BackAlembic Pharma net profit up 30%
The company posted a net profit of Rs91.2 crore in the fourth quarter of FY16, compared to Rs70.2 crore in the same period the previous year
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Hyderabad: Alembic Pharmaceuticals Ltd on Wednesday said its net profit rose 30% in the quarter ended March on the back of a strong performance by its international formulations and active ingredients businesses.
The Vadodara, Gujarat-based company posted a net profit of ₹ 91.2 crore in the fourth quarter of FY16, compared to ₹ 70.2 crore in the same period the previous year.
Revenue rose 25% to ₹ 626.6 crore.
For the full year ended March, Alembic’s net profit more than doubled to ₹ 719.4 crore while revenue was up by 53% to ₹ 3,148.7 crore.
The international formulation business, which comprises a third of Alembic’s overall sales, grew 20% to ₹ 190 crore, on account of new launches.The Indian branded formulation business grew 12% to ₹ 260 crore. The active pharmaceutical ingredient business doubled to ₹ 167 crore.
Alembic launched six new products in the US in FY16 including off-patent ones such as aripiprazole, the generic version of Bristol-Myers Squibb Co.’s anti-depression drug Abilify; and celecoxib, a generic equivalent of G.D. Searle LLC’s painkiller drug Celebrex.
The company received 10 abbreviated new drug application (ANDA) approvals in the last financial year, taking the total approvals to 47.
The company said it is planning to launch 7-8 new drugs in the US in FY17, and is also evaluating existing relationships with its partners as it plans to focus on building its front-end business in the country.
“This has been an outstanding year for the company," Pranav Amin, managing director of Alembic, said.
“Research and development will continue to remain a thrust area and we hope to strengthen our portfolio rapidly in the years to come," Amin added.
Alembic spent ₹ 128 crore on R&D for the quarter, which is 20% of net sales.
The company said it commissioned a formulation plant in Sikkim in the fourth quarter. The plant is dedicated to the domestic formulation business.
Shares of Alembic rose 0.62% to close at ₹ 618.70 each on the BSE, on Wednesday, on a day the benchmark Sensex gained 0.22% to end 26,064.12 points.
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