Cipla reports bigger-than-expected rise in Q2 profit
Higher market share in cancer drugs Revlimid and Lanreotide and lower price erosion have helped Cipla's sales in the North American market, analysts said.;
Bengaluru: Cipla, India’s third-largest generic drugmaker by sales, posted a bigger-than-expected rise in second-quarter profit, boosted by strength in its key domestic and North American business.
Total revenue from operations rose nearly 15% to 66.78 billion rupees, led by a 13.4% growth in its mainstay pharmaceutical business, said Cipla, which makes generic respiratory and cancer drugs along with consumer-branded products such as pain reliever Omnigel.
Sales in North America climbed nearly 32%, while its other key markets including India and South Africa posted a 10% and 3.7% growth, respectively.
If the deal works out, it would be the largest in the Indian pharma sector, analysts said.
Cipla’s shares jumped as much as 4.1% after the results and were up 1.9%, as of 3:20 p.m. IST.
They have risen nearly 17% in the September quarter, compared with a 12% rise in the Nifty Pharma index.
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