Aurobindo Pharma’s Q2 Profit Lifted By Higher Sales In U.S., Europe
Aurobindo Pharma’s profit aided by strong growth in the U.S., EU and other growth markets.
Drugmaker Aurobindo Pharma Ltd.’s net profit surpassed analyst estimates in the July-September quarter aided by strong growth in the U.S., EU and other growth markets.
Net profit increased 29 percent to Rs 781 crore, compared to the corresponding period last year, the company said in an exchange filing today. The consensus estimate of analysts tracked by Bloomberg had pegged the bottom line at Rs 685 crore. Revenue rose 17.5 percent to Rs 4,436 crore year-on-year, also higher than estimates.
Growth in the U.S. market, where most pharmaceutical companies have seen intense pricing pressure, drove Aurobindo Pharma’s second quarter earnings, Managing Director N Govindarajan said in a separate media statement.
Despite challenging environment, our U.S. business posted a robust growth of 21 percent year-on-year driven by new product launches and increased volumes of existing products.N Govindarajan, Managing Director, Aurobindo Pharma
Operating income of the Telengana-based drugmaker was up 20 percent to Rs 1,117 crore year-on-year while the margin expanded 60 basis points to 22.8 percent in the same period.
Key Segments
- U.S. formulation sales stood at Rs 2,098.9 crore compared to Rs 1,735.1 crore in the same period last year.
- Europe formulation sales witnessed a robust growth of 36.9 percent on a yearly basis to Rs 1,113.5 crore.
- Anti-retroviral sales stood at Rs 207.5 crore from Rs 278.5 crore in the same quarter last year.
- Growth markets sales rose 37.7 percent to Rs 243.4 crore.
- API sales remained almost unchanged at Rs 771.8 crore from the same quarter last year.