India's Alembic Pharma posts higher Q4 profit on strong N.America sales

Alembic Pharmaceuticals

09/05/2024 10:01

BENGALURU, May 9 (Reuters) - Indian generic drugmaker
Alembic Pharma  ALEM.NS  reported a 17% rise in fourth-quarter
profit on Thursday, driven by strong sales, especially in the
key North American market.
    Consolidated profit rose to 1.78 billion rupees ($21.3
million) in the three months ended March 31, from 1.53 billion
rupees a year earlier.
    Indian generic drugmakers like Dr. Reddy's Laboratories
 REDY.NS , Cipla  CIPL.NS  and Sun Pharmaceutical  SUN.NS  have
been benefitting from price recovery in the U.S. market as well
as strong sales, especially of their copycat versions of
Bristol-Myers Squibb's  BMY.N  blockbuster cancer drug Revlimid.
    On Tuesday, Dr Reddy's beat fourth-quarter profit estimates,
boosted by strong U.S. sales of its generic version of Revlimid.
    Alembic Pharma, which also sells a copycat version of
Revlimid, said overall revenue rose nearly 8% to 15.17 billion
rupees.
    Sales in North America grew 19%, while domestic sales
climbed 3% in the quarter. India and the U.S. contributed around
61% of the drugmaker's total revenue.
 
 ($1 = 83.5000 Indian rupees)

 (Reporting by Kashish Tandon in Bengaluru; Editing by Savio
D'Souza)
 ((Kashish.Tandon@thomsonreuters.com; 8800437922;))