Pharmaceutical major Strides Pharma Science posted a pre-tax loss of Rs 217.8 crore for the fourth quarter ended March 31, 2020, over the withdrawal of its flagship Ranitidine product Zantac from the US market on the last day of FY20. It had posted a pre-tax profit of Rs 51.9 crore in the corresponding period of the previous fiscal.
The Bengaluru-headquartered company posted a consolidated loss of Rs 206.5 crore for the March quarter because of the Ranitidine setback, while consolidated revenue for the quarter reported a flat growth at Rs 636.2 crore.
“We are satisfied that the regulated markets continued their healthy track record and our US business met the upper end of our FY20 outlook, including the revenues from Ranitidine,” said R Ananthanarayanan, CEO & MD, Strides Pharma Science.
Ranitidine was a $9 million business for Strides in the first half of FY20.
The company is expecting over 20 new filings during the year along with 15 new product introductions across several markets. “In FY21, we are likely to see several antiviral drugs which may be repurposed for Covid-19 and could result in opportunities for the business,” said the pharmaceutical major.
It has already developed and commercialised an antiviral biosimilar Favipiravir which has been proved to reduce the duration of Covid-19 and improve the lung condition for patients. The company is in the process of applying expeditiously for the approval of the antiviral in India.
“We have entered into a new world order with Covid-19, the magnitude and scale of which remains indeterminate. We strongly believe that our businesses will maintain traction and would grow significantly to culminate into a healthy financial outcome for Strides in FY21,” said Ananthanarayanan.
The company added that while it is well poised to achieve planned outcomes on the ARV (anti-retroviral) and malarial business, macro factors, including the outbreak of Covid-19, could result in a reduced focus/donor pool for ARV, malaria and other infectious diseases.