Drug maker Ranbaxy Laboratories on Wednesday said its first-quarter consolidated net profit surged by 310 per cent to Rs 1,247 crore, from Rs 304 crore a year earlier, on strong growth in US sales. Net sales for the three months to March rose to Rs 3,695 crore, from Rs 2,141 crore in the year-ago quarter.
Sales in North America were at Rs 2,093 crore, compared to Rs 769 crore a year earlier. Exclusive sales of generic Lipitor improved the company’s sales in the US market. The company also earned Rs 345 crore in foreign exchange gains.
Ranbaxy launched generic Lipitor in the US in December 2011, followed by European markets. Besides Pfizer, Ranbaxy and Watson Pharmaceuticals are allowed to sell generic Lipitor in the US till May 31.
Managing director and chief executive officer Arun Sawhney said, “The focus on key products and markets, while maintaining emphasis on further strengthening quality and compliance standards, has had a positive impact on the performance of Ranbaxy.”
|HELPED BY LIPITOR
Ranbaxy Laboratories, India's top drugmaker by sales, reported a four-fold rise in quarterly net profit, helped by sales of its generic version of cholesterol drug Lipitor in its key US market, sending its shares up more than 4.5%
|Q1/ 2011||Rs 2,145cr|
|Q1/ 2012||Rs 3,700cr|
|Q1/ 2011||Rs 304cr|
|Q1/ 2012||Rs 1,247cr|
|*Profit after tax
Source: Company, Reuters
Sales in Europe and CIS countries stood at Rs 507 crore, against Rs 455 crore.
Ranbaxy shares on Wednesday closed 3.8 per cent higher at Rs 512.45 on the Bombay Stock Exchange.