Morepen Laboratories today announced
a net profit of Rs. 24.66 crores for the third quarter,
an increase of 11.58% over the same period last year.
This is a 12.59% jump in net profit of first nine months
of the current financial year as compared to the corresponding
period last year. Gross turnover also touched Rs.358.85
crores in nine months ended December 2001 compared to
Rs.320.57 crores last year.The exports in the first three
quarters have also recorded a growth of 25% as compared
to last year.
| Category |
Quarter ended 31.12.2001
|
Quarter ended 31.12.2000
|
Nine months ended 31.12.2001
|
Nine months ended 31.12.2000
|
| Gross Turnover |
Rs.122.33 Crores |
Rs.110.86 Crores |
Rs.358.85 Crores |
Rs.320.57 Crores |
| PBT |
Rs.36.61 Crores |
Rs.23.90 Crores |
Rs.83.91 Crores |
Rs.65.75 Crores |
| PAT |
Rs.24.66 Crores |
Rs.22.10 Crores |
Rs.68.29 Crores |
Rs.60.65 Crores |
| EPS*(Rs.) |
2.60 |
2.44 |
7.15 |
6.98 |
|
*EPS is based on the split face value of Rs.2/- for the
quarter (not annualized)
Morepen continues to work on high value-added complex
molecules under its Bulk Drugs division, with the USFDA
approved Loratadine being the front-runner.
Morepen has also filed its third international Patent
for the new process for amorphous form of Atorvastatin
Calcium, the second largest molecule world over.
Loratadine exports has more than doubled in first nine
months of the current financial year and would ascend
further after it goes off patent in USA in June 2002,
which accounts for 85% of its Market. Morepen has already
tied up with Geneva (Novartis), the company that has been
granted Paragraph IV exclusivity to sell Loratadine ,
being the first ANDA filer of USA. The formation of MorepenMax,
a joint venture company between Morepen
and Drugmax Inc. of Florida, the $300
million NASDAQ pharmaceutical distribution company is
another major step towards Morepen’s foray in Global
arena. This has given Morepen direct access to the US
market, providing immediate shelf space to its products
in the competitive Generic Drugs segment. As per an immediate
plan MorepenMax will file new
ANDA’s and would complete all regulatory
approvals for an entire range of generic products.
Mr. Sushil Suri, Chairman & Managing Director
of Morepen said, "Strategic alliance with
Drugmax Inc., this quarter has given us the reach and
access to US generic market by filing our own ANDA’s,
gearing us for the post patent regime. "
The Branded Formulations have also registered
a remarkable growth of 47.1% as against
a 9.1% growth rate of the Industry. (Source:
Org-marg retail audit November 2001) Morepen has launched
two new products Orvastin and Pentopen,
in last three months. Orvastin (Atorvastatin) is used
as a cholesterol-lowering agent while Pentopen (Pantoprazole)
is used in treating peptic disorders. The three blue chip
brands of Morepen, Dom Dt, Saltum and Claridin are also
performing very well and are growing at a phenomenal rate.
Saltumax, an Injectable antibiotic, launched
barely six months back has already crossed a sale of 5.4
crores.
In the FMHG sector, Morepen has strengthened the product
portfolio of its subsidiary Dr. Morepen Ltd.
Dr. Morepen was hailed as one of the top five most successful
brand launches of 2001 for redefining the OTC category
(Business Today Jan 2002). Dr. Morepen has also acquired
Burnol from Reckitt Piramal for Rs.8.95
crores to provide support and deeper market penetration
to other Dr. Morepen products and also to give the company
an entry into the 210 crores antiseptic market. Various
consumer-focused activities this quarter have firmly established
Dr. Morepen as a highly reliable health brand that has
revolutionized the total OTC marketing.
Morepen Laboratories is internationally acclaimed for
its stringent quality standards and technological excellence.
In the coming months, Morepen plans to reach out to a
larger consumer base through its all India & global
network, and increased products penetration in various
segments of the pharmaceutical market.
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