Cadila Healthcare (Zydus) on August 11 reported a 29 per cent year-on-year (YoY) jump in its net profit at Rs 587 crore net profit for the quarter ended June 30 (Q1FY22), led by strong growth in domestic formulation business and COVID-19 drug sales.
Zydus reported Rs 454 crore net profit in Q1FY21.
Total income from operations for the quarter was Rs 4,025 crore, up 15 percent on a YoY basis. Earnings before interest, depreciation and tax (EBIDTA) for the quarter was Rs 933 crore, up by 18 percent YoY. The EBIDTA margin came in at 23.2 percent, an improvement of 140 basis points on a quarter-on-quarter (QoQ) basis.
The company’s India business which comprises human formulations and consumer wellness business which contributed to 50 percent of consolidated revenues during the quarter, witnessed a very strong growth of 43 percent YoY, posting sales of Rs 1,943 crore during the quarter.
The company’s business in the US posted sales of Rs 1,451 crore, reporting a YoY drop of 11 percent. The company’s rest of the world business grew by 17 percent YoY as it posted sales of Rs 277 crore.
The company said its lead molecule Saroglitazar Mg, received ‘Orphan Drug Designation’ from the European Medicines Agency (EMA) for the treatment of patients with Primary Biliary Cholangitis (PBC).
It provides a 10-year period of market exclusivity if the treatment is eventually approved. Earlier the USFDA had granted ‘Orphan Drug Designation’ and ‘Fast Track Designation’ to Saroglitazar Mg for PBC.
During the quarter, the company said it has launched Trastuzumab Emtansine, the first Antibody Drug Conjugate (ADC) biosimilar and a highly effective drug for treating both Early and Advanced HER2 positive Breast Cancer under the brand name ‘Ujvira’ with reduced treatment cost by almost 80 percent for patients.
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