Jubilant Pharmova reports significant increase in Q1 net profit to Rs 481.8 crore

Published On 2024-07-23 04:30 GMT   |   Update On 2024-07-23 04:30 GMT
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New Delhi: Jubilant Pharmova Ltd has announced a significant increase in its consolidated net profit to Rs 481.8 crore. The net profit was boosted by gain on sale on investment in associate firm SOFIE Biosciences Inc USA.

According to a regulatory filing by Jubilant Pharmova, the company had reported a consolidated net profit of Rs 6 crore in the previous year

Consolidated total revenue from operations stood at Rs 1,731.7 crore as against Rs 1,586.9 crore in the year-ago period, it added.
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The exceptional items in the first quarter of the current fiscal include net income of Rs 669.2 crore following sale of investment in SOFIE, expenses of Rs 91.6 crore accrued due to closure of manufacturing operations of solid dosage formulation facility at Salisbury, Maryland, USA; Rs 95.3 crore provision for slow moving inventory in respect of solid dosage formulation business and litigation cost of Rs 50 crore among others.
During the quarter, Jubilant Pharmova said its radiopharmaceuticals segment revenue grew 28 per cent year-on-year to Rs 262 crore; while that of allergy immunotherapy grew 11 per cent to Rs 168 crore.
According to PTI report, CDMO (contract development and manufacturing organisations) sterile injectables revenue grew 27 per cent to Rs 324 crore and that of CRDMO (contract research & development organisation) segment revenue was at Rs 243 crore.

Jubilant Pharmova Limited (formerly Jubilant Life Sciences Limited) is engaged in Radiopharma, Allergy Immunotherapy, CDMO of Sterile Injectable, Generics, Contract Research Development and Manufacturing (CRDMO) and Proprietary Novel Drugs businesses. With a network of 46 radio-pharmacies in the US, Jubilant’s Radiopharma business is engaged in manufacturing and supply of Radiopharmaceutical products and services. Its other businesses such as Allergy Immunotherapy, Contract Manufacturing of Sterile Injectables and Nonsterile products and Generics (Solid Dosage Formulations) caters to major regulated markets (USA, EU and other geographies) through multiple manufacturing facilities.

The CRDMO segment (through Jubilant Biosys) provides collaborative research and partnership for Drug Discovery through two research centers in India. The company is also involved in the manufacturing of Active Pharmaceutical Products (API) through a US FDA approved facility in Nanjangud, Karnataka. Jubilant Therapeutics (JTI) invested for in-house Proprietary Novel Drugs business and is a biopharmaceutical company developing breakthrough therapies in the area of oncology and auto-immune disorders.     

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