Ranbaxy Q2 profit jumps 79 percent

Friday, 18 October 2002, 19:30 IST
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Ranbaxy Laboratories, India's top drug maker by sales, Thursday said its net profit in the July-September quarter rose 79 percent over the same period last year on increased product sales in the U.S. market.

NEW DELHI: The company's net profit for the quarter ended September 30, 2002 touched 1.6 billion, up from 891 million in the corresponding period last year, said a Ranbaxy statement here. New Delhi-based Ranbaxy Laboratories recorded sales of 8.04 billion in the same period, up 49 percent from 5.4 billion logged in the quarter ended September 30, 2001, the statement said. The company said exports for the July-September quarter grew by a better-than-expected 99 percent to 5.21 billion, up from 2.62 billion in the corresponding period last year. Ranbaxy's strong showing in the lucrative U.S. market for generic drugs mainly fuelled the export growth. Cefuroxime Axetil, a generic version of GlaxoSmithKline's Ceftin antibiotic, has notched $75 million in sales in the U.S. since its launch in March this year, the company said, adding it now has a market share of 87 percent of new prescriptions. "The results signify enhanced momentum of our business in international markets," said Ranbaxy Laboratories Ltd CEO and managing director D.S. Brar. "Our sales in the United States is now reaching the desired critical mass required for the next horizon of growth," he added. The company's research and development expenditure for the July-September quarter touched 490 million, up from 172 million in the same period last year, said the statement. During the quarter ended September 30, Ranbaxy identified biotechnology vaccines as a key sub-segment for launch in India. It also forayed into consumer healthcare market with the launch of the Ranbaxy Global Consumer Healthcare business arm. It entered in the Japanese market by entering into a business alliance with Nippon Chemiphar Company Ltd. and Nihon Pharmaceutical Industry Ltd., a subsidiary of Tokyo-based Nippon Chemiphar. Ranbaxy current sells its products in over 100 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 25 countries and manufacturing operations in seven countries.
Source: IANS