Alkem Laboratories reported 13.5% fall in net profit to Rs 454.7 crore despite a 16.1% rise in total revenue from operations to Rs 3040.9 crore in Q3 FY23 over Q3 FY22.
India sales were Rs 1,992.2 crore, year-on-year growth of 9.7%. International sales were Rs 992.8 crore, year-on-year growth of 28.8%.
The company said that as per secondary sales data by IQVIA for the quarter ended December 31, 2022, the company sales grew ahead of Indian Pharmaceutical Market (IPM) with growth of 16.7% YoY compared to IPM growth of 10.0% YoY.
Even for 9M FY23, the company outperformed the IPM with growth of 10% YoY compared to IPM growth of 5.6% YoY. This outperformance was driven by all round strong outperformance across acute therapies like anti-infective, gastrointestinal, vitamins/minerals/nutrients and pain management both in Q3FY23 and 9MFY23.
In Q3FY23, the company's chronic therapies like anti-diabetes and Neuro/ CNS grew in excess of 30% gaining three ranks in anti- diabetes and two rank in Neuro/ CNS.
In the International business, US sales for the quarter was Rs 761.2 crore, recording a year-on-year growth of 32.8%. Other International Markets sales for the quarter was Rs 231.6 crore, recording a year-on year growth of 17.1%.
EBITDA was Rs 599 crore, resulting in EBITDA margin of 19.7% as against 19% in Q3 FY22. EBITDA grew by 20.2% YoY during the period under review.
Profit before tax (PBT) was Rs 538.9 crore, a growth of 16.2% compared to Q3 FY22.
R&D expenses for the quarter was Rs 129.7 crore, or 4.3% of total revenue from operations compared to Rs 144.9 crore in Q3 FY22 at 5.5% of total revenue from operations.
During the quarter, the company filed 2 abbreviated new drug applications (ANDAs) with the US FDA and received 3 approvals (including 1 tentative approval). For 9M FY23, the company filed 8 abbreviated new drug applications (ANDAs) with the US FDA and received 11 approvals (including 4 tentative approvals).
As on 31 December 2022, the company filed a total of 169 ANDAs and 2 new drug applications (NDA) with the USFDA. Of these, it has received approvals for 129 ANDAs (including 14 tentative approvals) and 2 NDAs.
Alkem Laboratories is a leading Indian pharmaceutical company with global operations, engaged in the development, manufacture and sale of pharmaceutical and nutraceutical products. The company produces branded generics, generic drugs, active pharmaceutical ingredients (APIs) and nutraceuticals, which it markets in India and International markets.
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