Zydus Cadila's Q3 net up 41% to Rs 527 cr on strong India biz growth

US formulations business dips 4% with revenues at Rs 1,603 cr, Q3 sees Zydus file 10 additional ANDAs with US FDA, taking total filings to 410

Led by double-digit growth in its India business, Ahmedabad-based drug maker Cadila Healthcare Ltd (Zydus Cadila) has seen its consolidated net profit rise 41 per cent at Rs 527.2 crore in the third quarter ended December 30, 2020.

The company's consolidated net profit was Rs 373.9 crore in the same period last year. Consolidated revenue from operations grew 6.2 per cent in Q3 of FY21 to Rs 3753.7 crore, from Rs 3,534.5 crore a year ago.

The company's business in India consisting of human health formulations, consumer wellness and animal health grew 20 per cent year-on-year (YoY) during the quarter, to Rs 1,643 crore. Of these, the human health formulations business grew by 21 per cent, while consumer wellness and animal health grew by 16 per cent and 17 per cent, respectively.

However, Zydus Cadila's US formulations business dipped four per cent YoY in the quarter with revenues at Rs 1,603 crore, as against Rs 1,675 crore in the said quarter last year. The third quarter saw Zydus file 10 additional abbreviated new drug applications (ANDAs) with the USFDA taking the cumulative number of filings to 410 while it received nine new product approvals, including four tentative approvals, from the USFDA.

During the quarter, the company launched the oral anti-diabetic agent, Dapaglyn (Dapagliflozin) in India for patients suffering from Chronic Obstructive Pulmonary Disorder (COPD). The company launched Forglyn, India’s first pressurised metered dose inhaler with a combination of Long Acting Muscarinic Antagonist (LAMA) and long acting beta agonist (LABA). 

On the research front with Saroglitazar Mg, the company received approval for the drug to be used in the treatment Non Alcoholic Fatty Liver Disease (NAFLD), paving way for the drug to now be indicated for both NAFLD and Non-Alcoholic Steatohepatitis (NASH). 

The company also filed investigational new drug (IND) for the NLRP3 inflammasome inhibitor, ZYIL1 and started phase one clinical trials during the quarter upon receiving the approval.

Meanwhile, the company received approvals to start phase three clinical trials of COVID-19 vaccine ZyCoV-D as well as Pegylated Interferon Alpha-2b in India. The trials for the vaccine are underway and will be tested across 60 locations in 30,000 healthy adult volunteers in India.