BackWyeth Q3 net up 19% to Rs20.79 cr
Wyeth Q3 net up 19% to Rs20.79 cr
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Mumbai, Drug maker Wyeth Ltd on Tuesday said its net profit in the December quarter grew 18.52% at Rs20.79 crore over the corresponding period, a year-ago.
Pharmaceutical firm, whose US-based promoter Wyeth has been offered a $68 billion cash-and-stock buyout offer from rival Pfizer on Monday, had a net profit of Rs17.54 crore in the same quarter of the previous fiscal.
Total income from operations rose to Rs94.04 crore in the third quarter from Rs84.36 crore a year ago, Wyeth said in a filing to the Bombay Stock Exchange.
While, for the nine-month period ended 31 December, 2008, the company posted a net profit of Rs81.17 crore, a 17% growth over the same period, a year ago. Last fiscal, it had a net profit of Rs69.32 crore in the same period.
At the end of the December quarter, Wyeth USA had 35.32% stake in the firm, while Wyeth Holding Corporation US and Johan Wyeth & Brother Ltd, UK, hold up to 10.25% and 5.55% stakes respectively, as per information available on the bourses.
Collectively, the promoter group holds 57.15% stake in Wyeth Ltd, which also includes 6% holding of Atul Ltd.
Reportedly in one of the biggest deals in pharma sector, Pfizer has entered into a definitive-agreement with Wyeth under which Pfizer will acquire Wyeth in a cash-and-stock transaction currently valued at $50.19 per share, or a total of approximately $68 billion.
After touching an intra-day high of nearly 11%, Wyeth was trading at Rs433.30, down 0.78% in the afternoon trade on the BSE index.
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