Ranbaxy Laboratories, the second largest pharma company after Dr Reddy's Laboratories in India, has recorded all-round performance during the first half ended June 2007. Its net profit has taken quantum jump of 104 per cent to Rs 394.9 crore in the first half from Rs 194.1 crore in the corresponding period of last year. Its consolidated sales registered a growth of 17 per cent to Rs 3188 crore from Rs 2722 crore. Earning per share on a fully diluted basis were Rs 6.75 as against Rs 5.15 in the last period.
Commenting on the business results, Malvinder Mohan Singh, CEO and managing director, said, "A focus on branded generics, accelerated generic substitution and the fundamental strength o our base business across key markets, characterize the strong performance for the quarter. This reaffirms our faith in our underlying strategy and gives us the confidence that the ensuing quarters will be progressively better."
Ranbaxy's global sales moved up by 24 per cent to US$ 750 million during the first half. The emerging markets contributed 54 per cent o total sales and registered a strong growth of 48 per cent while the developed markets at 39 per cent to total sales recorded an increase of 12 per cent. International dosage forms sales went up by 32 per cent to US$ 542 million.
The sales in North America increased by 7 per cent to US$ 193 million during the first half of 2007. Similarly, USA clocked sales of US$ 180 million, a marginal increase of 2 per cent. Excluding the impact of the products launched with a 180 days marketing exclusivity in the current and corresponding previous period, the sales in USA grew by 37 per cent, reflecting the encouraging performance in the company's base business portfolio.
During the second quarter ended June 2007, the company received approval for 6 ANDAs. The company is investing in R&D and its cumulative filings, reached to 203 with 114 approvals.
The branded business grew by 36 per cent over the corresponding previous period. The growth was primarily led by the strong performance Isotretinoin brand - Sotret, which extended its market leadership position, gaining a 42 per cent market share. In May 2007, the company acquired the US rights to 13 dermatology products from Bristol-Myers Squibb Company. The acquisition will leverage the company's existing branded derma business and will considerably enhance its portfolio in this niche therapeutic segment in the US market.
The domestic sales increased by 22 per cent to $ 144 million during the first half of 2007.The growth was led by the chronic & acute businesses recording a growth of 30 per cent and 16 per cent respectively.