Alembic Pharmaceuticals reported its consolidated financial results for the period ending 31st March, 2021.
The financial highlights for the quarter are as follows:
- Net sales for the quarter up six per cent to Rs 1,280 crores.
- Net Profit for the quarter up 12 per cent to Rs 251 crores from Rs 225 crores.
The financial highlights for the year include:
- Net sales for FY21 up 17 per cent to Rs 5,393 crores against Rs 4,606 crores.
- Net profit for FY21 up 42 per cent to Rs 1,178 crores from Rs 829 crores.
Speaking on the results, Pranav Amin, Managing Director, Alembic Pharmaceuticals, said, “It was an outstanding year with the company recording its highest sales and profit ever. This was led by strong growth in the API and international business. The operating teams worked tirelessly through the pandemic to ensure critical supplies were uninterrupted.”
The company’s international formulations grew 19 per cent to Rs 2,942 crores for FY21, while the US generics grew nine per cent to Rs 2,163 crores. Besides, the ex-US international formulations grew 57 per cent to Rs 779 crores. The company’s 13 Abbreviated New Drug Applications (ANDA)s were filed in the quarter and 29 ANDA filings for the year and R&D spend stood at 12 per cent of revenue or Rs 670 crores for the year.
The India-branded formulations business grew five per cent to Rs 1,497 crores and API business grew 38 per cent to Rs 214 crores in the quarter and 35 per cent to Rs 955 crores for FY21.
In addition to it, the company’s joint venture Aleor Dermaceuticals Limited (Aleor) has received tentative approval from the US Food & Drug Administration (USFDA) for its ANDA for Metronidazole Gel USP, 1%. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Metrogel Gel, 1%, of Galderma Laboratories LP (Galderma). Metronidazole Gel USP, 1% is indicated for the topical treatment of inflammatory lesions of rosacea.
According to IQVIA, Metronidazole Gel USP, 1% has an estimated market size of $32 million for twelve months ending December 2020.