Pfizer Limited has informed stock exchanges of the appointment of M/s. Kishore Bhatia & Associates as its Cost Auditors for the financial year ending March 31, 2027. The decision was taken by the Board of Directors, acting on the recommendation of the Audit Committee, at their meeting held on May 12, 2026. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Appointment Details

The key details of the appointment, as disclosed in Annexure A filed with the exchanges, are summarised below:

The remuneration payable to M/s. Kishore Bhatia & Associates shall be placed before the shareholders for ratification at the ensuing Annual General Meeting.

Profile of the Appointed Firm

M/s. Kishore Bhatia & Associates is a firm of Practicing Cost Accountants based in Mumbai, offering a wide spectrum of services to its clientele. The firm has handled various assignments in costing, including:

• Cost audits and certifications
• Setting up costing systems
• Cost consultancy
• Costing-based turnaround strategies
• Internal audit, stock and assets verification, and industry studies

The firm has conducted Cost Audits for clients across diverse industries, including Pharmaceuticals, Engineering, Chemicals, Insecticides, Construction, Real Estate, Steel, Infrastructure, Telecommunications, Plastics & Polymers, Petroleum, FMCG, Medical Devices, Ports, Roads, Paints, and Energy. The firm comprises highly qualified Partners supported by an experienced professional team.

Regulatory Compliance

The filing was made in accordance with SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The disclosure was signed by Prajeet Nair, Director – Corporate Services & Company Secretary of Pfizer Limited, on May 12, 2026.

Pfizer has received an Assessment Order from the Income Tax Department demanding ₹85,73,96,440 along with a show-cause notice for penalty proceedings. The pharmaceutical company disclosed this development through a regulatory filing under SEBI Listing Regulations, providing detailed information about the tax assessment for Financial Year 2022-23.

Assessment Order Details

Nature of Tax Dispute

The Income Tax Department has raised the demand citing alleged under-reporting of income due to disallowance of expenses in the tax return filed for FY2022-23. Additionally, the department has issued a show-cause notice for initiating penalty proceedings under sections 274 read with 270A of the Income Tax Act, 1961.

Company's Response Strategy

Pfizer is currently evaluating the Assessment Order and plans to take appropriate legal steps within prescribed timelines. The company intends to file an appeal and/or application for stay against the order. Based on preliminary factual and legal assessment, Pfizer believes it has strong grounds on merits to contest the tax department's claims.

Financial Impact Assessment

The company has stated that it does not expect the Assessment Order to have any material impact on its financial position, operations, or other activities at this stage. This assessment reflects Pfizer's confidence in successfully defending against the Income Tax Department's allegations through the appropriate legal channels available under the tax laws.