Alembic Pharmaceuticals rose 1.67% to Rs 999.40 after the company's consolidated net profit jumped 12% to Rs 251 crore on 6% increase in net sales to Rs 1,280 crore in Q4 FY21 over Q4 FY20.On a consolidated basis, the company's net profit jumped 42% to Rs 1178 crore on 17% increase in net sales to Rs 5393 crore in the year ended March 2021 over the year ended March 2020.
International formulations jumped 19% Y-o-Y (year-on-year) to Rs 2,942 crore in FY21 over FY20. US Generics spurted 9% Y-o-Y to Rs 2,163 crore in FY21 over FY20. Ex-US International Formulations soared 57% Y-o-Y to Rs 779 crore in FY21.
13 ANDA's were filed in the quarter and 29 ANDA filings for the year. Research & Department (R&D) spend was reported at 12% of revenue or Rs 670 crore for the year.
India branded formulations business grew 5% to Rs 1,497 crore in FY21 from FY20. API business grew 38% Y-o-Y to Rs 214 crore in the quarter and 35% Y-o-Y to Rs 955 crore in FY21 over FY20. Two Drug Master File (DMF) were filed in the quarter while the cumulative DMF fillings stood at 117.
Pranav Amin, the managing director of Alembic Pharmaceuticals, said: "It was an outstanding year with the company recording its highest sales and profit ever. This was led by strong growth in the API and International Business. The operating teams worked tirelessly through the pandemic to ensure critical supplies were uninterrupted."
The board has recommended a dividend of Rs 14 per share.
Meanwhile, Alembic Pharmaceuticals announced that its joint venture Aleor Dermaceuticals (Aleor) has received tentative approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Metronidazole Gel USP, 1%.
The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Metrogel Gel, 1 %, of Galderma Laboratories LP (Galderma). The product is indicated for Indicated for the topical treatment of inflammatory lesions of rosacea.
Metronidazole Gel USP, 1% has an estimated market size of $32 million for twelve months ending December 2020 according to IQVIA.
Alembic Pharmaceuticals is a vertically integrated research and development pharmaceutical company. It manufactures and markets generic pharmaceutical products all over the world.
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