 "AstraZeneca")
AstraZeneca posted that its profit after tax (PAT) surged more than double, increasing by 128.56 per cent year-on-year (Y-o-Y) during the fourth quarter of FY24, reaching Rs 39.47 crore. The company also posted a 34.59 per cent increase in its consolidated revenue from operations, which came in at Rs 383.19 crore. This increase in PAT can be attributed to higher revenues and exceptional expenses of Rs 40 crore in the last quarter.
On a sequential basis, the company exhibited a 25.32 per cent increase in revenue, and the PAT also increased by 149.81 per cent.
Speaking on this, Sanjeev Panchal, country president and managing director, AstraZeneca India, commented, "FY 2023-24 was one of the strongest years for us in the country, and we take immense pride in our consistent performance. AstraZeneca India product sales for the first time crossed the Rs 1,000 crore mark, delivering total revenue of almost Rs 1,300 crore, with growth of 29 per cent this year. Science is guiding us, and our remarkable pipeline progress with nine new medicines and indication approvals that we received last year, positions us optimally, and we feel motivated to bring more innovative therapies faster and closer to patients in India.”
Commenting on the same, Bhavana Agrawal, chief finance officer, added, "Our strong full-year performance is a reflection of the company’s focus on being a specialist organisation and strong operational execution. This achievement reflects our relentless pursuit of identifying and capitalising on opportunities in a dynamic environment. It underscores our dedication to not only achieving financial excellence but doing so in a sustainable and strategic manner."
In the financial year 2023-24, the company secured marketing approvals for new molecules and indications that expand treatment options for various medical conditions such as trastuzumab deruxtecan, which received a dual indication for the treatment of HER2 low breast cancer and HER2 positive gastric/gastro-oesophageal cancer, and andexanet alfa, indicated for critical bleeding conditions associated with novel anticoagulants.
AstraZeneca gained approval for a triple combination inhalation therapy for COPD, palivizumab for preventive therapy for respiratory syncytial virus (RSV), and dapagliflozin for the treatment of heart failure in adults. Tremelimumab in combination with durvalumab was also approved for the treatment of patients with unresectable hepatocellular carcinoma (uHCC), among other notable approvals.
Strategic collaborations played a crucial role in AstraZeneca's achievements, particularly in enhancing diagnostic capabilities and treatment outcomes. Collaborations with government bodies and healthcare institutions aimed to deploy technologies and improve access to innovative solutions. Partnerships with entities such as Qure.ai, Roche Diagnostics India, and Rajiv Gandhi Cancer Institute and Research Center (RGCI&RC) focused on deploying AI-based screening technologies, improving diagnostics for breast cancer patients, and enhancing molecular panel testing for lung cancer patients, respectively.
