Printer Friendly

Ranbaxy's Q2 Net Profit - PAT - Up by 190%; Overseas Business Constitutes 70% of Global Sales.

Business Editors

NEW DELHI, India--(BUSINESS WIRE)--July 18, 2002

Declares 3 for 5 Bonus Issue

The Board of Directors of Ranbaxy Laboratories Limited at their meeting held today took on record the unaudited results for the quarter ended June 30, 2002. The Company also announced the consolidated global results for the quarter ended June 30, 2002 (Q2) and half year ended June 30, '02 (H1).

Consolidated Global Results (Ranbaxy Laboratories Limited and subsidiaries)

The consolidated sales of Ranbaxy Laboratories Limited and its subsidiaries for the quarter ended June 30.'02 ( Q2) was at Rs. 9464 Mn (US$ 194 Mn) and for half year ended June 30, '02 ( H1) was Rs 17049 Mn (US$ 350 Mn). The Profit after Tax for Q2 was Rs 1709 Mn (US$ 35 Mn) and for H1 was Rs 2687 Mn (US$ 55 Mn).

Ranbaxy Laboratories Limited

For Q2, the Company recorded sales of Rs. 7144 Mn (Rs. 4993 Mn), registering a growth of 43%. Domestic sales at Rs. 2645 Mn (Rs. 2633 Mn.) was at prior year level. Export sales at Rs. 4499 Mn (Rs. 2360 Mn) registered a strong growth of 91%. R&D expenditure (including regulatory expenditure for Q2 ' 02) was Rs. 365 Mn (Rs. 175 Mn). Profit before extra-ordinary item and tax was Rs. 1697 Mn (Rs. 527 Mn), recording a growth of 222 %. Net Profit (PAT) was at Rs. 1384 Mn (Rs. 478 Mn.), an increase of 190%.

Sales growth for the quarter was led by exports of dosage forms, which registered a robust increase of 140% over the corresponding quarter of 2001.

For H1, the sales moved up to Rs. 12673 Mn, registering a growth of 34%, comprising domestic sales of Rs. 4998 Mn (+ 4%) and export sales of Rs. 7675 Mn (+ 66%). The exports growth was driven by dosage forms (+ 139%).

Bonus Issue

The Board declared a 3 for 5 Bonus Issue subject to requisite approvals. Post Bonus, the Paid up Capital will be Rs. 1854 Mn (presently Rs. 1159 Mn).

Domestic market

The Company's domestic sales grew consistently above the average market growth rate for the last 8 months (ORG: May'02 MAT). In the retail segment the Company grew by 14% against a market growth of 11.8% .The Company's sales in the anti-infective segment grew by 13.2%, exhibiting a faster growth compared to the market segment, which grew by 10.2% (ORG: Jan-May'02 Cum). The Company's major brands delivered a strong performance backed by successful new product introductions attaining leadership status in their respective segments. The Company entered the anti-asthma category through its successful launch of 'Romilast' (Montelukast) tablets. Ranbaxy continued to outperform the market in the areas of CNS, Nutritionals, Anti-infectives and Orthopaedics segments (ORG: Jan-May'02 Cum).

The Company undertook a restructuring exercise in its field operations with a view to further enhance productivity and market share.

Global sales

Global sales for the quarter stood at US$ 196 Mn(a), registering a growth of 38%. Overseas sales of dosage forms constituting 59% of global sales at US$ 116 Mn registered a strong growth of 101%.

Global sales for H1 at US$ 355 Mn(a) recorded a growth of 32%. This was largely contributed by overseas dosage form sales of US$ 203 Mn (57% of global sales), a growth of 93%. This growth was led by healthy performances in the key markets, particularly in the USA.

USA

The robust growth of 185% during H1 in the US (sales of US$ 125 Mn as compared to US$ 44 Mn in the corresponding period) was fuelled by the introduction of Cefuroxime Axetil tablets in March 2002. This product has garnered prescription market share in excess of 50% in each of the months since launch. Besides this, the performance of other generic products also grew strongly by 95%. The Company has filed 8 ANDAs and received approvals for 6 during H1. On a cumulative basis, the Company has 46 approved ANDAs (Abbreviated New Drug Applications) while 29 (ANDAs/INDs) await approvals.

R&D

The first New Chemical Entity from the drug discovery research, RBx 2258 for the treatment of Benign Prostate Hyperplasia (BPH), was out-licensed to Schwarz Pharma AG, Germany. Following this licensing deal, the Company received an upfront payment US$ 6.3 Mn.

The Company has also filed an Investigational New Drug (IND) application of its molecule, RBx 7644 (Ranbezolid), an extended spectrum Oxazolidinone, with the Drug Controller General of India (DCGI) for both its oral and intravenous usage forms.

Commenting on the business results, D.S.Brar, CEO & Managing Director said, ".....We are extremely heartened by the all-round performance of the Company. Our investments in R&D and internationalisation are delivering results. In particular, our business has acquired a balanced growth momentum. Our focus on financial parameters is leading to improved operating margins."

Ranbaxy Laboratories Limited, India's largest pharmaceutical company, manufactures and markets branded generic pharmaceuticals and Active Pharmaceutical Ingredients. Ranbaxy's continued focus on R&D has resulted in several approvals in developed markets and significant progress in New Drug Discovery Research. Ranbaxy's foray into Novel Drug Delivery Systems has led to several proprietary "platform technologies" resulting in many products under developmental stages. The Company is selling its products in over 100 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 25 countries and manufacturing operations in 7 countries.

(a) Includes sales of Ranbaxy Thailand entities and Ranbaxy Malaysia not covered in the consolidated financial statement.

For further information please contact:

Paresh Chaudhry
Head - Corporate Communications
Ranbaxy Laboratories Ltd.

No 19, Nehru Place,
New Delhi -110019
Tel (Direct): 6002075
Board Tel: 6452666-72 (ext:2515)
Mobile : 98101-10146
e-mail: paresh.chaudhry@ranbaxy.com



Note: For detailed figures please go to

http://www.ranbaxy.com/news_detail.asp?sno=82
COPYRIGHT 2002 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2002, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Jul 18, 2002
Words:958
Previous Article:Bear Stearns Expands Health Insurance Investment Banking Practice.
Next Article:Pernod Ricard Announces Sale of BWG To Electra.


Related Articles
RANBAXY LABORATORIES LTD. REGISTERS 99 PERCENT INCREASE IN PROFITS FOR YEAR-END MARCH 31, 1995; Exports up 36 percent for Indian pharmaceutical...
Ranbaxy Laboratories registers 20 percent net profit gain in first half ended September 30.
Ranbaxy Laboratories Raises Final Year-End Dividend; Profits Cross Rs. 158 crores; Exports at Rs. 412 crores.
Syncor Reports 24 Percent Increase in Second Quarter Net Income and 30 Percent for the Six Months Ended June 30, 2001.
Swedish Match Interim Report January - June 2002.
Syncor Reports Earnings and Results of Operations for Second Quarter 2002; Continues Strong Free-Cash Flow and Debt Repayment.
Ranbaxy's Global Q1 Net Profit -- PAT -- Up by 77%; Global Sales at USD 233 Mn, up 51%.
Streicher Mobile Fueling, Inc. Reports Results for the Fourth Quarter and Year Ended June 30, 2004.
Fujitsu Reports Fiscal 2006 First-Half Financial Results; Sharply Higher Earnings on Continuing Strong Sales Growth Overseas and Further Progress in...
Fujitsu Reports FY 2006 Financial Results.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters