Caraco Pharma Losses Decline 69 Per Cent In First Quarter

Mumbai, April 24: | Updated: Apr 25 2002, 05:30am hrs
Sun Pharma’s 48.54 per cent Detroit-based subsidiary, Caraco Pharmaceutical Laboratories Ltd, has reported a 69 per cent drop in net loss in the first quarter, while its sales grew by 250 per cent over the corresponding quarter.

The growth in topline to $3.3 million from $0.9 million in the corresponding period last year was driven by the introduction of five new generic drugs, a Caraco release said.

Terming it as an outstanding quarter, Caraco Pharma chief executive officer Narendra Borkar said, “Our old drugs continue to sell exceptionally well and our five new drugs are selling at a robust pace.”

The company has received FDA approval for five generic drugs over the past three quarters which are being manufactured and marketed.

These are: metformin hydrochloride, a generic form of Bristol Myers Squibb’s Glucophage; oxaprozin, a generic form of GD Searle’s Daypro; carbamazepine (chewable), a generic form of Novartis’ Tegretol; clonazepam, a generic form of Roche’s Klonopin; and flurbiprofen, a generic form of Pharmacia’s Ansaid, the release said.

Caraco Pharma has also received an FDA letter of approvability for tramadol hydrochloride, a generic form of RW Johnson Pharma Research Institute’s Ultram. The Company has another five additional generic drugs pending FDA approval.

The sales during the quarter under review has nearly eclipsed nine month sales during 2001 of $3,372,686 and set the stage for the company to ramp-up 2002 sales between $16 million to $18 million, as forecast, the release said.

Sun Pharma will announce results for the fourth quarter and year ended March 31, 2002 on April 26, 2002. The company will hold a conference call at 2.30 pm IST (5.00 pm Singapore time).

Sun Pharma, chairman & managing director Dilip Shanghvi, senior vice-president - finance and company secretary RK Baheti will discuss the performance.