Strides Pharma Reports Profit In Q4; USFDA Approves Generic Gastrointestinal Drug
Strides Pharma reports Rs 10.44 crore net profit in Q4; USFDA approves generic gastrointestinal drug
Strides Pharma Science on Wednesday reported a consolidated net profit of Rs 10.44 crore in the fourth quarter ended March 2024. Consolidated total income in the quarter under review stood at Rs 1,070.49 crore as against Rs 1,013.49 crore in the same period a year ago, Strides Pharma Science said in a regulatory filing.
Total expenses in the fourth quarter were higher at Rs 984.21 crore as compared to Rs 972.26 crore.
The board has recommended a final dividend of Rs 2.50 per equity share of Rs 10 each for the financial year ended March 31, 2024, the filing said.
FY 24 Earnings
For the year ended March 31, 2024, the consolidated net loss was at Rs 94.31 crore as against Rs 212.33 crore in the previous fiscal. In FY24, consolidated total income was at Rs 4,090.82 crore over Rs 3,778.71 crore in FY23.
Strides Pharma said it recorded its highest-ever full-year revenue in FY24 driven by growth in the US and other regulated markets.
"The US remains a key market for Strides, having achieved the higher end of the FY24 revenue outlook of $250 million, we are well poised to achieve the $400 million objective over the next 3 years," the company said in an investor presentation.
In other regulated markets, FY24 revenue was at USD 154 million, growing by 19.9 per cent year-on-year.
Management Changes
The company, which posted a consolidated net loss of Rs 13.79 crore in the same quarter a year ago, announced a top management rejig with Executive Chairperson & Managing Director Arun Kumar designated as Executive Chairperson while Executive Director Finance & Group CFO Badree Komandur has been elevated as MD and Group CEO.
Strides said as part of the top management changes, Aditya Kumar currently Vice President of B2B Business will now be Executive Director - Business Development; Vikesh Kumar CFO - Front End Markets will become Group CFO & Chief Investor Relations Officer; and Surabhi Loshali, Senior Vice President HR has been elevated as Group CHRO.
USFDA Approves Generic Gastrointestinal Drug
It also said its unit Singapore-based Strides Pharma Global Pte. Ltd, has received approval for the generic version of Sucralfate Oral Suspension, 1gm/10 mL, from the US Food & Drug Administration, the drug firm said in a statement.
The product is bioequivalent and therapeutically equivalent to AbbVie's Carafate (1gm/10mL).
Sucralfate is used to treat stomach ulcers, gastroesophageal reflux disease, radiation proctitis, and stomach inflammation and to prevent stress ulcers.
As per IQVIA, Sucralfate Oral Suspension (1gm/10 mL) had a market size of $124 million in the US market.
Shares of the company were trading 6.33% up at Rs 899.75 apiece on the BSE.
