Drug maker Ranbaxy Laboratories today said its consolidated profit after tax (PAT) surged over fivefold to Rs 1,496.8 crore for the year ended December 31, 2010, on the back of robust sales growth across key geographies.
"We have had a strong year attributable in large measure to the robust revenue growth in our key geographies and the realisations from our first-to-file (FTF) opportunities, in the US," Ranbaxy Managing Director Arun Sawhney said in a statement.
The company had posted a profit after tax of Rs 296.5 crore in the previous fiscal, Ranbaxy Laboratories said in a statement.
The company's total income rose to Rs 9,380.95 crore for the year ended December 31, 2010, compared to Rs 7,986.57 crore in the last year.
The company's board, at its meeting held today, has recommended a dividend of Rs 2 per equity share for the year.
The USFDA grants FTF status to a company for a product if it is the first to successfully apply and get approval to launch a generic copy of a patented drug.
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Despite continued challenges in the US market, the company launched its FTF product, Donepezil Hydrochloride tablets 5 mg and 10 mg with 180 days exclusivity in the fourth quarter of 2010.
During 2011, the company expects to achieve base case sales of nearly Rs 8,400 crore.
Base case sales exclude revenue from the possibility of exclusive sales they could get for being the first to bring a generic drug to market.
The company's global sales in 2010 stood at Rs 8,550.7 crore reflecting a growth of 23% over the previous year.
Emerging markets accounted for 50% of sales during the year, while developed markets contributed 44%.
The company's sales in North America stood at Rs 3,022.6 crore for the year. In USA, the company posted sales of Rs 2,744.8 crore for the year.
Sawhney further added: "On the cost side, we have gained from greater efficiencies in manufacturing."
In Europe, the company recorded sales of Rs 1,243.2 crore for the year. The CIS region reported sales of Rs 462.8 crore during the period.
In African region, the company clocked sales of Rs 704 crore while the Latin America market provided sales of Rs 379.3 crore for the year.
The company's domestic pharma business recorded sales of Rs 1,759.3 crore. Of this, the Global Consumer Healthcare business recorded sales of Rs 248.5 crore for the year.
All key brands in this portfolio witnessed growth at market level. Revital, Ranbaxy's flagship brand, is now the sixth largest product in the Indian pharmaceutical market.
The company's active pharmaceutical ingredients (API) business reported sales of Rs 5,23.8 crore for the year.
During the year, the company rolled out 'Project Viraat' aimed at gaining leadership in the Indian market.
In 2010, more than fifty national level regulatory agency inspections were conducted successfully at Ranbaxy's various global manufacturing sites, the company said.
These included regulators from US FDA, South Africa, World Health Organisation (WHO), European Union Countries/EMEA (Poland, United Kingdom, Ireland, Romania, France, Germany), Brazil, Australia, Korea, China, Malaysia, Singapore, the Gulf Cooperation Council (GCC), Canada, Kenya, and India.
During the year the company's New Drug Discovery Research (NDDR), was transferred to Daiichi Sankyo India Pharma (DSIN).
Japanese drugmaker Daiichi Sankyo had acquired majority stake in Ranbaxy in 2008 for a total outgo of around Rs 22,000 crore.
Shares of Ranbaxy today closed at Rs 494.20 on the Bombay Stock Exchange, down 3.05% from its previous close.