Morepen Laboratories Ltd. has posted
an increase of 15% net profit in the
second quarter of the year 2001-2002. The company’s
gross revenue went up by 13% to reach
Rs 119.17 crores from
Rs 105.16 crores in the corresponding
period of 2000.
Morepen today is moving up the value chain and is aggressively
focusing on formulations, with R&D and NDDS to constantly
evolve its product offerings and is backing it up with
a strong sales and distribution network. Morepen has maintained
a strong position amongst the top ten Indian pharmaceutical
companies and is ranked as the 57th most valuable company
(Business Today Oct. 2001).
| Category |
Quarter ended 30.9.01
(in Rs. Crores) |
Quarter ended 30.9.00
(in Rs. Crores) |
| PBT |
25.78 |
22.30 |
| PAT |
23.81 |
20.70 |
| Net sales |
119.17 |
105.16 |
EPS for quarter
(On Rs.2/- face value) |
Rs.2.63 |
Rs. 2.29 |
On the bulk drugs front, the blockbuster
drug Loratidine’s supplies to the European and Canadian
markets have already commenced. The US,
which contributes to 80% of the market, is expected to
open up in 2002 after the drug goes off patent there.
Morepen Labs is now evaluating International back-to-back
tie-ups with US Generic marketing
companies for establishing strong marketing networks in
US. HSBC has been given the mandate to
identify possible strategic partners and an Information
memorandum to potential generic companies has already
been circulated by the bank.
The Branded Formulation business has
grown by 62% for the quarter and Morepen has been ranked
amongst the top five fastest growing pharmaceutical
companies in India (ORG Sept. 2000 - 2001). Anti-emetic
product DOM DT and antibiotic Saltum
have registered growths of 110% and 121%
respectively during the quarter, taking the ORG ranking
up by 18 ranks for the month of September 2001. Morepen
has launched an antibiotic ‘Saltumax’ in the
month of July 2001. Saltumax is a combination
of Salbactum and Cefeperazone, which is used for critical
life threatening infections and it, has done exceedingly
well and recorded sales of over 4.14 crores in this quarter.
Saltumax is the second drug of its kind after innovator
Pfizer’s Magnex.
Mr. Sushil Suri, Chairman and Managing Director
of Morepen Labs said, "Having established
ourselves as a leading player in the generic drug business
we are now expanding the market and moving closer to the
end consumer. We are realigning our national and international
marketing strategies and human capital to create an organization,
which is dynamic and research & market driven."
Dr.Morepen, the life style self-health
brand of Morepen Labs has been successfully launched
during the quarter and has been well received across North
and Western India and is available in over 80,000 outlets.
Mr. Kartik Raina, former Managing Director of Best Foods,
the Uni Lever Group, has joined as the new Managing Director
of Dr. Morepen and has taken up the challenge of harnessing
the Rs. 4500 crore FMHG markets for Dr. Morepen. The Diagnostic
business has also grown by over three times this
quarter.
This quarter saw Morepen Labs filing an International
process patent for the amorphous form of Atorvastatin
Calcium developed by a non-infringing process.
Atorvastatin, a cholesterol-reducing drug has a market
size of $5 billion and is ranked as the number
2 molecule across the globe. Morepen has also
launched a formulation brand of Atorvastatin , Orvastin
in the domestic market.
Morepen Laboratories Limited (MLL) is a preferred generic
manufacturer of bulk drugs internationally and the largest
generic manufacturer of Loratadine in the world. With
a market capitalization of more than US$ 200 million and
three high-tech plants at Himachal, MLL exports to over
50 countries, including the highly regulated markets of
USA, Western Europe and Canada. A leadership position
in its core business of bulk drugs, adherence to international
quality standards with USFDA approved facilities and a
strong R&D base gives Morepen the cutting edge required
to meet the demands of an economy poised to enter the
GATT regime. Besides bulk drugs, Morepen is a professionally
managed, R&D based company that is also engaged in
manufacturing and marketing of Formulation dosage forms.
Morepen has made a foray into the self-health category
with Dr.Morepen- its FMHG brand.
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