Pharma

Dr Reddy

eHEALTH BureauDr Reddy’s Laboratories Ltd has announced its unaudited financial results for the quarter ended June 30, 2010 under International Financial Reporting Standards (IFRS).The consolidated revenues are at INR16.8 billion (USD363 million) in Q1 FY11 versus INR18.2 billion (USD392 million) in Q1 FY10. Excluding the revenues from sumatriptan in the previous year, the year-on-year growth is 4%. Revenues from Global Generics for Q1 FY11 are at INR 11.9 billion (USD257 million). Excluding the revenues from sumatriptan, the year-on-year growth is 9%. Revenues from PSAI are at INR4.5 billion (USD97 million) in Q1 FY11. Profit before Tax for Q1 FY11 is at INR2.5 billion (USD53 million). EBITDA of INR3.4 billion (USD74 million) in Q1 FY11, represents 20% to revenues. Profit after Tax for Q1 FY11 is at INR2.1 billion (USD45 million). During the quarter, the company launched 32 new generic products, filed 26 new product registrations and filed 3 DMFs globally. During the quarter, Dr Reddy’s transferred dossiers and trademarks for nine currently marketed products in Brazil to GSK, for a consideration of USD4 million. Revenues from Global Generics segment are at INR11.9 billion (USD257 million) in Q1 FY11. Excluding the revenues from sumatriptan in the US, the growth is 9%. Revenues from North America at INR 3.9 billion (USD84 million) in Q1 FY11 versus INR 6.0 billion (USD130 million) in Q1 FY10. Excluding the revenues from sumatriptan, the growth is 5% in dollar currency.As at June 30, 2010, total cumulative ANDA filings are 163. Total ANDAs pending approval at the USFDA are 71 of which 36 are Para IVs and 12 are FTFs. Revenues from Europe at INR1.9 billion (USD42 million) in Q1 FY11 versus INR2.1 billion (USD45 million) in Q1 FY10.Revenues from Germany decrease by 18% to INR1.3 billion (USD28 million) in Q1 FY11. For the same period the decline in Euro currency is 6%. Revenues from Rest of Europe grew by 29% to INR516 million (USD11 million) in Q1 FY11 largely led by the 21% growth in UK. Revenues from Russia & Other CIS markets at INR2.6 billion (USD55 million) in Q1 FY11 versus INR1.9 billion (USD40 million) in Q1 FY10, or a growth of 36%. Revenues in Russia at INR2.1 billion (USD44 million) in Q1 FY11 versus INR1.5 billion (USD33 million) in Q1 FY10 or a year-on-year growth of 35%. Revenues in India at INR2.8 billion (USD60 million) in Q1 FY11 versus INR2.4 billion (USD52 million) in Q1 FY10, a growth of 16% which is largely led by volume growth of existing products.Dr Reddy’s year-on-year secondary prescription sales growth is 22% versus industry’s growth of 20%. 11 new products launched during the quarter. Revenues from PSAI are at INR4.5 billion (USD97 million) in Q1 FY11. Gross profit at INR8.9 billion (USD192 million) in Q1 FY11 at a margin of 53% to revenues versus 56% in Q1 FY10. This change in gross margin is largely on account of a favourable mix of high margin revenues from sumatriptan in the previous year. Selling, General & Administration (SG&A) expenses excluding amortisation for the quarter is at INR5.2 billion (USD112 million) or a decline of 4% over the previous year. Excluding the one-time charges recorded on account of betapharm workforce restructure costs of INR496 million (USD11 million) and the closure of Atlanta facility of INR71 million (USD2 million) in the previous year, SG&A grew by 7%.Amortisation expenses for the quarter is at INR288 million (USD6 million) versus INR507 million (USD11 million) in Q1 FY10. This decline is on account of the impairment of intangibles recorded in Q3 FY10. Other Operating Income of INR186 million (USD4 million) in Q1 FY11 versus INR35 million (USD1 million) in Q1 FY10.R&D expenses at INR993 million (USD21 million) in Q1 FY11. Finance costs (net) are at INR177 million (USD4 million) in Q1 FY11 versus INR135 million (USD3 million) in Q1 FY10. The change is mainly on account of higher forex loss during the quarter. Net forex loss of INR225 million (USD5 million) in Q1 FY11 versus INR84 million (USD2 million) in Q1 FY10. EBITDA at INR3.4 billion (USD74 million) in Q1 FY11 represents 20% to sales. Net Profit after Tax for Q1 FY11 is at INR2.1 billion (USD45 million). Diluted EPS is at INR12.3 (USD0.3) for the quarter. Capital expenditure for the quarter is at INR1.9 billion (USD40 million).

Follow and connect with us on Facebook, Twitter, LinkedIn, Elets video

Eletsonline News

Most Popular

X
Subscribe Newsletter
To Top