Pfizer Recalls Four Products After Manufacturing Error
The company announced the recall of Magnex, Magnex Forte, Zosyn, and Magnamycin injections.
Pfizer Ltd. has initiated voluntary recall of four products after an 'out-of-specification' was observed at the manufacturing facility of its contract manufacturer.
The company announced the recall of Magnex, Magnex Forte, Zosyn, and Magnamycin injections, in an exchange filing on Thursday. These products were manufactured by Astral SteriTech Pvt. and marketed by Pfizer, the statement said.
The company was informed by Astral—its contract manufacturer for the recalled products in India—that it has observed an 'out-of-specification' during a routine environmental monitoring of its manufacturing block. In industry parlance, 'out-of-specification' refers to deviation from predetermined specification or accepted criteria set by the manufacturer or laboratory.
"While this issue is presently being investigated, out of an abundance of caution, Pfizer has decided to voluntarily recall from the market all batches of these three products," the company told the exchanges.
This voluntary recall is "likely to have an impact on the revenue and profitability of the company", Pfizer said. The recalled products accounted for sale of Rs 139 crore during the year ended March 31, 2023.
Shares of Pfizer closed 0.01% lower on Thursday at Rs 3,819.40 apiece, as compared with a 0.21% decline in the S&P BSE Sensex, which closed at 61,431.74.
