Pharmaceutical major Pfizer has discontinued manufacture and sale of popular cough syrup Corex with immediate effect after the government banned fixed dose combination of Chlopheniramine Maleate+ Codeine Syrup.
“This is to inform you that the Government of India vide Notification… dated March 10, 2016… has prohibited the manufacture for sale, sale and distribution of fixed dose combination of Chlopheniramine Maleate + Codeine Syrup with immediate effect,” Pfizer said in a BSE filing today.
It further said: “In view of this, the company has discontinued the manufacture and sale of its drug Corex with immediate effect.”
Pfizer said Corex maintains a “well established efficacy and safety profile in India” and the “company is exploring all available options at its disposal.”
Elaborating on the impact, the company said: “The above prohibition is likely to have an adverse impact on the revenue and profitability of the company… Corex recorded sale of Rs 176 crore for the nine month period ended December 31, 2015.”
Shares of Pfizer were 5.19 per cent lower at Rs 1,827.75 on BSE in the morning trade.