Nov 4 (Reuters) – India’s Alembic Pharmaceuticals posted an 81% rise in second-quarter profit on Wednesday, helped by strong sales in the US market, sending its shares surging 20%.
• The company reported a consolidated profit of 3.35 billion rupees ($35.37 million) for the quarter ended September 30, up from 1.85 billion rupees a year earlier
• Revenue from operations rose more than 36% to 26.03 billion rupees
• Analysts at Motilal Oswal expected growth in Alembic’s US generics segment to be driven by product launches that face limited competition
• “Our US business delivered an exceptional performance, driven by strong volume growth and new launches, while India regained momentum,” Managing Director Pranav Amin said
• Alembic’s US formulations business grew 77% year-on-year, while India branded business rose 14%
• Revenue from its active pharmaceutical ingredient segment grew 39%
($1 = 94.7100 Indian rupees)
(Reporting by Nishit Navin in Bengaluru; Editing by Shilpi Majumdar)
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