May 15 (Reuters) – Indian drugmaker Alembic Pharmaceuticals posted a 29.2% rise in fourth-quarter profit on Friday, aided by strong demand for its generic drugs and new launches in its key United States market.
• The drugmaker’s consolidated profit rose to 2.03 billion rupees ($21.12 million) in the quarter ended March 31, from 1.57 billion rupees a year ago.
• Revenue from its U.S. generics business jumped 11% to 5.64 billion rupees, driven by key product launches such as UTI treatment drug Pivya and gains in market share across select therapies.
• Overall revenue rose 4.4% to 18.48 billion rupees during the quarter.
• The company and several of its Indian peers that make generic drugs derive a significant share of revenue from the U.S.
• Larger rivals Cipla and Dr Reddy’s Laboratories both reported weaker-than-expected fourth-quarter profits.
($1 = 96.1025 Indian rupees)
(Reporting by Devika Nair and Mridula Kumar in Bengaluru; Editing by Nivedita Bhattacharjee)
Comments