Drug maker Cadila Healthcare on Tuesday reported 33 percent rise in net profit to Rs 503 crore in the second quarter ended September benefited by strong US formulation sales led by 180-day exclusivity of generic anti-ulcer drug Lialda.
The company posted Rs 380 crore net profit in the same period of previous year. Revenues jumped 37.4 percent to Rs 3234 crore compared to Rs 2353 crore of last year.
The EBITDA rose 68 percent year-on-year to 26.5 percent.
The results beat analyst estimates. analyst poll estimated the net profit to be at Rs 495.54 crore and revenues at 3175.3 crore.
The company’s business in the US posted sales of Rs 1644 crore, up by 66 percent.
During the second quarter, the company launched 4 new products in the US including generic version of Lialda with 180 days exclusivity and received approval for 32 new products, including generic version of anti-ulcer drug Asacol and the generic version of Tamiflu suspension.
The company filed nine additional abbreviated new drug applications (ANDAs) with the USFDA in Q2.
The India formulations business posted sales of Rs 896 crore, up by 15 percent excluding excise duty.
The company said it has launched 25 new products including line extensions in India during the second quarter with 5 first in India launches.
The company’s business in the emerging markets grew by 16 percent.
The company announced the initiation of a phase-2 trial of its investigation drug ZYANI, to treat anemia associated with chronic kidney disease (CKD), during the quarter.
Shares of Cadila Healtcare rose 2.43 percent and were trading at Rs 461.70 on BSE at 12.30 pm, while the benchmark Sensex was trading at 32,934.95 points.