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  • Abbott India profit...

Abbott India profit rises in Q3 on strong demand

Written By : Ruchika Sharma |Medically Reviewed By : Dr. Kamal Kant Kohli Published On 2024-02-02T10:00:26+05:30  |  Updated On 23 March 2024 5:00 PM IST
Abbott India profit rises in Q3 on strong demand
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Bengaluru: Pharmaceutical firm Abbott India reported a 26 percent rise in third-quarter profit on Thursday, as higher sales outpaced the impact of a pricing cap on certain medicines.

The company, which makes popular antacid medicine Digene, said its profit rose to 3.11 billion rupees ($37.5 million) from 2.47 billion rupees a year earlier.
Revenues of drugmakers such as Abbott India, which get most of their business from India, continued to be affected during the quarter as some of their key drugs were included in the government's essential medicines list in September 2022, making them susceptible to price caps.
This was also highlighted by GlaxoSmithKline Pharma in its previous earnings.
Abbott, which is a unit of U.S. healthcare firm Abbott Laboratories, has been trying to mitigate the impact of pricing curbs by driving up sales and cutting back on expenses.
The company, which makes drugs including hypothyroidism treatment tablets Thyronorm, said its revenue from operations rose nearly 9% to 14.37 billion rupees.
Peer GlaxoSmithKline Pharma is set to report its December-quarter results next week.
Read also: USFDA approves expanded MRI labelling for Abbott Proclaim DRG neurostimulation system for people suffering from chronic pain
Original news source: https://www.reuters.com/business/healthcare-pharmaceuticals/drugmaker-abbott-indias-q3-profit-rises-strong-demand-2024-02-01/
abbottabbott newsQ3 resultfinancial resultdigenethyronormabbott india
Ruchika Sharma
Ruchika Sharma

    Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751

    Dr. Kamal Kant Kohli
    Dr. Kamal Kant Kohli

    Dr Kamal Kant Kohli-MBBS, DTCD- a chest specialist with more than 30 years of practice and a flair for writing clinical articles, Dr Kamal Kant Kohli joined Medical Dialogues as a Chief Editor of Medical News. Besides writing articles, as an editor, he proofreads and verifies all the medical content published on Medical Dialogues including those coming from journals, studies,medical conferences,guidelines etc. Email: drkohli@medicaldialogues.in. Contact no. 011-43720751

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