Cipla, Glenmark recall drugs in US due to manufacturing issues
Drug makers Cipla and Glenmark are recalling their products from the US market due to manufacturing issues.
Pharmaceutical firm Cipla has announced a 10.9 per cent growth in its profit after tax to Rs 789 crore for the quarter ended September 2022, against Rs 711 crore in the year-ago period.
The firm said total revenue from operations went up 5.6 per cent to Rs 5,829 crore in the reviewed quarter, against Rs 5,520 crore in the corresponding period the previous year.
Its earnings before interest, taxes, depreciation, and amortization (Ebitda) rose 6.2 per cent to Rs 1,302 crore, against Rs Rs 1,226 crore in the year-ago period.
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In terms of sales performance, India business went up 6.1 per cent in the September quarter against the sales in the corresponding quarter last year’s, North America business rose 35 per cent, South Africa, Sub-Saharan, and Cipla Global Access business went down 12.8 per cent whereas sales in terms of International markets declined 7.1 per cent, according to a statement from the pharmaceutical firm.
Its active pharmaceutical ingredient business also declined 9.2 per cent in terms of sales in the reviewed quarter against the year-ago period.
Umang Vohra, Managing Director, and Global chief executive officer, Cipla, said, “Our Q2FY23 performance reflects strong momentum in One-India business and solid execution on the differentiated portfolio in the US including the launch of Lenalidomide, driving our overall revenue to a multi-quarter high and expansion in our reported operating profitability, despite external headwinds. Our reported operating profitability of 22.3 per cent and is tracking well within our full-year guidance of 21-22 per cent range.”
He said, “Our proactive logistics management, cost rigor, and calibrated pricing actions have helped offset the adverse impact of inflationary cost elements on profits. We are closely working with US FDA on Goa observations, de-risking key assets, and improving compliances holistically across manufacturing locations”
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