ALSO READMorepen Laboratories to hold board meeting Morepen Laboratories to hold AGM Morepen Laboratories standalone net profit rises 145.95% in the December 2015 quarter Morepen Laboratories standalone net profit rises 938.71% in the September 2015 quarter Lab for testing seed spices to come up at Kandla port
Pharma firm Morepen Laboratories today said it is preparing to sell anti-asthmatic drug Montelukast in European and North American markets and is eyeing Rs 100 crore global turnover in 2016-17 from this product.
"We are tying up in European and North American markets for supplies to ANDA (Abbreviated New Drug Application) holders for the sale of Montelukast Sodium.
"The bulk drug has contributed Rs 48 crore to the company's total income in the nine-month period and is likely to end fiscal 2015-16 with a total contribution of around Rs 70 crore to the top line," Morepen Laboratories Chairman and Managing Director Sushil Suri said in a statement here.
With its commercial launch in the international market, Montelukast is set to become the next major blockbuster bulk drug for the company after Loratadine, it said.
The company expects to notch a global turnover of Rs 100 crore from this bulk drug alone in 2016-17. Subsequently, with increased capacities, the global sales from Montelukast are likely to touch Rs 250-300 crore in the coming few years.
"As of today, Montelukast is manufactured at its facility in Parwanoo in Himachal Pradesh and commercially sold to customers in about 32 countries.
"The company aims at joining the ranks of world-class pharmaceutical companies by expanding the product's presence in untouched international markets, resulting in substantial increase in its exports turnover in the years to come," Suri said.
"This will soon trigger the process of inspection of the company's manufacturing plant at Parwanoo by US Food and Drug Administrator (USFDA)," Suri said.
Morepen is engaged in the manufacturing and sale of APIs/ bulk drugs, home diagnostics, formulations and OTC products.
For the third quarter ended December 31, 2015, the company's net profit stood at Rs 7.28 crore on a total income of Rs 112 crore, registering a growth of 146 per cent and 10 per cent respectively.
"We are working in a highly competitive global scenario, where our focus is to position Morepen as the most cost-effective bulk drug producer and supplier," he added.