Business

Aurobindo Pharma profit rises 40%

Revenue from operations were 28% higher

Drugmaker Aurobindo Pharma has reported a consolidated net profit of ₹635.68 crore for the quarter ended June, an almost 40% increase over the ₹455.59 crore posted in the comparable period of the previous fiscal.

Revenue from operations were 28% higher at ₹5,444.6 crore (₹4,250.3 crore). Driving the performance was a 42.3% growth in formulations revenue to ₹2,688.4 crore (₹1,889.6 crore) in the U.S.

The formulations revenue from Europe and growth markets as well as those of ARV formulations were also higher and helped the company in the face of a 2.1% decline in API revenue to ₹732.2 crore (₹748 crore).

Total formulations revenues increased 34.6% to ₹4,712 crore (₹3,500.8 crore) and accounted for 86.6% of total revenue.

Describing it as a healthy performance, Managing Director N.Govindarajan said “enhancing our quality management practices and adhering to the regulatory requirements continues to be our highest priority.”

During the quarter, “we have commissioned [joint venture] Eugia’s manufacturing facility and launched five oncology and hormonal products in the U.S. market. Our differentiated product basket is progressing well and we are in the process of starting clinical trials for our first biosimilar in Q2-FY20,” he said.

Research and development spend at ₹243 crore was around 4.5% of the revenue and the company received final approval for nine ANDA (Abbreviated New Drug Application) from the US Food and Drug Administration during the quarter.

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Printable version | Jul 3, 2020 4:37:26 PM | https://www.thehindu.com/business/aurobindo-pharma-profit-rises-40/article28872194.ece

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