Alembic Pharma to add 30 drugs in Indian market
AHMEDABAD: Vadodara-based drug maker, Alembic Pharmaceuticals will add more drugs to its domestic and international product basket this financial year. Company reported rise in its net profit by 51% in the first quarter ended on June 30, 2013.
“We would add 30 drugs in the domestic market and another 10 products in the US market” said R K Baheti, director, finance, Alembic Pharmaceuticals. According to him, new drug launches in the US and regulated market would depend on the approval of ANDA and expiry of patent drugs. While in the domestic front, company would add more drugs targeting specialty segment.Alembic Pharma reported a 16% rise in revenue to Rs 429 crores for the quarter ended June 30, 2013, compared to Rs 368 crore in the corresponding quarter last year. Net profit grew by 51% at Rs 47 crores against Rs 31 crore in corresponding quarter last fiscal.
Domestic branded formulations business grew by 15%. As per ORG IMS data, Alembic has maintained market share of 1.79%. The chronic and acute segment grew by 26% and 3% respectively in current year (MAT-June 13) versus industry growth rate of 12% and 7% respectively.
According to Mr Baheti, the growth has largely from high international business after the augment of its new plan which is been partially commissioned at Panelav, near Vadodara. “We expect to fully commission the new facility by the end of September” said he added. As per company, domestic business grew better as speciality business which forms part of domestic business, grew 26%.
Company’s international generics grew by 86%. According to the company’s press statement, Desvenlafaxine Base Extended Release tablets has started receiving attention from key customers in US and sales are expected to get slowly ramp up in the next few quarters. During the quarter, Alembic’s API exports sales stood at Rs 87 crore against Rs 83 crore while domestic API recorded sales of Rs 21 crore against Rs 31 crore in corresponding quarter last year.
During the quarter two ANDA approvals were received, thus taking cumulative ANDA/NDA filings at 57. Similarly, it has filed on US DMF during the quarter, cumulative filing now stand at 61.
In last one year, Alembic Pharmaceutical’s stock price have witness continuous upward rally. As per the Bombay Stock Exchange data, Alembic Pharmaceuticals 52 week low stood at Rs 58.10 on August 10, 2012 and 52-week high touched on July 19, 2013 at Rs 167.50. On Wednesday, Alembic Pharma’s stock closed at Rs 153.90.
