Alembic Pharma Ltd. Secures GMP Audit Clearance in Brazil, Reports Strong Q2 Earnings
Mumbai, India (Date): Alembic Pharma Ltd., a leading pharmaceutical company operating globally, announced on Wednesday that it has successfully completed the Good Manufacturing Practices (GMP) audit at its API-II facility in Panelav, India's Branded Business hub. The Brazilian Health Regulatory Agency (ANVISA) conducted the audit from September 16 to 20 and has cleared Alembic Pharma Ltd.'s site for eight active pharmaceutical ingredients (APIs).
Alembic Pharma reported a robust performance in its Q2 earnings, with a profit before tax of ₹168 crore, up 25% year-on-year. Net sales grew by 3% to reach ₹1,648 crore, while EBITDA increased by 18% to ₹257 crore, translating to an EBITDA margin of 15.6%. The company's net profit jumped by 12%, amounting to ₹153 crore.
The strong performance was attributed to enhanced execution capabilities within India's Branded Business, particularly in the Specialty and Animal Health segments. Notably, the USFDA inspected the company's Oncology Formulation Facility (F-2) without registering any Form 483 observations during the inspection.
In its India Branded Business, Alembic Pharma recorded a significant growth of 6% to ₹609 crore for the quarter, driven by strong sales in its specialty therapies, including growths of 8%, 11%, 18%, and 13% in gynecology, cardiology, anti-diabetic, and ophthalmology segments, respectively.
Alembic Pharma's Animal Health segment saw a notable 20% growth, largely attributed to a robust portfolio of strong brands. The company also launched three new products during the quarter under review.
The US Generics division reported a moderate growth of 5%, contributing ₹467 crore, with eight new product launches in the US market. This was complemented by an 18% growth in Ex-US International Formulations to reach ₹298 crore.
Alembic Pharma received nine Additional Drug Applications (ANDA) clearances during the quarter, aggregating to a total of 214 approvals this year.
Despite its impressive earnings and milestones, Alembic Pharma shares fell 1.48% on Wednesday at ₹1,088.3 apiece, marking a drop after the announcement of its Q2 results. The stock has gained an impressive 42.09% so far this year, based on current market trends.