for continued growth. The new pack launch, particularly across large and high-opportunity markets, is expected to help accelerate growth and expand market presence.
Hospitals Business
The Hospitals Business Unit (HBU) has an established presence in anti-infectives, serving hospitals and nursing homes across India, anchored on scientific engagement, innovation and responsible stewardship.
Your Company launched Emblaveo (Aztreonam/ Avibactam) for the treatment of life-threatening infections caused by multidrug-resistant Gram-negative bacteria. The launch took place at CIDSCON 2025, a national conference for infectious disease specialists. It was bolstered by an international speaker programme, with scientific discussions on Metallo ß Lactamase (MBL)-producing pathogens and their management. This enabled engagement with infectious disease physicians and early scientific exchange on Emblaveos role in addressing resistance mechanisms.
Zavicefta maintained leadership in the Ceftazidime
+ Avibactam market with a 42% market share as of MAT March 2026. This was supported by higher clinician confidence and expanding hospital adoption. Indicated for Hospital-Acquired Pneumonia (HAP/ VAP), Complicated Intra-Abdominal Infections (cIAI), Complicated Urinary Tract Infections (cUTI) and associated Bacteraemia, Zavicefta has demonstrated clinical outcomes and is recognised across Pfizers global network for its therapeutic impact.
HBU strengthened its focus on early and appropriate use of critical therapies through collaborative initiatives with clinicians and microbiologists. These efforts supported clinical decision-making and reinforced Pfizers leadership in antimicrobial innovation. Your Company now has a presence across the antibacterial spectrum-from beta-lactam/beta-lactamase inhibitor (BL/BLI) combinations to high-end anti-infectives.
HBU also focuses on appropriate anti-infective use through its Antimicrobial Stewardship (AMS) framework-spanning awareness, education, and implementation. Pfizers flagship initiative, KNOW Antimicrobial Resistance (KNOW AMR), continued to raise awareness about Antimicrobial Resistance ("AMR") and promote responsible antibiotic use. The campaign reached a wide audience through digital platforms, engaging HCPs and the public.
The HBU will continue to focus on scaling recently launched innovations, including EMBLAVEO? (Aztreonam-Avibactam). EMBLAVEO? strengthens your Companys hospital anti-infective portfolio. HBU will continue to advance responsible use through scientific engagement, institutional partnerships and antimicrobial stewardship initiatives, supporting sustainable growth and improved patient outcomes.
Inflammation and Immunology
Pfizer develops therapies for patients with chronic autoimmune diseases. The Inflammation and Immunology (I&I) vertical focuses on advancing treatments in this area. Your Company has two therapies addressing conditions including rheumatoid arthritis, psoriatic arthritis, ankylosing spondylitis, juvenile idiopathic arthritis, psoriasis and ulcerative colitis.
Enbrel is the first Tumour Necrosis Factor (TNF) inhibitor indicated for chronic Rheumatoid Arthritis (RA), Ankylosing Spondylitis (AS), Psoriatic Arthritis (PsA), Psoriasis (PsO) and Juvenile Idiopathic Arthritis (JIA). It is available in pre-filled pen and syringe options for subcutaneous administration to paediatric and adult patients. With over two decades of use, Enbrel continues to be used in clinical practice.
Your Company launched Betrecep (Tofacitinib) in July 2023 as part of India-specific access initiative addressing affordability and access challenges for patients with rheumatic diseases.
As per IQVIA MAT March 2026, Betrecep ranked 6th in a market comprising over 85 brands. This performance reflects expansion into additional specialties such as dermatology, strengthened presence within rheumatology segments and continued scientific engagement.
The brands growth has been supported through HCP-led advocacy, with engagement of over 250 national Key Opinion Leaders (KOLs) to drive awareness and adoption of oral therapies for chronic immunological conditions.
Strategic and Functional Areas
Partnerships
In FY 2026, your Company entered into an exclusive marketing and distribution partnership with Cipla Limited (‘Cipla). Under this collaboration, Cipla will distribute, market and sell four brands viz., Corex Dx, Corex LS, Dolonex and Neksium across India.
This strategic partnership enables your Company to leverage Ciplas market presence and relationships within the Indian healthcare ecosystem, widening the reach of Pfizer brands. The collaboration is expected to improve market penetration and expand access across key medical specialties, including chest physicians, orthopaedics, surgeons, consulting physicians and general practitioners. As a result, Pfizer therapies are expected to become more widely available across the country.
Ciplas capabilities in marketing, omnichannel engagement and healthcare professional advocacy, combined with the scientific credibility of Pfizer brands, are expected to support growth across markets.
Digital Transformation, Technology and Data Governance
During the year under review, Pfizer advanced its digital transformation agenda to enhance operational efficiency, business agility and stakeholder engagement, while maintaining a strong technology and security foundation. Digital initiatives remained a key enabler of your Companys strategy to support sustainable growth and operational efficiency.
Pfizer strengthened its digital engagement with healthcare professionals (HCPs) through the expanded use of omnichannel platforms, digital assets and virtual engagement solutions. These initiatives enabled consistent, compliant and targeted interactions across channels, supporting scientific exchange and improved reach. In parallel, your Company deployed digital solutions for disease awareness and patient education to improve access to credible information and supporting informed healthcare decision-making.
Internally, your Company adopted digital tools to streamline workflows, enhance productivity and enable real-time collaboration across cross-functional teams. Automation and digital dashboards improved visibility, transparency and control across supply chain and commercial processes, supporting faster, data-driven decision-making and operational governance.
Pfizer continues to expand adoption of Artificial Intelligence (AI) across functions, including accelerated deployment of approved generative AI solutions in India during the year. These solutions were implemented within controlled environments to enhance productivity, analytics and operational efficiency. Structured initiatives were undertaken to build awareness and enable responsible application of AI, aligned with governance frameworks.
These efforts support integration of AI into day-to-day work and decision-making, improving productivity while retaining human oversight and accountability.
Cybersecurity and data protection continued to be key focus areas. Your Company maintained cybersecurity controls through a combination of governance frameworks, technical safeguards, continuous monitoring and employee awareness programmes. Your Company also initiated a data privacy assessment across departments to assess readiness for compliance with the Digital Personal Data Protection (DPDP) Act.
People Experience (PX)
The People Experience team focused on improving employee experience to support professional and organisational growth. The team undertook initiatives across colleague engagement, growth and development, and Artificial Intelligence (AI) enabled colleague enablement.
Culture and Purpose
Pfizer promotes a collaborative workplace that values diverse perspectives and experiences, underpinned by a strong merit-based culture. Talent decisions are guided by objective assessments of skills, capabilities and performance, ensuring equal opportunity for all individuals to demonstrate merit. Leaders at Pfizer foster accountability and transparency, encouraging open dialogue and a safe environment for employees to share ideas and concerns.
Pfizer launched a new Purpose Blueprint to strengthen its commitment to people and the organisation. The Blueprint outlines value creation for patients, colleagues and shareholders, and the role of colleagues in delivering Pfizers purpose, reinforcing their role in driving transformation and innovation.
Colleague Listening and Feedback
The Annual Pulse Survey (Employee Satisfaction Survey) measures key areas of colleague experience and provides leaders with actionable insights. It facilitates open communication and feedback, fostering a work environment that attracts and retains talent. Based on feedback, your Company develops action plans and conducts follow-up engagement surveys to assess impact.
Colleague Well-being
Your Company offers colleague-friendly benefits supporting talent attraction, retention and development. Pfizer provides a flexible leave policy enabling colleagues to take time off when required.
Pfizer focuses on supporting colleagues mental wellbeing. Your Company has partnered with Spring Health, its Employee Assistance Program (EAP) provider, to offer comprehensive mental health support. Through Spring Health, colleagues and eligible dependents have access to 12 coaching and counselling sessions. These sessions support a range of needs including personal growth, stress or anxiety management, life transitions, relationships and financial wellbeing.
Growth and Recognition
Your Company supports internal career growth through multiple growth avenues. In FY 2026, Pfizer redesigned Go To Market Model for select businesses to improve efficiency. This ensured redeployment of colleagues to key brands driving growth and value.
Pfizer places importance on recognising colleagues, fostering engagement and supporting sustained performance. Your Companys global rewards and recognition programme, Bravo, enables colleagues to recognise peers who demonstrate Company values and contribute across teams and patients.
Pfizer emphasises collaboration and teamwork as key to organisational performance. To reinforce cross-functional collaboration, your Company launched the Invincible (InWINcible) Awards—an initiative recognising teams that work across functions to deliver launches, drive transformations and secure regulatory approvals. These efforts support faster access to therapies for patients.
Leadership Development
During the year, Pfizer launched leadership development initiatives to strengthen the effectiveness of leaders managing large and diverse teams. In collaboration with external and internal partners, structured transition support was provided to newly appointed leaders to enable smoother role assimilation and early impact. These initiatives enabled participants to gain insights into their leadership styles, reflect on strengths and development areas and build personalised development roadmaps. Your Company also invested in developing seasoned leaders through targeted interventions to enhance executive communication, influence and storytelling capabilities, supporting clarity, alignment and organisational engagement.
Technology and Transformation
Your Company continues to leverage AI to support business outcomes and enable colleagues to work more effectively in their day-to-day roles.
To support performance goal setting, Pfizer introduced an AI-powered chatbot to assist in drafting SMART goals and addressing real-time queries. This initiative promotes consistency and clarity in performance objectives across teams.
Your Company introduced an AI fluency development goal for colleagues. This initiative encourages responsible adoption of AI, enabling colleagues to use AI tools to improve the quality, speed and impact of their work.
Pfizer launched an AI-enabled internal talent marketplace to support internal mobility. The tool matches role requirements with colleague profiles and recommends potential internal candidates to hiring managers, supporting internal mobility and talent development.
Pay Equity
Your Company is committed to pay equity for all colleagues, aligned with its values. Compensation is determined by role, education, experience, performance and location.
Manufacturing Operations
Pfizers manufacturing operations comply with applicable local laws and regulations and align with its global standards for quality, compliance, and Environmental Health and Safety (EHS). These standards are integrated into systems and processes to ensure product quality, regulatory compliance and colleague health and safety.
Your Company continues to sustain the Integrated Manufacturing Excellence (IMEx) programme, its internal production system. The IMEx way of working is embedded at the site, with colleagues applying its principles to drive operational excellence and value.
In recognition of these efforts, Pfizer received the 2025 Pfizer Global Supply Site Performance Award.
Your Company focuses on environmental sustainability through green energy initiatives, energy-efficient technologies and waste minimisation projects.
People, Culture and Capability Building
During the year, Pfizer strengthened its focus on people, culture and inclusion by revitalising and the Colleague Resource Group (CRG) at the Goa site, supporting Diversity, Equity and Inclusion (DEI), colleague engagement and community initiatives.
Your Company continued the quarterly Compliance Champions awards programme to strengthen compliance and data integrity culture at the site.
Your Company focuses on competency and capability building through training programmes in safety, quality, operational excellence, innovation and Six Sigma Lean Yellow and Green Belt. These initiatives enabled colleagues to apply continuous improvement methodologies and implement projects contributing to safety, quality, productivity and operational efficiency.
Environmental Sustainability
Pfizer adheres to its global standards on environmental protection, occupational hygiene and workplace safety. Your Company focuses on resource conservation, use of green energy and waste minimisation.
Your Company continues to generate renewable energy through a 1500 kWp solar project. During the year, the site generated 2,580 MWh of solar power.
Renewable energy accounted for approximately 49% of the total energy at the site.
Since commissioning of the solar project in 2019, Companys Goa manufacturing site has achieved a cumulative reduction of approximately 6,322 in tCO2 carbon emissions.
Your Company continues to pursue energy conservation through high-efficiency production equipment and utility systems. The carbon footprint per million tablets produced has reduced from 0.72 tCO2 to 0.57 tCO2 during the year, indicating improved energy efficiency by over 20% and integration of renewable energy.
Medical Affairs
Your Companys Medical Affairs Team partners with various business units to help deliver our medicines in a way that would not only create greater impact for our customers, but also for patients and communities.
Neurosciences
In FY 2026, the Neurosciences Medical team adopted digital platforms as a core channel for widespread scientific dissemination in migraine care, reaching over 5,000 neurologists and 10,000 psychiatrists across India. Through collaboration with digital education partners, including Medflix and Clirnet, the team delivered didactic, interactive and omnichannel self-paced initiatives aligned to varied learning preferences. Programmes such as Review of Current Practice in Migraine, Wizards of Neurology and Meet the Expert demonstrated high engagement and participant experience.
The Review of Current Practice in Migraine programme engaged over 2,500 healthcare professionals, with an average viewing time exceeding 65 minutes and a satisfaction rating of 4.7 out of 5.
The STOP Migraine omnichannel initiative scaled scientific outreach, generating over 10,000 touchpoints among approximately 3,500 healthcare professionals, with an average digital open rate of 8.6%. These initiatives helped address knowledge gaps and established a scalable, measurement-driven digital engagement model, with impact assessed across reach, engagement and experience metrics.
Cardiovascular Disease and Thrombosis
During FY 2026, the Direct Oral Anticoagulant (DOAC) Medical team in India implemented a multi-channel education strategy to strengthen guideline-directed anticoagulation practices across priority clinical settings. The Anticoagulation Summit (ACS) series, conducted across major Indian cities, convened multidisciplinary audiences from cardiology, neurology, internal medicine, critical care and haematology. These forums reinforced real-world application of evidence-based anticoagulation and facilitated cross-specialty clinical alignment. The ACS series covered 32 institutes and reached approximately 6500 HCPs.
Complementing on-ground scientific exchange, the Review of Current Practice in Venous Thromboembolism servedasakeydigitalplatform.Deliveredincollaboration with the Vascular Society of India, the initiative featured international and national experts and advanced understanding of the venous thromboembolism (VTE) care continuum, cancer-associated thrombosis, risk assessment and management of special populations. The programme engaged approximately 1500 specialists, with a satisfaction rating of 4.8/5.
Disease-focused initiatives such as Advancing Insights in Cancer Associated Thrombosis (AIM CAT) and VTE CONNECT further addressed gaps in cancer-associated thrombosis and deep vein thrombosis management. Delivered across national congresses and institutional programmes, these initiatives demonstrated knowledge improvement and broad healthcare professional reach. Digital education platforms, in tandem with physical meetings, extended engagement beyond key opinion leaders, enabling scalable, interactive and self-learning scientific exchange. These efforts reinforced Pfizers commitment to high-quality, non-promotional medical education.
Anti-Infectives
The Anti-Infective Medical team organised Antimicrobial Stewardship (AMS) roadshows across three tertiary care hospitals in India, engaging over 180 healthcare professionals. These programmes were targeted at settings with limited access to formal AMS training and infrastructure.
Each workshop incorporated baseline assessments, discussions on rapid diagnostics, evidence-based antibiotic selection and case-based learning on Gram-negative infections. Peer-to-peer exchanges were facilitated among specialists from critical care, surgery, gastroenterology, internal medicine, nephrology, orthopaedics and microbiology. The initiative provided feedback on prescribing practices, strengthened interdisciplinary collaboration and promoted stewardship-oriented antibiotic decision-making. Building on these efforts, Infectious Diseases (ID) Dialogues 2025 was launched as a digital-first scientific forum for infectious disease physicians and microbiologists. With approximately 180 formally trained infectious disease specialists in India, the platform addressed important educational gaps through flexible learning on antimicrobial resistance, phar macok ine t ic s /phar maco d y namic s - guide d dosing and emerging resistance mechanisms such as carbapenem-resistant Enterobacterales and metallo beta-lactamase threats. The initiative engaged nearly 100 infectious disease physicians and over 600 microbiologists, with feedback indicating improved confidence in rational antibiotic use and advanced clinical decision-making among early-career clinicians.
Inflammation and Immunology
A medical-led omnichannel strategy advanced systemic therapy discussions for Indian adolescents aged
12–18 years with moderate to severe Atopic Dermatitis (AD). Despite global clinical evidence and regulatory approvals, adoption of advanced therapies in this population remained limited due to gaps in local data and clinical dialogue.
The initiative focused on local evidence generation and scientific dissemination. National key opinion leaders and clinical trial investigators led peer-to-peer discussions on adolescent disease burden, global trial evidence and emerging Indian data. This narrative was disseminated across medical conferences, symposia and digital platforms, engaging over 5,500 healthcare professionals and generating more than 30,000 touchpoints.
Achievements included the first international presentation of Indian adolescent atopic dermatitis data, contribution to global regulatory discussions and international recognition. The initiative supported adoption of advanced therapy discussions in adolescent dermatology and established a scalable, data-driven engagement model.
Vaccines
World Immunization Week 2025 reinforced the global message that "Immunization for All is Humanly Possible," highlighting the importance of trust, access and delivery across the life course. In alignment with this, the Vaccines Medical team in India focused on scientific exchange, evidence generation and collaboration to support pneumococcal disease prevention strategies.
The introduction of the 20-valent pneumococcal conjugate vaccine for adults during FY 2026 represented an advancement in disease prevention. The Medical team supported scientific readiness through peer-reviewed evidence dissemination across 18 scientific conferences, in collaboration with five professional societies spanning nine specialties.
Adult immunization efforts included contributions to nine publications and engagement with 18 adult-focused professional societies, addressing gaps in vaccine awareness among high-risk populations. Evidence generation initiatives received recognition at national forums, including awards at the India Vaccine Leadership Summit and the Blackbuck Awards for Vaccine Research.
The team made progress in strengthening the adult vaccination ecosystem through collaboration with 59 healthcare institutions, updates to 108 adult vaccination reference charts and scientific engagements supporting consistent,evidence-basedpractice.Paediatricinitiatives focused on evidence generation and partnerships with 12 paediatric professional societies, alongside 15 focused engagements involving nearly 1,800 healthcare professionals from public institutions.
Vaccine initiatives across paediatric and adult populations enabled engagement with approximately 85,000 healthcare professionals, generating nearly 240,000 touchpoints through integrated, compliant omnichannel platforms.
Risk and Governance
Internal Financial Controls
Your Company has adequate Internal Financial Controls that commensurate with the size and nature of its operations. These controls include documented policies and procedures, appropriate segregation of duties and monitoring mechanisms designed to safeguard assets, prevent and detect unauthorised use or disposal.
The Internal Financial Controls framework is based on established principles of internal control and covers key financial processes such as revenue, procurement, inventory, fixed assets, treasury, payroll and financial reporting. It is intended to ensure that transactions are properly authorised, accurately recorded and reported in a timely manner. The controls are tested periodically through management reviews, internal audits and statutory audits. Within the Risk Management and Compliance (RM&C) team, the Compliance Controls and Risk (CCR) Lead ensures the effectiveness of internal controls through continuous monitoring.
CCR provides independent assurance to senior management, the Risk Management Committee and the Audit Committee on the adequacy and operating effectiveness of your Companys risk management, internal control and governance processes. The Internal Audit leverages the support of an Independent Chartered Accountancy firm that undertakes audit reviews as per a defined audit plan. The Internal Auditor evaluates the design and operating effectiveness of internal controls and related procedures to provide reasonable assurance that assets are safeguarded, and that financial and operational information is reliable and complete in all material respects.
The Audit Committee reviews and approves audit plans for the year based on internal risk assessment. As per the plan, internal audit reviews are conducted each quarter and significant observations and deviations are reported to the Audit Committee, along with managements remediation plans. Corrective and/ or preventive actions are implemented within agreed timelines and monitored for closure. These measures support the timely identification of control gaps and the prompt implementation of remediation.
Enterprise Risk Management (ERM) Framework
Your Company has a structured and integrated ERM framework that provides an enterprise-wide view of risks across business areas. The framework is designed to proactively address strategic, operational, financial, regulatory and compliance risks that may impact the achievement of its business objectives.
Risk assessment framework supports the identification of key strategic, business, operational and compliance-related risks and the development of appropriate mitigation plans. Consistent with your Companys purpose – "Breakthroughs that change patients lives", the ERM framework places a "patient-first" lens at the core of its risk management strategy. Risks are evaluated based on likelihood and potential impact, enabling management to prioritise and allocate resources to the most significant risk areas.
CCR conducts periodic risk assessments to identify risks that could affect the achievement of your Companys key objectives. The assessment considers current and emerging risks and evaluates them based on likelihood and potential impact. Identified risks, together with mitigation action plans, are documented in the risk register, which covers commercial, operational, financial, regulatory, legal, business and compliance risks. Key risks and mitigation plans are presented to and reviewed by the Risk Management Committee and the Audit Committee biannually.
Compliance and Ethics
Pfizer remains committed to building and sustaining trust in science and to sharing accurate, evidence-based information. This commitment is advanced through responsible digital engagement and strong principle-based collaboration with healthcare organisations and other key stakeholders.
Your Companys purpose and values underpin ethical decision-making and innovation with an emphasis on integrity, safety and quality, and supported by proactive, business-led risk management. Pfizer has been named as the most ethical company globally for five consecutive years (2022–2026) by Ethisphere.
Pfizer maintains a robust compliance framework designed to identify, assess and mitigate evolving risks through accountable leadership and a risk-based approach to decision-making. During the year, the Compliance function implemented initiatives to strengthen ethics and integrity across the organisation, with an integrated risk and compliance governance framework and digital tools for monitoring and early risk identification.
To embed a compliance-led culture across functions and levels, your Company undertook the following interventions:
• Governance Oversight: The Market Quality Risk Committee (comprising senior leaders) periodically reviewed key transactions, compliance risk management programmes and monitored adherence to applicable policies and standards.
• Culture and Capability Building: Your Company continued to reinforce expected behaviours through initiatives such as "Compliance Roadshows" across India and the "Compliance Champions Programme", and structured compliance messaging during plan-of-action meetings and town halls. The Compliance Roadshow, with the theme "Grow with Integrity", was aimed at reinforcing the importance of creating safe spaces to speak up and encouraging a mindset of achieving the objective by leveraging compliance. Around 60 colleagues across functions were appointed as "Compliance Champions" to serve as an extension of the Compliance team and support the local reinforcement of key compliance expectations.
• Policy Accessibility: A central repository of global and local policies was maintained to enable timely access for colleagues, including new recruits. Your Company will implement AI-based solutions to further enhance access to and ease of understanding policies.
• Training and Communication: A structured training and communication plan continued to reinforce a culture of ethics and integrity across the employee life cycle, including periodic refreshers on key compliance risks and expectations.
Pfizers "My Anti-Corruption Policy and Procedures" (MAPP) addresses local statutory requirements and incorporates relevant best practices. Leadership commitment, along with ongoing training and communications, continued to strengthen compliance and ethical standards. Policies and procedures were reviewed and updated, as required, in response to evolving regulatory expectations and emerging risks.
Your Companys Office of the Ombuds continued to serve as a confidential and impartial resource for colleagues to discuss work-related issues, questions or concerns. The office provides perspectives and guidance to support early resolution of workplace challenges and remains accessible to all colleagues irrespective of role or level.
Environment, Health and Safety (EHS)
Pfizer continues to focus on fostering a safe, healthy and sustainable work environment by implementing comprehensive EHS programmes. These initiatives are integrated throughout your Companys operations, ensuring that EHS principles are embedded in daily activities. This approach supports employee wellbeing, drives operational excellence and demonstrates Pfizers ongoing commitment to environmental responsibility.
Leadership and Colleague Engagement
Your Companys leadership actively assesses EHS performance through quarterly reviews and participates in EHS initiatives. Regular employee engagement activities are implemented to nurture a safety-first culture, ensuring that all colleagues, regardless of their role or location, understand the importance of EHS and are empowered to contribute to a safer workplace.
Digital Engagement
Pfizer leverages digital platforms to further enhance its EHS programmes. Your Company utilises online learning management systems for employee orientation and periodic training, ensuring that new hires receive comprehensive training and resources as they begin their roles. Digital tools are also utilised for incident reporting, allowing employees to quickly and efficiently report safety concerns or environmental incidents, which supports prompt response and continuous improvement. These platforms streamline communication, foster accountability and help maintain high standards of safety and compliance.
Business Resilience
Pfizers EHS team is actively working to strengthen business continuity planning. By regularly assessing potential risks and developing robust response strategies, your Company ensures that essential operations can withstand disruptions, whether from environmental incidents or unexpected challenges. Cross-functional collaboration and ongoing training further reinforce preparedness, enabling Pfizer to maintain service delivery and safeguard stakeholder interests under all circumstances.
Legal
The Legal function plays a pivotal role in supporting your Companys long-term strategy by enabling sustainable growth while safeguarding value. The team is closely embedded with business and functional leadership, providing forward-looking advice on key strategic initiatives, new product launches, collaborations and digital transformation. By engaging early in decision-making, the function enables speed-to-market while ensuring compliance with evolving regulatory expectations in the pharmaceutical sector.
Given the highly regulated nature of the industry, the Legal function maintains a strong enterprise-wide legal and regulatory risk management framework. This includes monitoring legal developments, managing complex litigation and investigations, strengthening compliance programmes and advising the Board and senior management on material legal risks. The emphasis is on prevention, accountability and resilience, with a clear focus on ethical conduct and regulatory compliance.
To enhance efficiency, consistency and risk visibility, the Legal function continues to leverage technology and data-driven tools for contract management, compliance tracking, litigation management and legal analytics. Select adoption of digital and AI-enabled tools are being undertaken responsibly, with appropriate governance, to improve turnaround time and decision quality.
Finance
During FY 2026, the Finance function continued to act as a strong and effective business partner, providing strategic guidance while upholding high standards of internal controls and corporate governance. The team worked closely with business leadership to support evolving go-to-market models, including marketing and distribution partnerships, through disciplined financial evaluation, commercial structuring and ongoing performance monitoring.
Finance also played a key role in strengthening governance processes, ensuring robust financial controls, effective risk management and compliance with applicable regulatory requirements. The function continued to support sound decision-making through timely insights, prudent capital allocation and focused cost management, thereby enabling sustainable business performance.
Corporate Social Responsibility (CSR)
Guided by its purpose—Breakthroughs that Change Patients Lives—Pfizer continues to deliver CSR initiatives aimed at improving health outcomes across India. Your Companys programmes focus on healthcare innovation, access to care, support to government health priorities and humanitarian response.
In FY 2026, CSR initiatives advanced across the following areas:
• Promotion of Indian innovation and intellectual property in healthcare
• Awareness and access initiatives in partnership with NGOs, government agencies and healthcare providers
• Support to national and state government health priorities
Addressing Antimicrobial Resistance (AMR)
In collaboration with Americares India Foundation (AIF), Pfizer continued to strengthen its national response to AMR:
• Project Parivartan, focused on institutional strengthening, entered its second phase in Goa in partnership with the State Government, Goa Medical College and the Directorate of Health Services. This four-year phase aims to strengthen infection control and antimicrobial stewardship across 41 public healthcare facilities.
• The OPEN-AMR online learning platform, developed with the Trained Nurses Association of India (TNAI), offers WHO-aligned IPC and AMS training in 11 languages and has secured state-level partnerships in Maharashtra and Goa with credit points. The programme continues to receive strong engagement from nursing professionals.
Health Infrastructure in Goa
In Borim, North Goa, your Company and Americares India Foundation upgraded seven Anganwadi Centres, benefiting over 250 children. The project focused on improving WASH (Water, Sanitation and Hygiene) infrastructure, upgrading classrooms and kitchens, and promoting hygiene education.
Pfizer–Tata Cancer Care Foundation Project
In partnership with Tata Cancer Care Foundation (TCCF), this project aims to improve early detection and reduce cancer-related morbidity and mortality through:
• Health and wellness kiosks in eight cities offering counselling, lifestyle disorder prevention and cancer screening services.
• Community outreach in eight locations to increase screening coverage and establish referral pathways.
• Capacity building of frontline health workers, including ASHAs, ANMs and CHOs. In FY 2026, the initiative directly impacted over 500,000 beneficiaries through screening, awareness, training and ongoing care.
Project Aastha: Support for Cancer Patients
Project Aastha was designed around the journey of cancer patients navigating Indias public healthcare system, where treatment is vital, but guidance, emotional support and access to welfare often determine whether care is completed. Supported by your Company and implemented by Doctors For You (DFY), Aastha provides non-clinical support within government hospitals through Cancer Helpdesks and a daily helpline.
The initiative provides patients and caregivers with step-by-step navigation across diagnosis, treatment and rehabilitation, psychosocial counselling, and linkages to government schemes, financial aid, accommodation and travel support. Operating across 15 public hospitals, Aastha has supported over 8.5 lakh oncology patients, reducing treatment delays and easing anxiety, demonstrating that patient-centric care must address the full care journey.
Pfizer INDovation: Driving Healthcare Innovation
Pfizer INDovation, a flagship initiative in partnership with NITI Aayog, Department of Pharmaceuticals, NIPER Ahmedabad, Foundation for Innovation and Technology Transfer IIT Delhi and Social Alpha, supports health-tech startups across diagnostics, devices, oncology, and digital health:
• The first cohort concluded with five startups receiving 65 Lakh each for clinical validation, regulatory approval and pilot deployment. The cohort secured follow-on funding and was showcased at global forums, including the World Health Assembly in Geneva.
• A dedicated NIPER-A edition supported six early stage startups with 25 Lakh each. These ventures focused on areas such as HPV testing, breast health, diarrhoea differentiation, chronic kidney disease, peripheral artery disease and gastrointestinal cancer diagnostics. All six were pre-approved under the Department of Pharmaceuticals PRIP and Meditech initiatives.
• In 2026, the second cohort will support 14 startups across development and deployment tracks with grants of up to 60 Lakh each. The deployment pathway will facilitate pilot implementation at Ayushman Arogya Mandirs to demonstrate clinical efficacy.
Shortfall in CSR Spend
The CSR funds were earmarked for seven key projects
– (i) Tata Trusts Cancer Care Project (ii) Project Aastha
- Cancer Care Patient helpdesks through Doctors for You (iii) Project Parivartan and Online Learning Platform with Americare, (iv) Open AMR – Americares (v) Goa Community Development Project (vi) Pfizer INDovation and IP Project and (vii) Tata Marathon 2025. Given the scale and ongoing nature of following CSR programs – (i) Tata Trusts Cancer Care Project, (ii) Project Aastha Cancer Care Patient helpdesks through Doctors for You, (iii) Open AMR - Americares, and (iv) Pfizer INDovation and IP Project, the Company could not utilize the full funds earmarked for the financial year under review. These CSR ongoing projects and long term in nature which required the Company to release the funds in phased manner.
As per the provisions of the Companies Act, 2013, the unspent CSR amount of 3.42 Crores have been transferred to Pfizer Limited - Corporate Social Responsibility Unspent Account FY 2025 - 26 and will be subsequently spent on the Companys said ongoing CSR projects within a period of three financial years.
The report on Corporate Social Responsibility activities for the Financial Year ended March 31, 2026 is annexed herewith as "Annexure - A".
Significant Transactions
Exclusive Supply and Marketing Agreement with Cipla Limited
During the year under review, your Company continued to evolve its commercial models by investing in innovative partnerships, that included collaboration with Cipla Limited, aimed at enhancing patient access and expanding the reach of Pfizers therapies. Your Company entered into an exclusive Supply and Marketing Agreement with Cipla Limited for marketing and distribution of its four brands, viz., Corex Dx, Corex LS, Dolonex, and Neksium. A charge of 41.73 Crore was made during the year under review which included personnel separation cost of field force and marketing teams as a result of the said arrangement and also includes personnel separation cost for other support functions.
Whistle Blower / Vigil Mechanism
Your Company is guided, to the extent applicable, by the "Blue Book - Summary of Pfizer Policies on Business Conduct" of its parent company, Pfizer Inc., USA. Pfizers Blue Book, our Code of Conduct is designed to support our core Values, particularly Excellence, as we perform our best together, and Equity, as we should always act with integrity.
Your Company is dedicated to fostering a culture in which all Directors, Employees and Stakeholders can ask questions, raise concerns, and report potential misconduct without the fear of retaliation. Your Company has established a Whistle Blower / Vigil Mechanism through which its Directors, Employees and Stakeholders can report their genuine concerns about unethical behaviour, actual or suspected fraud or violation of the Companys code of conduct or ethics policy.
Your Company measures colleague comfort and awareness about raising concerns, including awareness of our Open Door Policy, through an annual confidential employee survey; results help focus leadership communications, training, and other proactive efforts to foster our culture
The Whistle Blower / Vigil Mechanism policy provides for adequate safeguards against victimization and direct access to the level supervisors. The e-mail ID for reporting genuine concerns is: corporate.compliance@pfizer.com. In appropriate and exceptional cases, concerns may be raised directly to the Chairman of the Audit Committee at Chairman.IndiaAuditcom@pfizer.com
No person has been denied access to the Audit Committee Chairman. A quarterly report on the Whistle Blower complaints received and action taken thereon is placed before the Audit Committee for its review.
Prevention Of Sexual Harassment Policy
Pfizer aims to foster a strong safety culture and help ensure safe and respectful working conditions for all individuals supporting our operations.
In terms of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 ("the Act") your Company has constituted an Internal Complaints Committee (‘ICC) which seeks to protect colleagues against sexual harassment at workplace.
Your Companys POSH Policy is inclusive and gender neutral, and applies to all employees as well as individuals associated with the Company, including consultants, trainees, volunteers, third-party personnel and visitors.
Your Company has specially designed training modules to help all colleagues understand what constitutes sexual harassment at workplace, how to address it and Pfizers role in preventing it.
The details of complaints filed and disposed of during the Financial Year under review are as under:
Sr No. Particulars |
No. of Complaints |
| 1 Number of Complaint(s) pending in the beginning of the year | Nil |
| 2 Number of Complaint(s) filed during the year | Nil |
| 3 Number of Complaint(s) disposed of during the year | Nil |
| 4 Number of Complaint(s) pending for more than 90 days | Nil |
| 5 Number of Complaint(s) pending at the end of the year | Nil |
Compliance under Maternity Benefits Act, 1961
Your Company also remains committed to promoting and supporting the overall wellness of its colleagues by offering robust and differentiated benefits. During the year under review your Company has duly complied with the applicable provisions of the Maternity Benefit Act, 1961.
Directors
The Board currently comprises of a total of 7 Directors, including 3 Independent Directors, 1 Non-Executive Non-Independent Director and 3 Executive Directors. There were no changes in the composition of Board of Directors during the year under review.
Ms. Meena Ganesh, Mr. Lakshmanan Krishnakumar and Ms. Sonia Singh are Non-Executive Independent Directors on the Board. Mr. Pradip Shah is a Non-Executive Non-Independent Director on the Board. Ms. Meenakshi Nevatia, Mr. Amit Agarwal and Mr. P Rengan are the Executive Directors on the Board. The Chairman of the Board is a Non-Executive Non-Independent Director.
In accordance with the provisions of the Companies Act, 2013, Mr. P. Rengan, (DIN: 10362899) retires by rotation at the ensuing Annual General Meeting, and being eligible, offers himself for re-appointment.
In the opinion of the Board, all Directors, including Independent Directors, possess requisite qualifications, experience, proficiency, expertise and hold high standards of integrity.
All Independent Directors have given the declaration that they meet the criteria of Independence as laid down under Section 149(6) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board is of the opinion that the Independent Directors of the Company have fulfilled the conditions as specified in SEBI Listing Regulations, and are Independent of the management.
During the year under review, the Non-Executive Directors of the Company had no pecuniary relationship or transactions with the Company other than sitting fees and commission received by them .
Ms. Meenakshi Nevatia, Managing Director, Mr. Amit Agarwal, Executive Director - Finance & Chief Financial Officer, Mr. P. Rengan, Executive Director – Plant Operations and Mr. Prajeet Nair, Director – Corporate Services & Company Secretary are the Key Managerial Personnel of the Company.
Board Performance Evaluation
Your Company has devised a Performance Evaluation Framework which sets a mechanism for the evaluation of the Board as a whole, Chairman of the Board, Board level Committees and Individual Directors. The Performance Evaluation of the Board, Committees and Directors was carried out through an evaluation mechanism in terms of the aforesaid Performance Evaluation Framework. The performance evaluation of each individual Director, Chairman of the Board, the Board as a whole and its Committees was carried out through a rating mechanism and deliberations.
The said performance evaluation was conducted based on the parameters stated in the templates designed under the aforesaid framework and after taking into consideration the guidance note issued by the Securities and Exchange Board of India.
Familiarization Program for Independent Directors
Your Company has in place a Familiarization Program for Independent Directors to provide insights into the Companys business to enable them to contribute significantly to its success. The Executive Directors and Senior Management make presentations periodically to familiarize the Independent Directors with the strategic operations and functions of the Company. Your Company also circulates news and articles related to the industry and provides specific regulatory updates to the Independent Directors on a regular basis.
The details of the Familiarization Programs carried out during the year are available on Companys website:https://www.pfizerltd.co.in/files/Familiarization-Program-for-Independent-Directors-FY-2026.pdf
Nomination and Remuneration Policy
The Board has on the recommendation of the Nomination and Remuneration Committee, framed a policy for selection and appointment of Directors, Senior Management, Key Managerial Personnel and their remuneration. The Nomination and Remuneration Policy is available on the website of the Company: https:// www.pfizerltd.co.in/files/Pfizer-Limited-Nomination-&Remuneration-Policy.pdf
Independent Directors Meeting
During the year under review, one Meeting of the Independent Directors was held on May 19, 2025, without the presence of the Executive Directors. At the said Meeting, the Independent Directors carried out a performance evaluation of Non-Independent Directors, the Board as a whole, the performance of the Chairman of the Company and its Committees, and the quality, quantity and timeliness of the flow of information between the Management and the Board, based on the Performance Evaluation framework of the Company. All the Independent Directors were present at the aforesaid Meeting.
Meetings of the Board
The details of the meetings of the Board and its Committees are provided in the Corporate Governance Report which forms part of this Report and annexed herewith as "Annexure - F".
Directors Responsibility Statement
Based on the framework of Internal Financial Controls and compliance systems established and maintained by the Company, audits conducted by the Internal Auditor, Statutory Auditor, including the audit of Internal Financial Controls, Cost Auditor and Secretarial Auditor, reviews performed by the management, the Board and its Committees, the Board is of the opinion that the Companys Internal Financial Controls were adequate and operating effectively during the financial year under review.
Your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013, for the financial year ended March 31, 2026:
1. That in the preparation of the annual financial statements for the year ended March 31, 2026 the applicable accounting standards have been followed along with proper explanations relating to material departures, if any;
2. That such accounting policies as mentioned in Notes 2 and 3 of the Notes to the Financial Statements have been selected and applied consistently, and judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on March 31, 2026 and of the profit of the Company for the year ended on that date;
3. That proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
4. That the annual financial statements have been prepared on a going concern basis;
5. That proper internal financial controls were in place and that the financial controls were adequate and were operating effectively; and
6. That systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.
Risk Management Policy
The details pertaining to the Risk Management Policy are included in the Corporate Governance Report, which forms part of this Report and annexed herewith as "Annexure - F".
Related Party Transactions
All Related Party Transactions that were entered during the financial year were on an arm s length basis and were in the ordinary course of business. There are no materially significant related party transactions made by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interests of the Company at large.
The Company had entered in materially significant related party transactions with Pfizer Service Company BVBA, Belgium for purchase of raw materials, bulk drugs and finished goods. The same is within the limit duly approved by the members at the 65th Annual General Meeting.
All Related Party Transactions are placed on a quarterly basis before the Audit Committee for approval and before the Board for consideration and noting.
All related party transactions are reviewed and certified by an Independent third-party expert firm to establish compliance with the applicable regulations, policy and limits.
The Policy on Related Party Transactions as approved by the Board is uploaded on the Companys website: https://www.pfizerltd.co.in/files/Policy-on-Related-Party-Transactions_January-2025.pdf
None of the Directors have any material pecuniary relationships or transactions vis-?-vis the Company. Pursuant to Section 134 of the Companies Act, 2013 and Rules made thereunder, particulars of transactions with related parties as required under Section 188 (1) of the Companies Act, 2013, in the prescribed Form AOC- 2, forms part of this Report and annexed herewith as "Annexure - B".
Particulars of Loans, Guarantees And Investment
The Company has not granted any loans, guarantees, or investments under Section 186 of the Companies Act, 2013 for the financial year ended March 31, 2026.
Transfer to Reserves
The Company has not transferred any amount to the general reserves during the year under review.
Deposits from Public
During the financial year under review, the Company has not accepted any deposits from the public and as such, no amount on account of principal or interest on deposits from the public was outstanding as on the date of the Balance Sheet.
Material Changes affecting the Company
There have been no material changes and commitments affecting the financial position of the Company between the end of the Financial Year and date of this report.
Disclosures of Orders passed by Regulators or Courts or Tribunal
No orders have been passed by any Regulator or Court or Tribunal which can have impact on the going concern status and the Companys operations in future.
Auditors
The Auditors, M/s. B S R & Co. LLP, Chartered Accountants (Firm Registration No. 101248W/W - 100022), were appointed as Statutory Auditors to hold office for a term of 5 (five) years from conclusion of the 71st Annual General Meeting till the conclusion of the 76th Annual General Meeting.
Accordingly,M/s.BSR&Co.LLPwillcontinuetoholdoffice till the conclusion of the 76th Annual General Meeting of the Company. M/s. B S R & Co. LLP have confirmed their eligibility and that they are not disqualified to hold the office of Statutory Auditor.
The Auditor s Report for the financial year ended March 31, 2026, does not contain any qualification, reservation or adverse remark in respect of the financial statements for the year ended March 31, 2026. As regards the Auditors comments under paragraph 2B(f) of their Audit Report in respect of audit trail, the Company is in the process of exploring options to conform to the requirements. With respect to the observation referred to in paragraph 1B(vii)(a) of Annexure A to the Auditors Report regarding non-payment of professional tax, the Company was unable to remit the amount due to technical issues encountered on the Government portal. The Company has been actively pursuing the matter with the concerned authorities and shall remit the dues upon resolution of the portal-related issues.
Cost Auditors
Pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014, as amended from time to time, the Board of Directors has, on the recommendation of the Audit Committee, appointed M/s. Kishore Bhatia & Associates, to audit the cost accounts of the Company for the financial year 2026-27.
As required under the Companies Act, 2013, a resolution seeking Members ratification for the remuneration of 11,00,000/ (Rupees Eleven Lakhs only) payable to M/s. Kishore Bhatia & Associates, Cost Auditors is included at Item No. 4 of the Notice convening the Annual General Meeting.
M/s. Kishore Bhatia & Associates have confirmed their eligibility to be the Cost Auditors and have been appointed to conduct Cost Audit of the Companys records for the financial year ending March 31, 2027.
Your Company is required to maintain the cost records as specified by the Central Government under sub- section (1) of Section 148 of the Companies Act, 2013. Your Company has accordingly maintained the same and shall file the Cost Audit Report for Formulations and Compliance Report for the financial year ended March 31, 2026 within the prescribed timelines.
Secretarial Auditors
Pursuant to the provisions of the Section 204 of the Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Regulation 24A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, M/s. Parikh & Associates (Firm Registration No. P1988MH009800), were appointed as the Secretarial Auditors of the Company for a period of five consecutive years commencing from Financial Year 2025-26 till financial year 2029-30.
M/s. Parikh & Associates have confirmed they are not disqualified from being appointed as the Secretarial Auditors of the Company and satisfy the prescribed eligibility criteria.
The Secretarial Audit Report for the financial year ended March 31, 2026, issued by M/s. Parikh & Associates does not contain any qualification, reservation or adverse remark. The said report forms part of this Report and is annexed herewith as "Annexure - E".
Annual Secretarial Compliance Report
The Company has undertaken an audit for the financial year 2025-26 for all applicable compliances as per SEBI Regulations and Circulars / Guidelines issued thereunder. The Annual Secretarial Compliance Report has been submitted to the stock exchanges within 60 days from the end of the financial year under review. The Annual Secretarial Compliance Report is available on the Companys website at https://www.pfizerltd.co.in/ files/Pfizer-Limited-ASCR-Covering-letter-FY-2026.pdf
Compliance With Secretarial Standards
Your Directors confirm that the Secretarial Standards issued by the Institute of Companies Secretaries of India, as applicable to the Company and which are mandatory in nature, have been duly complied with.
Annual Return
Pursuant to Section 92(3) read with Section 134(3)(a) of the Companies Act, 2013 and rules made thereunder, the Annual Return of the Company as on March 31, 2026 in Form MGT-7 is available on the Company s website at https://www.pfizerltd.co.in/files/AC4410722.pdf
Corporate Governance and Business Responsibility & Sustainability Reporting
A Report on Corporate Governance along with a Certificate from B S R & Co. LLP, regarding compliance with the conditions of Corporate Governance as stipulated under Regulation 34(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 forms part of this Report and annexed herewith as "Annexure - F".
As required under Regulation 34 of the Listing Regulations, the Business Responsibility and Sustainability Report for the year ended March 31, 2026, along with the Reasonable Assurance Statement from Bureau Veritas (India) Private Limited forms part of this Report and annexed herewith as "Annexure – G".
General Information
I. The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3) (m) of the Companies Act, 2013 read with Rule 8 of The Companies (Accounts) Rules, 2014, forms part of this Report and is annexed herewith as
"Annexure – C".
II. A table containing particulars of employees in accordance with the provisions of Section 197(12) of the Companies Act, 2013, ("the Act") read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, forms part of this Report and is annexed herewith as "Annexure - D".
III. The information required pursuant to Section 197(12) of the Act read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company, forms part of this Report. However, as per the provision of Sections 134 and 136 of the Act, the Report and Accounts are being sent to the Members and others entitled thereto, excluding the information on employee particulars which is available for inspection by the Members through electronic mode up to the Committee ensures that the implementation, monitoring and impact assessment of the projects is in compliance with the CSR objectives and Policy of your Company date of the ensuing Annual General Meeting. Any member interested in obtaining a copy of such statement may write to the Company Secretary.
IV. The Company does not have any subsidiary, associate, or joint venture company.
V. The Company has transferred dividend(s) which were unpaid / unclaimed for seven years to Investor Education and Protection Fund along with the shares in respect of which dividend was not paid or claimed for seven consecutive years as per the applicable provisions of the law.
VI. The Company has not made any one-time settlement with the banks or financial institutions.
VII. The Company has not filed any applications and has no pending proceedings under the Insolvency and Bankruptcy Code, 2016, during the year under review.
Cautionary Note
Certain statements in respect to Management Discussion and Analysis may be forward looking and are stated as required by the applicable laws and regulations. The future performance of the Company may be affected by many factors, which could be different from what the Directors envisage in terms of future performance and outlook.
Acknowledgments
Your Directors would like to place on record their sincere appreciation for the support and assistance extended by the Companys suppliers and business associates. Your Directors are thankful to the esteemed shareholders for their continued support and the confidence reposed in the Company and its management.
Your Directors wish to place on record their appreciation for the support and guidance provided by its Parent Company, Pfizer Inc., USA.
For and on behalf of Board of Directors
Pradip Shah |
Chairman |
DIN: 00066242 |
Mumbai, May 12, 2026 |
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