Aurobindo Pharma Q3 Results: Profit Falls, Misses Estimates

Aurobindo Pharma Ltd.'s third quarter profit fell year-on-year, missing estimates.

Other Highlights (YoY)

• Active pharmaceutical ingredients business fell 6% to Rs 955 crore and made up 15% of the revenues.

• Overall formulations revenue rose 9% to Rs 5,453 crore.

• U.S. formulation business rose 9% to Rs 3,001 crore, contributing to around 47% of the total revenue.

• The company launched 11 new products including six injectables in the U.S., this quarter. It also received final approval for 15 ANDAs, including four injectable products from the U.S. FDA.

• Revenue from Europe was flat and accounted for around 27% of total sales. In Euro terms, it was 2.5% higher.

• Growth markets revenue, including domestic formulation sales, rose 26% and contributed to 8% of the revenue.

• Antiretroviral formulations revenue increased by 61%, making up for 4% of the revenue.

• Research and development stood at Rs 415 crore and constituted 6.5% of revenue.

"We witnessed an improved momentum backed by recovery across our business verticals and our endeavour is to continuously innovate and differentiate. In-line with our commitment to innovate, we increased the investments in biosimilars," K Nithyananda Reddy, vice-chairman and managing director, said in the filing.

They aim to sustain the momentum with new launches, improved cost efficiencies and adherence to the highest standards of compliance, he said.

Shares of Aurobindo Pharma closed 0.99% lower on Thursday before the results were announced, compared to a 0.23% rise in the benchmark Sensex.