Zydus Cadila 1st-qtr fiscal net profit jumps 15%

Indian drugmaker Zydus Cadila reported sales of 11.89 billion rupees ($175.2 million) for its fiscal quarter ended June 30, up 11% on the corresponding quarter of the previous year on a consolidated basis. Net profit was up 15% to 2.30 billion rupees. Without considering the dossier income, the growth in net profit was 19%.

In the domestic formulations market, the company launched 20 new products, including line extensions, of which six were the first to be launched in India. During the quarter the formulation business in Europe increased 22%, in Brazil it rose 21% and in Japan by 29%.

In a significant development, Zydus Pharmaceuticals USA Inc, through its subsidiary Zynesher Pharmaceuticals, entered into an agreement to acquire the assets of the US based pharmaceutical company Nesher Pharmaceuticals for $60 million from K-V Pharma (The Pharma Letter June 20). Through this acquisition the company aims to gain access to a difficult-to-develop product pipeline, expertise and infrastructure that will add value to its operations in the USA.