Ranbaxy net jumps 4-fold on forex gain, Lipitor sales

Drug major Ranbaxy Laboratories today said its consolidated net profit surged over four-fold

to Rs 1,246.76 crore during the first quarter ended March 31, 2012,against Rs 304.38 crore during the year-ago period on account of forex gains of around Rs 345 crore.

The company has received an exceptional gain of Rs 345 crore arising out of forex during the quarter. Analysts on average had expected net profit at Rs 408 crore and revenues at Rs 3,720 crore. Moreover,Cholesterol buster drug Lipitor boosted margins in the March quarter.

Sales in the north American market more than doubled to Rs 2093 crore in the period, the first full quarter of sales of its copycat version of blockbuster Lipitor. Ranbaxy launched the generic in December 2011 in the United States followed by European markets.

Other than the innovator Pfizer, Ranbaxy and Watson Pharmaceuticals are the only two drugmakers allowed to sell generic Lipitor in the United States until May 31.

[caption id=“attachment_303836” align=“alignleft” width=“380” caption=“On a standalone basis, the company posted a net profit of Rs 827.23 crore for the first quarter”] [/caption]

Net sales of the company rose to Rs 3,695.40 crore for the quarter ended March 31, 2012, as against Rs 2,141.49 crore during the same period of previous year.

On a standalone basis, the company posted a net profit of Rs 827.23 crore for the first quarter, while it had a net loss of Rs 52.9 crore in the corresponding period of last year. The company’s net sales on standalone basis rose to Rs 1,810.22 crore during the first quarter, as against Rs 1,054.92 crore in the same period of last year.

Commenting on results, Ranbaxy CEO and Managing Director Arun Sawhney said: “The focus on key products and markets, while maintaining emphasis on further strengthening quality and compliance standards, has had a positive impact on the performance of Ranbaxy during the quarter”.

Shares of Ranbaxy were trading at Rs 514.20 on the BSE in late afternoon trade, up 4.15 per cent from its previous close.

Agencies