Hyderabad: Aurobindo Pharma Ltd has set an ambitious target of doubling sales to $2 billion in the next three years.
The Hyderabad-based generic drug maker said it plans to introduce 20-25 new formulation products this year and is working on a pipeline of 200 in the next two-three years.
“We will accelerate our rate of filings and enter new, more profitable areas of growth,” said K. Nithyananda Reddy, vice-chairman.
For the year ended 31 March, Aurobindo reported sales of Rs 5,855.3 crore and a profit of Rs.108 crore. The formulation business contributes 57% of sales, while the rest comes from active pharmaceutical ingredient (APIs), which account for around Rs.2,536 crore.
Aurobindo is planning to reduce its exposure to anti-retroviral drugs, used in the treatment of HIV/AIDS, as the market is becoming increasingly commoditized. Anti-retroviral drugs account for 22% of its formulation drug sales.
“We will shed low-margin products and optimize on our margins,” Reddy said.
Aurobindo has applied for 2,500 approvals for abbreviated new drug applications (ANDAs), out of which 258 filings are with the US Food and Drug Administration (USFDA). As of 31 March, the company had received a total 179 approvals from USFDA.
The company has filed more than 2,000 drug master files including 172 with USFDA.
Aurobindo also said it’s entering the injectibles segment.
“Given that there are fewer competitors than in solid orals, the objective is to gain around 10-15% market share (in the US),” the company said.
Shares of Aurobindo Pharma declined 0.26% to Rs.191.30 on BSE, while the benchmark Sensex gained 1.44% to 19,958.47 points