Hyderabad: Natco Pharma Ltd’s net profit more than doubled in the quarter ended September, driven by sales at its formulations business.
The company posted a net profit of Rs66 crore during the July-September quarter, compared with Rs30.3 crore in the same period the previous year. Revenue rose 92.5% to Rs467.9.
The formulations business, which accounts for a lion’s share of Natco Pharma’s revenue, grew 85% to Rs370.1 crore.
The growth was predominantly driven by increased domestic sales of its hepatitis C products.
Natco Pharma had the first-mover advantage in terms of sales of a generic version of Sovaldi and Harvoni. The company got approval in March 2015 from the Drugs Controller General of India to sell a licensed generic copy of the anti-viral drug sofosbuvir in India.
Sofosbuvir is a $1,000-a-pill hepatitis C drug of Gilead Sciences Inc. and is sold under the brand name Sovaldi.
Natco Pharma sells sofosbuvir under its own brand, and also supplies the drug to third parties.
Shares of Natco gained 0.29% to close at Rs618.64 on the BSE while the benchmark Sensex declined 2.54% to end 26,818.82 points.