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Cadila Healthcare FY20 profit jumps 36% to Rs 1,849 crore; vaccine to fight COVID-19 in works

On progress on treatment options for COVID-19, Cadila said it is working on a DNA vaccine to fight coronavirus, which is currently in the animal testing stage

Chitranjan Kumar | June 19, 2020 | Updated 17:18 IST
Cadila Healthcare FY20 profit jumps 36% to Rs 1,849 crore; vaccine to fight COVID-19 in works
Cadila Healthcare Q4 FY20 prodit falls 15% YoY to Rs 392 crore

Drug major Cadila Healthcare (Zydus Cadila) has closed financial year 2019-20 (FY20) with a 36.35 per cent decline in consolidated net profit at Rs 1,848.80 crore as against Rs 1,176.6 crore in FY19. For the year ended March 31, 2020, the consolidated total income from operations rose by 8 per cent to Rs 14,253.1 crore versus Rs 13,165.6 crore in the previous fiscal.

For the fourth quarter ended March 31, 2020 (Q4 FY20), Ahmedabad-based pharmaceutical major reported 14.82 per cent decline in its net profit at Rs 391.9 crore as against Rs 460.1 crore in Q4 FY19. On the quarter-on-quarter (Q-o-Q) basis, the profit rose by 5 per cent from Rs 373.9 crore in December quarter of FY20.

During January-March quarter of FY20, Zydus Cadila registered total income from operations of Rs 3,752 crore, up by 1 per cent on a Q-o-Q basis from Rs 3,638 crore reported during third quarter of the financial year 2019-20.

Operating profit or Earnings before Interest, Depreciation and Tax (EBIDTA) grew by 13 per cent on a sequential basis to Rs 791 crore during Q4 FY20.

On progress on treatment options for the COVID-19, the company said it has explored multiple options from its portfolio of biological products and based on the available evidence, it has selected the long-acting biological therapy, Pegylated Interferon alpha-2b as a potential treatment.

"The company is working with the US FDA to open an Investigational New Drug (IND) filing for Pegylated Interferon alpha-2b as a treatment option for COVID19," Cadila Healthcare said in a filing to the BSE.

Cadila further stated that it is also working on a DNA vaccine to fight COVID-19. The vaccine is currently in the animal testing stage. The drug major has also in collaboration with ICMR-NlV, Pune manufactured Covid Kavach Elisa test kits for antibody detection. The first batch of 30,000 test kits was supplied free of cost to ICMR, it added.

The company recently signed a non-exclusive licensing agreement with Gilead Sciences Inc., for the manufacturing and marketing of Remdesivir, the investigational drug, in 127 countries.

In a separate development, the board of Cadila Healthcare approved re-appointment of Ganesh N. Nayak as the Whole Time Director of the Company for a period of one year with effect from July 12, 2020. He will be designated as 'ExecutiveDirector' of the company.

Meanwhile, shares of Cadila Healthcare ended day's trade at Rs 361.95 apiece, down 1 per cent, on the BSE.

Also Read: Coronavirus vaccine: When will it be ready? Moderna, AstraZeneca offer answers

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