homeearnings NewsAlembic Pharma Q2: India business robust; don’t expect further erosion in US market, says management
Alembic Pharma Q2: India business robust; don’t expect further erosion in US market, says management
Alembic Pharmaceuticals does not see further erosion in the US market from this point onwards, Shaunak Amin, managing director, told CNBC-TV18. Amin also said that the company managed to outperform in the Indian market.
Alembic Pharmaceuticals does not expect further erosion in the US market from this point onwards, Shaunak Amin, managing director, told CNBC-TV18. Amin also said that the company managed to outperform in the Indian market.
The company reported earnings for the September-ended quarter which came in line with Street estimates but still weak year-on-year (YoY). The United States Food and Drug Administration (US FDA) has issued 10 observations to the company's injectable facility in Gujarat.
“Q1 (FY22) was a challenging quarter for us in terms of US numbers. We managed to stabilize Q2 and we see this as a new base going forward, so I do not see further erosion from this point but in terms of recovery for the US market, as an industry, everyone is waiting for conditions to improve in the US and as the condition starts improving, we should see some amount of growth coming back to us when the market sees, in general, some amount of recovery,” Amin said.
However, he said that the Indian market has been quite robust. “In general, the market in India also has been quite robust in its overall growth numbers and as a company, we have managed to outperform the numbers for the last two quarters. We are fairly confident that the growth in India should stay and we should be able to outperform the growth numbers in India from the market numbers,” said Amin.
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On US FDA audit, he said, “The FDA audit (at Karkhadi, Gujarat) was for approval of two new products and that's why they came back. There should be no delay as we see it at this point in time, in regards to any approvals. Alembic in the last 5 years has had a super track record in terms of FDA compliance, and that is something we are proud of. So, we should be able to work and resolve and give adequate reply to most of these issues and I do not expect any delay from approval point of view from this injectable facility.”
For the entire management interview, watch the video
(Edited by : Dipikka Ghosh)
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