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Alembic Pharma share slips 5% after Q4 earnings

Alembic Pharma share slips 5% after Q4 earnings

For FY21, the company posted a net profit of Rs 1178 crore compared to Rs 829 crore in the previous year, up 42 per cent

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Share of Alembic Pharma declined over 5 per cent in early trade today after the company reported earnings for the quarter ended March 2021. The stock hit an intraday low of Rs 948 and an intraday high of Rs 1,003.

The company reported a net profit of Rs 251 crore for Q4 FY21 compared to Rs 225 crore for the corresponding quarter of the previous year, an increase of 11.5 per cent.

Net sales increased 6 per cent to Rs 1280 crore for the quarter ended March 2021, compared to Rs.1207 crore for the corresponding quarter of the previous year.

For FY21, the company posted a net profit of Rs 1178 crore compared to Rs 829 crore in the previous year, up 42 per cent. Net sales increased 17 per cent to Rs.5393 Crore compared to Rs.4606 crore for the previous year.

"It was an outstanding year with the company recording its highest sales and profit ever. This was led by strong growth in the API and International Business. The operating teams worked tirelessly through the pandemic to ensure critical supplies were uninterrupted," said Mr. Pranav Amin, Managing Director, Alembic Pharmaceuticals Limited.

Alembic Pharmaceuticals Limited has also announced that it has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Dorzolamide Hydrochloride. and Timolol Maleate Ophthalmic Solution USP, 2% and 0.5%.

Dorzolamide Hydrochloride and Timolol Maleate Ophthalmic Solution USP, 2% and 0.5% have an estimated market size of US$ 80 million for twelve months ending December 2020 according to IQVIA.

Alembic has a cumulative total of 143 ANDA approvals (125 final approvals and 18 tentative approvals) from USFDA.