Aurobindo Pharma posts Rs 455.7-crore net profit in first quarter of FY19

By: | Published: August 10, 2018 4:30 AM

Aurobindo Pharma has reported a net profit of Rs 455.7 crore against Rs 518.5 crore in the corresponding previous period, a fall of 12%.

Aurobindo Pharma, ANDAs, USFDA, active pharmaceutical ingredientSales from EU formulations in Q1FY18-19 witnessed a growth of 30.7% at Rs 1,199.1 crore, driven by strong growth in some of the key markets. (Reuters)

Aurobindo Pharma has reported a net profit of Rs 455.7 crore against Rs 518.5 crore in the corresponding previous period, a fall of 12%. However, revenue from operations stood at Rs 4,250.3 crore, an increase of 15.5% over the corresponding previous period. Formulation sales for the quarter recorded a growth of 14.7% y-o-y to Rs 3,500.8 crore and accounted for 82% of total revenues. The formulation sales in the US stood at Rs 1,889.6 crore compared with Rs 1,694.9 crore in Q1FY18, witnessing a growth of 11.5% y-o-y. On constant currency basis, sales grew by 7% y-o-y. The US accounted for 44.5% of total revenues. The company has filed seven abbreviated new drug applications (ANDAs), including three ANDAs for injectables with the USFDA during the quarter.

“We have achieved 16% growth in revenues led by a healthy growth across key geographies and segments. However, profitability was impacted largely due to certain one-off product related provisions. With consistent focus on execution and enhancement of capabilities, we have started filing dermatology ANDAs and on track in other speciality segments,’’ N Govindarajan, MD, said.

Sales from EU formulations in Q1FY18-19 witnessed a growth of 30.7% at Rs 1,199.1 crore, driven by strong growth in some of the key markets. The business accounted for 28.2% of revenues. As on June 30, 2018, the company has transferred manufacturing of 94 products from Europe to India.

In July 2018, Aurobindo Pharma has signed a definitive agreement to acquire commercial operations and supporting infrastructure in five European countries from Apotex International. The active pharmaceutical ingredient (API ) business posted a growth of 19.7% to Rs 748.0 crore and contributed 17.6% of the total revenue during the quarter.

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