Press release from Business Wire India
Source: Neuland Laboratories
Thursday, January 22, 2009 06:43 PM IST (01:13 PM GMT)
Editors: General: Consumer interest, Economy; Business: Accounting & management consultancy services, Banking & financial services, Chemicals, Financial Analyst, Healthcare, biotechnology & pharmaceutical, Stock exchanges; Healthcare
Release no: 19038
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Neuland Laboratories Forays into Peptides, Net Sales Zooms by 45 per cent
Both the Manufacturing Units get PMDA, the Japanese Regulatory Authority's Approval
Hyderabad, Andhra Pradesh, India, Thursday, January 22, 2009 -- (Business Wire India) -- -- Records impressive performance in Q3 of FY-08-09 with 46.37 per cent growth in total income
-- Net sales soars to Rs.83.39 crore, with increase in operating profit by 8.4 per cent
-- Registers net profit of Rs.1.84.crore
Neuland Laboratories Limited, a reliable global provider of API and other essential drug discovery and development support services today announced its foray into peptides, thus taking another step towards bringing more value and synergy to the company's contract research and generic APIs business. The move into this niche market segment reinforces Neuland's intent to focus on opportunities that require higher barriers to entry, while also leveraging the company's existing intellectual capital and regulatory strength.
The foray into peptides will be in two phases. While the first phase will see Neuland developing a non-GMP facility for synthesis of peptides both for generic API and contract research opportunities, the second phase will offer contract manufacturing of peptides at commercial scale under GMP environment for both generic and innovator companies.
Neuland Laboratories Limited today also announced an impressive growth of 8.4 per cent in its operating profit and a 45 per cent jump in its net sales for the 3rd quarter (Oct - Dec 2008) of the financial year 2008-09. The company reported net sales of Rs.83.39 crore for the quarter ended December 31, 2008, as against Rs.57.52 crore during the same period in the previous fiscal. The operating profit of the company for the quarter ended December 31, 2008 was Rs.7.48 crore as against Rs.6.9 crore in the corresponding period of previous fiscal.
Neuland Laboratories Limited recorded total income of Rs.84.47 crore for the quarter ended December 31, 2008, as against Rs.57.71crore during the same period in the previous fiscal, a growth of 46.37 per cent.
The company recorded a net profit of 1.84 crore, during this quarter. There was a forex loss for the quarter which includes losses due to restatement of foreign currency term loans.
Dr. D R Rao, Chairman & Managing Director, Neuland Laboratories said "Neuland's objective is to become an end to end service provider for the pharmaceutical industry. From our current capabilities of API manufacturing and Contract Research services, we want to expand our capabilities into areas of Clinical Research and subsequently other areas of drug discovery support services and the foray into peptides is just another step towards achieving the same." He added, "Advances in drug delivery technologies are opening up the avenues for peptides and other niche market segments, and Neuland sees a potential high growth area here, thus this new business initiative. It's a niche opportunity which has a synergy with both our contract research and API business."
Taking the successful growth and strategic increase in market share further, the company has successfully set up operations in Japan and has become one of the first few Indian companies to complete a successful inspection and approval for both its manufacturing units by the Pharmaceuticals and Medical Device Agency (PMDA) of Japan. Neuland's foray into the Japanese market remains focused with plans of increasing its sales revenue from the highly regulated Japanese market.
Mr. Sucheth Rao Davuluri, Chief Operating officer (COO), Neuland Laboratories Limited said "Our foray into peptides, PMDA approval for both our manufacturing facilities and the impressive results is a reflection of our focused plans of being profitable and giving more value to our investors, besides growing our client base. The approval from PMDA of Japan will see a fast paced growth in our Japanese operations. Over the next two years Neuland will integrate the peptide value chain by leveraging on the existing expertise in API and contract manufacturing, thus creating a niche opportunity for itself in this segment. The company will develop in-house process capabilities for commercial manufacture of peptides".
He added "Neuland's 3rd quarter results is a clear indication of the company's business plans, projects and targets being in place and moving towards achieving the planned growth and profitability for 2008-09. The last three quarters saw Neuland increasing its market share and moving towards achieving a leadership position in all major APIs manufactured by the company in each of its markets and successfully executing opportunities in contract research."
Neuland will continue to increase its product range by adding approximately 20 new products this year to its existing portfolio of APIs that will help sustain and grow the core capabilities of the company.
About Neuland Laboratories Ltd:
Neuland Laboratories ltd is a well-established, reliable global provider of API and other essential drug discovery and development services. The company's customers include the top 30-pharma companies in Europe and USA. Neuland with its experience in two decades of manufacturing has a team of scientists working for bringing complex molecules with efficient processes to market, develop non-infringing processes, develop cost effective routes, reduce impurities levels by better process understanding & reduce effluent generation.
Neuland's product portfolio spans a mix of APIs across 8 major therapeutic categories. Neuland Labs has two Research & Development facilities on the outskirts of Hyderabad. Neuland Labs key focus on Contract Research & Development Services Contract Chemistry-based services closely related to their API manufacturing business. These include Medicinal Chemistry (Discovery Support), Process Development, Drug Development Support, Analytical R&D.
Besides its core business of API manufacturing, Neuland is currently focused on the two new businesses -
-- Contract Research and Manufacturing services - this is a Chemistry-based services closely related to the API manufacturing business. The facilities are housed in the Neuland R&D center. For this business, Neuland is looking at a diverse range of therapeutic areas (excluding oncology drugs), mostly for customers based in North America and Europe
-- Clinical Research services- The Company has incorporated Cato research Neuland India for this, a JV with Cato Research Inc., to conduct clinical trials (Ph 2 and Ph 3) in India for Cato Research worldwide. The therapeutics areas and countries would be diverse, in line with Cato Research's operations
CONTACT DETAILS
Kavita K Bhaskaran, Sampark Public Relations, +91 9987355009, kavita.bhaskaran@sampark.com
KEYWORDS
CONSUMER, ECONOMY, CONSULTANCY SERVICES, BANKING, CHEMICALS, Financial Analyst, HEALTHCARE, STOCK EXCHANGES, HEALTHCARE
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