India’s largest drugmaker Ranbaxy Laboratories (RAB: BO), which is 64% owned by Japan’s Daiichi Sankyo (TYO: 4568), yesterday reported financial results for the fourth-quarter and full-year 2011, showing that consolidated sales for the quarter reached $736 million, up from $468 million in the like 2010 period Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) were 25% of sales at $188 million, compared with $53 million.
For the full year, consolidated sales were $2.11 billion, for the first time surpassing the $2 billion level and up 13% on 2010, the company noted. EBITDA was 18% of sales at $381 versus $402 million.
The results took account of significant exceptional charges below the EBITDA line in the quarter on account of (i) Provision: $500 million in connection with the investigation by the US Department of Justice (The Pharma Letter December 22, 2011) and (ii) Forex: long term outstanding forex call options sold by the company in earlier years and foreign currency loans marked to market as a matter of prudent accounting.
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