Strides Arcolab announced its financial results for the quarter ended March 31, 2013. “Year 2013 has started on a promising note and we continue to be upbeat about our pharma business which is currently tracking ahead of guidance,” said Arun Kumar, Vice Chairman and Group CEO, Strides Arcolab. He further stated, “the quarter also witnessed focused effort on growing the biotech business through new exciting partnerships.
The highlights of the results are as follows:
Pharma
- Pharma business scaling up and is in line with guidance for 2013 (Revenue guided at Rs 1,000 crores with an EBITDA of Rs 200 crores)
- Consolidated Pharma Revenues grew by 47 per cent (Rs 235 crores in Q1 2013 against Rs160 crores in Q1 2012)
- Consolidated Pharma EBITDA grew by 100+ per cent (Rs 61 crores in Q1 2013 against Rs 23 crores in Q1 2012)
Biotech
- Agreement closed with Bio-Xcell, Malaysia for establishing a customized biotech facility located in the Bio-XCell ecosystem in Nusajaya, Johor, Malaysia.
- Joint Venture with Pfenex Inc. announced – JV to to develop, manufacture and commercialise initial pipeline of six biosimilar products for the global market
- Acquired incremental stake in Inbiopro making it a wholly owned subsidiary
Pharma regulatory update
- 47 filings as on date with USFDA with 19 pending approvals
- Expects 3-4 key approvals during H2 2013
EP News Bureau – Mumbai