During the quarter, India sales were at Rs 1,900.7 crore (up 6.7% YoY) while International sales stood at Rs 1,014.6 crore (up 33.4% YoY).

Profit before tax was at Rs 352.85 crore in the first quarter of FY24, steeply higher than Rs 151.89 crore posted in Q1 FY23.

During the quarter, EBITDA stood at Rs 389.2 crore, registering a growth of 91.5% YoY. EBITDA margin improved to 13.1% in Q1 FY24 as compared to 7.9% posted in the same period last year.

R&D expenses for the quarter was Rs 120.2 crore, or 4.1% of total revenue from operations compared to Rs 132 crore in Q1 FY23 at 5.1% of total revenue from operations.

As per secondary sales data by IQVIA, for the quarter ended 30 June 2023, the company delivered a YoY growth of 7.6% compared to Indian Pharmaceutical Market (IPM) growth of 8.5% YoY.

Delayed onset of the monsoon has led to slower than industry average growth for the company and more so in acute therapy. However, the company continued to maintain traction in chronic therapies delivering a YoY growth of 15.8% compared to IPM growth of 9.9% YoY. Chronic therapies like anti-diabetic, neuro / CNS and derma continued to grow much faster than the market thereby gaining market share.

In International business, US sales for the quarter was at Rs 695.5 crore, up 25% from Rs 556.5 crore recorded in corresponding quarter previous year. Other International Markets sales jumped 56.5% to Rs 319.1 crore compared to Rs 203.9 crore in Q1 FY23.

During the quarter, the company filed 1 abbreviated new drug application (ANDAs) with the US FDA and received 7 approvals (including 1 tentative approval).

As on 30 June 2023, the company filed a total of 173 ANDAs and 2 new drug applications (NDA) with the USFDA. Of these, it has received approvals for 135 ANDAs (including 14 tentative approvals) and 2 NDAs.

Sandeep Singh, managing director of Alkem said, "We are starting the year on a healthy note, showcasing better operational performance driven by improved margins resulting from softening of select raw material prices, favourable currency impact, easing of freight cost and implementation of some of our cost optimization efforts. Our acute business growth was impacted by delayed onset of monsoon in certain parts of the country, yet we maintain an optimistic outlook for improved growth in Q2.”

He further added, “International business achieved robust sales during the quarter, driven by substantial growth in our US operations and complemented by strong performance in non-US markets. Our biosimilar franchise, Enzene is steadily expanding its product portfolio in India, with two successful launches this quarter, bringing the total count of products to six—an impressive achievement for the company. Our cost optimization initiatives have started yielding tangible results and we remain committed on further unlocking operational efficiencies going forward.”

Alkem Laboratories is engaged in pharmaceutical business with global operations. The company is engaged in the development, manufacture and sale of pharmaceutical and nutraceutical products.

Shares of Alkem Laboratories declined 2.23% to end at Rs 4,132 on the BSE. The counter hit an all-time high at Rs 4,270.95 in intraday today on the BSE.