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Dr. Reddy’s Q3 and 9 Months FY15 Financial Results

2015年01月29日 PM07:12
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HYDERABAD, India

Dr. Reddy’s Laboratories Ltd. (NYSE: RDY) today announced its unaudited consolidated financial results for the quarter and nine months ended December 31, 2014 under International Financial Reporting Standards (IFRS).

Key Highlights (Q3 FY15)

  • Consolidated revenues at Rs. 38.4 billion, year-on-year growth of 9%.

    • Revenues from the Global Generics (GG) segment at Rs. 31.7 billion, YoY growth of 8%.
    • Revenues from the Pharmaceutical Services and Active Ingredients (PSAI) segment at Rs. 6.1 billion. YoY growth of 21%.
  • Gross Profit Margin at 58.2% in Q3 FY15 versus 60.5% as in Q3 FY14.
  • Research & Development (R&D) expenses at Rs. 4.3 billion, 11.2% to revenues versus 8.4% to revenues as in Q3 FY14.
  • Selling, general & administrative (SG&A) expenses at Rs. 11.2 billion, 29.0% to revenues.
  • EBITDA at Rs. 10.5 billion, 27% to revenues.
  • Profit after tax at Rs. 5.7 billion, 15% to revenues.
  • During the quarter the company launched 13 new generic products, filed 18 new product registrations and 14 DMFs globally.

During the quarter, the Company completed the acquisition of Habitrol® franchise (an over-the-counter nicotine replacement therapy transdermal patch) from Novartis Consumer Health Inc. and began marketing the product in the U.S. Total consideration paid was U.S. $80 million.

   

All amounts in millions, except EPS

 

All US dollar amounts based on convenience translation rate of 1 USD = Rs. 63.04

 
Dr. Reddy’s Laboratories Limited and Subsidiaries
Unaudited Consolidated Income Statement
 

Particulars

Q3 FY15     Q3 FY14     Growth %
    ($)     (Rs.)     %     ($)     (Rs.)     %    
Revenues 610     38,431     100 561     35,338     100 9
Cost of revenues     255       16,079       41.8       221       13,946       39.5       15  
Gross profit     355       22,352       58.2       339       21,391       60.5       4  
Operating Expenses
Selling, general & administrative expenses 177 11,151 29.0 158 9,945 28.1 12
Research and development expenses 68 4,316 11.2 47 2,979 8.4 45
Other (income)/expense, net     (5 )     (341 )     (0.9 )     (3 )     (177 )     (0.5 )     93  
Results from operating activities     115       7,226       18.8       137       8,644       24.5       (16 )
Finance (expense)/income, net 16 1,013 2.6 0 15 0
Share of profit of equity accounted investees, net of tax     1       47       0.1       1       46       0.1       0  
Profit before tax     131       8,286       21.6       138       8,705       24.6       (5 )
Tax expense     40       2,541       6.6       40       2,521       7.1       1  
Profit for the period     91       5,745       15       98       6,184       17.5       (7 )
                                           
Diluted Earnings Per Share (EPS)     0.53       33.61             0.57       36.25             (7 )
 

EBITDA Computation

 
Particulars     Q3 FY15     Q3 FY14
    ($)     (Rs.)     ($)     (Rs.)
Profit before tax 131     8,286 138     8,705
Interest (income) / expense net* (5 ) (347 ) 1 48
Depreciation 23 1,462 19 1,208
Amortization 9 579 9 586
Impairment / (reversal of impairment) adjustment     8       534       (8 )     (497 )
EBITDA     167       10,515       159       10,049  
EBITDA (% to sales)           27.3             28.4  

* includes profit of sales of investments

 

All US dollar amounts based on convenience translation rate of 1 USD = Rs. 63.04

Segmental Analysis

Global Generics

Revenues are at Rs. 31.7 billion, year-on-year growth of 8%, primarily driven by Branded Markets.

  • Revenues from North America at Rs. 16.8 billion, year-on-year growth of 4%. Sequential growth in constant currency at 17%, primarily on account of:

    • Sustained performance of FY14 ‘limited competition’ launches, namely decitabine, azacitidine, and divalproex sodium ER.
    • Progress on market share expansion of key molecules, namely ziprasidone, amlodipine-atorvastatin and sumatriptan auto injector.
    • 6 new products launched during the quarter.
    • 2 ANDA filings during the quarter. Cumulatively, 68 ANDAs are pending for approval with the USFDA of which 43 are Para IVs, and we believe 13 to have ‘First To File’ status.
  • Revenues from Emerging Markets at Rs. 8.6 billion, year-on-year growth of 16%.
    • Revenues from Russia at Rs. 4.0 billion, year-on-year decline of 9% primarily on account of the Rouble depreciation. In constant currency, the growth is ~27% on the back of healthy sales.
    • Emerging Markets, Ex-Russia at Rs. 4.6 billion recorded year-on-year growth of 51% primarily driven by strong performance in Venezuela on the back of continued volume upsides.
  • Revenues from India for at Rs. 4.3 billion, year-on-year growth of 11%.
    • Growth is driven by continued focus on new product launches and prescription growth.

Pharmaceutical Services and Active Ingredients (PSAI)

  • Revenues from PSAI at Rs. 6.1 billion, year-on-year growth of 21%.
  • During the quarter 14 DMFs were filed globally, filed 9 in the ROW and 5 in Europe. The cumulative number of DMF filings as of December 31, 2014 is 720.

Income Statement Highlights:

  • Gross profit margin at 58.2% registered ~230 basis points decline vs Q3 FY14 primarily on account of unfavourable currency impact. Gross profit margin for GG and PSAI business segments are at 65.9% and 17.2% respectively.
  • SG&A expenses, excluding impairment adjustments, marginally grew by 2%. This increase is largely due to annual increments, additional manpower deployment in the past 12 months and other sales and marketing spend for events specific to this quarter offset by the favourable impact of Emerging Market currency depreciation.
  • R&D expenses at Rs. 4.3 billion, year-on-year growth of 45%. 11.2% of revenues in Q3 FY15 as compared to 8.4% of revenues in Q3 FY14. The increase is in line with our planned scale-up in development activities.
  • Consequent to the decline in the recoverable amounts of certain product / customer contracts related intangible assets, an impairment charge of Rs. 534 million was recorded during the quarter.
  • Net Finance income at Rs. 1,013 million compared to Rs. 15 million in Q3 FY14. The increase is on account of:
    • Incremental forex benefit of Rs. 604 million
    • Incremental profit on sales of investments of Rs. 174 million
    • Net increase in interest income of Rs. 221 million
  • EBITDA at Rs. 10.5 billion, year-on-year growth of 5%; 27% of revenues.
  • Profit after Tax at Rs. 5.7 billion, year-on-year decline of 7%; 15% of revenues.
  • Diluted earnings per share in Q3 FY15 at Rs. 33.61
  • Capital expenditure for Q3 FY15 is Rs. 2.65 billion.

Appendix 1: Key Balance Sheet Items

 
Particulars     As on 31st Dec 14     As on 30th Sep 14
    ($)     (Rs.)     ($)     (Rs.)
Cash and cash equivalents and Other current investments     456       28,736     456       28,737
Trade receivables     638       40,224     598       37,722
Inventories     461       29,038     446       28,123
Property, plant and equipment     760       47,887     739       46,559
Goodwill and Other Intangible assets     283       17,820     216       13,648
Loans and borrowings (current & non-current)     629       39,656     616       38,854
Trade payables     196       12,333     204       12,843
Equity     1,667       105,107     1,570       99,004
       

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