Zydus Cadila Q1 net profit up by 71% to Rs 58 crore

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For the first quarter ended June 30, 2006, Zydus Cadila reported total income of Rs. 451 crore, up 21% from Rs. 373 crore in the corresponding quarter of the previous year on a consolidated basis. The net profit was up by 71% to Rs. 58 crore from Rs. 34 crore in the first quarter of 2005-06. Income growth was mainly driven by an overall growth of 131% in formulation exports. The company's API exports were up by 24% y-y.

During the quarter, the company's subsidiaries in France and US registered a strong performance. Zydus France SAS registered 68% growth in sales for the quarter. The company filed 2 additional site transfer applications with French regulatory authority AFSSAPS, and received one site transfer approval this quarter. Zydus France SAS currently markets 80 generic presentations.

In US, the company posted sales of Rs. 27 crores during the quarter and operations were further strengthened with the launch of Warfarin and Meloxicam tablets. The group filed 3 more ANDAs this quarter taking the total to 39 ANDA filings. It has received 16 product approvals so far and 23 are pending approval.

The work on the new manufacturing facilities of joint venture companies, Zydus Mayne Oncology Pvt. Ltd., and BSV Pharma Pvt. Ltd., are also progressing as per schedule.

The company signed three new contracts this quarter for contract manufacturing with international companies, taking the cumulative number of contracts signed to 14 with peak revenue potential of US$ 24.24 Mio.

The company's research programme is on track. The New Molecular Entity (NME) ZY H1 for dyslipidemia is in Phase II clinical trials, ZY I1 for treating pain and ZY H2 for treating diabetes, are in Phase 1 clinical trials and ZY O1, for treating obesity is in pre-clinical development.

 

 

Sourced From : Pressman India