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(NSE:RANBAXY)

Ranbaxy's Q3 Net Profit (PAT) up by 79%

  • Thursday, October 17, 2002 12:30PM IST (7:00AM GMT)
US Sales Surpass US$ 200 MN: January-September 2002
 
New Jersey, United States: The Board of Directors of Ranbaxy Laboratories Limited at their meeting held yesterday, took on record the unaudited results for the quarter ended September 30, 2002. The Company also announced the consolidated global results for the quarter (Q3) and nine months ended September 30, 2002.

Consolidated Global Results (Ranbaxy Laboratories Limited and Subsidiaries)

The consolidated sales of Ranbaxy Laboratories Limited and its subsidiaries for the quarter ended September 30, 2002 (Q3) was Rs. 10,464 Mn (US$ 215 Mn) and for the nine months ended September 30,2002 was Rs. 27,513 Mn (US$ 565 Mn). The Profit after Tax for Q3 was Rs. 1,489 Mn (US$ 31 Mn) and for the nine months ended September 30,2002 was Rs. 4,176 Mn (US$ 86 Mn).(Conversion to USD at Rs 48.70 per USD)

Ranbaxy Laboratories Limited

For Q3, the Company recorded sales of Rs. 8,044 Mn (Rs. 5,383 Mn), registering a growth of 49%. Export sales at Rs. 5,210 Mn (Rs. 2,625 Mn) registered a strong growth of 99%. R&D expenditure (including regulatory expenditure for Q3 ' 02) was Rs. 490 Mn (Rs. 172 Mn). Profit before extra-ordinary items and tax was Rs. 1,898 Mn (Rs. 605 Mn), recording a growth of 214%. Net Profit (PAT) was at Rs. 1,594 Mn (Rs. 891 Mn.), an increase of 79%.

For the nine months ended September 30,2002, the Company recorded sales of Rs. 20,717 Mn. (Rs. 14,833 Mn) reflecting a growth of 40%. Export sales at Rs. 12,885 Mn (Rs. 7,258 Mn), registered a robust growth of 78%. Profit before extra-ordinary items and tax was Rs. 4,252 Mn (Rs. 1,746 Mn), recording a growth of 144%. Net Profit (PAT) was at Rs. 3,927 Mn (Rs. 1,898 Mn.), an increase of 107%.

Domestic market

The Company outpaced the market by achieving a growth rate of 10.6% against an industry growth of 9.9% and increased its market share from 4.73% to 4.83%. The Company's anti-diabetics product sales achieved 66.3% growth against the segment growth of 31.3%.

(Source: ORG Cum. Aug'02)

During the quarter, Ranbaxy's Anti-AIDs drugs, Zidovudine 300 mg tablets, Nevirapine 200 mg tablets, Lamivudine 150 mg tablets and Lamivudine 150 + Zidovudine 300mg tablets received approval from the World Health Organisation (WHO) to come within the purview of WHO approved list of anti-AIDs drugs. Ranbaxy has now become a pre-qualified supplier of these products to the UN agency.

In the area of biotechnology, Ranbaxy had identified vaccines as a key sub-segment for launch in India. The Company entered the vaccine segment with a major marketing alliance in India with Aventis Pasteur, for exclusive promotion of Verorab and co-promotion for five other vaccine products.

The Company embarked on its journey into the Consumer Healthcare market with the launch of the "Ranbaxy Global Consumer Healthcare" (RGCH) business.

Global Sales

For the nine months ended September 30, 2002, global sales at US$ 573 Mn*, registered a robust growth of 37%. Overseas sales of dosage forms constituting 59% of global sales at US$ 340 Mn continued its increased contribution by registering a strong growth of 99%.

The Company's focus on key markets continued to show buoyancy in its sales performance. Sales from the US subsidiaries during the nine months ended September 30, 2002 increased to US$ 207 Mn (US$ 70 Mn - corresponding period previous year). Brazil contributed US$ 21 Mn posting strong growth of 128%; UK and Germany recorded US$ 21 Mn and US$ 5 Mn, exhibiting healthy growth of 45% and 32% respectively.

USA

Cefuroxime Axetil launched in March 2002, achieved sales in excess of US$ 75 Mn (Cumulative September 2002). Amongst the new prescriptions (NRx), it has generated a market share of 87%. The following table reflects the prescription market share of other key antibiotic products during the period January- August 2002 (Source : IMS, USA):
Product               2002          2001

(%) (%)

Cefaclor 71 45

Cefadroxil(Oral solid) 24 22

Cephalexin 7 4

Clindamycin (Oral solid) 19 5

Minocycline (Oral solid) 14 2

Amoxicillin 9 4
The Company filed 4 ANDAs (Abbreviated New Drug Application) with the US FDA and received approval for Co-Amoxyclav 875/125 mg tablets and Terazosin Hydrochloride Capsules, 1mg, 2mg, 5mg, and 10 mg during the quarter.

Mergers, Acquisitions and Alliances

The Company heralded its entry into Japan, the world's second biggest pharmaceutical market, by entering into a business alliance with Nippon Chemiphar Co.Ltd.(NC) and Nihon Pharmaceutical Industry Co.Ltd.(NPI), a subsidiary of NC based in Tokyo, Japan.

During the quarter, a fully automated liquid manufacturing and packaging line facility with state-of-the-art testing and quality assurance capabilities was acquired from New York based Signature Pharmaceuticals Inc. This will be the first liquid manufacturing unit of the Company in the US.

Research & Development

The Company's continuing emphasis on innovative research and Novel Drug Delivery Systems is progressing per plan.

The Company has received approval from the Drugs Controller General of India (DCGI) for its anti-asthma molecule, RBx 7796 (Clafrinast) to commence Phase I clinical trials. In the previous quarter, the Company had filed an Investigational New Drug ( IND) application for its molecule, RBx 7644 (Ranbezolid), an extended spectrum Oxazolidinone, with the DCGI for both its oral and intravenous usage forms. Approvals to begin Phase I clinical trials for both usage forms are expected from the DCGI soon. The Company's competencies in NDDS has resulted in the launch of Tamsulosin SR 0.4mg (Urology) and Riomet OD 1g (Anti- Diabetes) in India.

For the nine months ended September 30, 2002, the Company filed 12 ANDAs with the US FDA and received approvals for 8 taking the cumulative number of approved ANDAs to 55, while the number of ANDAs pending approval stood at 27.

Commenting on the business results, D.S.Brar, CEO & Managing Director said," The results signify enhanced momentum of our business in international markets. Our sales in the United States is now reaching the desired critical mass required for the next horizon of growth."

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 proprietary "platform technologies" resulting in a number of products under development. 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.

For more information on Ranbaxy, please visit the 'Newsroom' on its site ranbaxy.com

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

To view the detailed results table paste URL in your Address Bar: http://www.business2media.com/attachments/Q3_Results_2002.xls

For further information please contact:

Paresh Chaudhry
Head-Corporate Communications
Ranbaxy Laboratories Limited
No. 19, Nehru Place
New Delhi-110 019.
Tel (Direct) : 91-11-6002075
Board Tel : 6452666-72 (ext:2515)
Mobile:98101-10146
e-mail: paresh.chaudhry@ranbaxy.com

Contact details in USA:
Mr. Dipak Chattaraj
Ranbaxy Pharmaceuticals Inc.
600 College Road East
Princeton, New Jersey 08540
Phone: 609-720-5614
e-mail: dipakc@ranbaxy.com


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