Pfizer Limited has announced strategic changes to its senior management team, effective February 1, 2026, as part of an organizational restructuring across key business divisions. The pharmaceutical company informed stock exchanges about these appointments and transitions on January 20, 2026, in compliance with SEBI listing regulations.

Key Management Appointments and Changes

The company has made three significant changes to its senior management structure:

New Vaccine Division Leadership

Mr. Nilesh Pendse brings extensive pharmaceutical industry experience to his new role as Category Lead – Vaccines. He joined Pfizer Products India Private Limited in 2024, where he led the Oncology Business, focusing on strategic growth, market access, and stakeholder engagement to advance cancer care.

Prior to joining Pfizer, Mr. Pendse held leadership positions at prominent pharmaceutical companies including Boehringer Ingelheim and Novartis, where he managed diabetes and neurosciences divisions with focus on sales, marketing, and franchise operations. His background also includes consulting experience with Boston Consulting Group, Ernst & Young, and Accenture, leading projects in strategy, revenue acceleration, and business transformation.

Educational Background and Qualifications

Mr. Pendse holds strong academic credentials for his leadership role:

• MBA in Marketing from Jamnalal Bajaj Institute of Management Studies
• Bachelor's degree in Electronics Engineering from the University of Mumbai

Organizational Restructuring Details

Mr. Manikantan Seshadrinathan, who currently serves as Category Lead for Hospitals & Rare Disease, will transition to another role within the broader Pfizer Group Companies. His departure from the Indian operations creates an opportunity for organizational realignment.

Mr. Prashant Mahalingam will expand his current responsibilities by taking on additional oversight of the Hospitals Business. His redesignation to Category Lead – Internal Medicine & Hospitals reflects the company's strategy to consolidate related business areas under experienced leadership. Pfizer had previously informed stock exchanges about Mr. Mahalingam's profile and details when he was appointed as Category Lead – Internal Medicine on November 5, 2024.

Compliance and Governance

The company has fulfilled all regulatory disclosure requirements under SEBI Listing Regulations 2015 and SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023. Mr. Pendse holds no shares in the company and has no relationships with existing directors, key managerial personnel, or senior management personnel, ensuring independence in his new role.

Pfizer Limited has received a substantial GST demand order from West Bengal tax authorities, significantly higher than a previous demand from Uttar Pradesh. The pharmaceutical company has informed stock exchanges under regulatory disclosure requirements, maintaining that the latest demand lacks merit and plans to challenge it through appropriate legal channels.

Latest GST Demand Details

The Office of the Additional Commissioner of GST & CX, Jurisdiction: Kolkata, West Bengal issued an order dated December 27, 2025, following a GST audit conducted for Financial Years 2018-19 to 2022-23. The demand breakdown includes:

Nature of Violation Alleged

The Additional Commissioner raised the GST demand under Section 74 of the Goods & Services Tax Act, 2017. The primary issue centers on alleged incorrect availment of Input Tax Credit by the company during Financial Years 2018-19 to 2022-23. Tax authorities have questioned the company's Input Tax Credit claims across this extended period.

Previous GST Demand Context

This latest demand follows an earlier GST order from Uttar Pradesh authorities. The previous demand from the Office of Joint Commissioner, Corporate Circle, Lucknow involved:

Company's Response and Legal Strategy

Pfizer has rejected the validity of the latest demand order. Based on the company's internal assessment, management believes the GST demand is not maintainable under applicable tax laws. The company has initiated the process of filing an appeal against the order to contest the allegations, similar to its approach with the previous Uttar Pradesh demand.

Impact Assessment

Despite the significantly higher monetary value of the latest demand, Pfizer has clarified that the order will not materially impact its business operations. The company's assessment indicates:

• No material impact on financial performance
• No disruption to operational activities
• No effect on other business activities

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Additional details were provided in compliance with SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, ensuring comprehensive information sharing with investors and regulatory authorities.