Indian pharmaceutical major, Cipla on Wednesday declared its results for the third quarter ending on December 25, 2023. The company posted a consolidated profit after tax (PAT) of Rs 801 crore for the quarter, increasing by 10 percent from Rs 729 crore reported in the same quarter last year.
Cipla had reported a profit of Rs 789 crore in the September’22 quarter.
Consolidated revenue came in higher Y-o-Y by 6 percent at Rs 5,801 crore, compared to Rs 5,479 crore logged in December 2021 quarter. Revenue in Q2FY23 stood at Rs 5,829 crore.
The pharma major said on Wednesday that India business witnessed double-digit traction in core portfolio across therapies and business segments sustaining momentum across respiratory, cardiac, anti-diabetic in core portfolio. It also mentioned Consistent traction across anchor and transitioned brands driving 16% YoY adjusted growth.
In the US business, the company reported the highest ever quarterly revenue of $195Mn and 30% YoY growth. It also reported strong traction in the differentiated portfolio including market share expansion in key respiratory and peptide injectable products.
“Our Q3FY23 performance reflects sustained momentum in core One-India and US businesses driving our overall revenue growth of 6% reported and 11% on a excovid basis. Our One India franchise delivered strong performance across therapies and segments with double digit market beating growth in prescription on a covid adjusted base. We achieved the highest ever quarterly revenue for the North America region of $195 Mn driven by the contribution of differentiated products and market share expansion in flagship respiratory and peptide franchises. Our reported operating profitability of 24.2% reflects our focused efforts on navigating external headwinds and continued higher R&D spends stemming from ongoing respiratory trials and initiation of biosimilar programmes,” Umang Vohra, MD and Global CEO, Cipla Ltd said in a statement.
The R&D investments stands at INR 363 crores or 6.2 % of sales. Higher 39% YoY driven by on-going clinical trials on a respiratory asset and other developmental efforts continuing including biosimilars, it said.
On Mergers & Acquisitions plans, Vohra told Financial Express.com that they are looking for opportunities, especially in the domestic market. “We haven’t had any success so far, but we are open for opportunities in M&A,” he added.
Vohra also told Financial Express.com that the COVID-19 sales had a negligible impact on their quarter’s performance.
On portfolio plans, Vohra told Financial Express.com: “We will be adding more products in our existing portfolio and we are also planning to diversify into new therapeutic areas.”
Cipla’s SAGA (South Africa, Sub-Saharan Africa and Global Access) business saw its sales contract 24% Y-o-Y to Rs. 680 Crore with the company mentioning that it is addressing supply challenges. On other international markets front including emerging markets and Europe, it saw sales rise 3.3% Y-o-Y.