Ranbaxy has reported a healthy set of financials for 2010, boosted by a strong performance in the USA.
Net income soared to 14.97 billion rupees, or about $327 million, up from 2.97 billion rupees in 2009. Sales climbed 23% to 85.51 billion rupees, driven by an 80% increase in turnover from North America to 27.49 billion rupees.
Sales in Europe, where business "continues to be competitive for generic companies", inched up 1% to 12.43 billion rupees, while in India, revenues climbed 8% to 17.59 billion rupees. Ranbaxy, which is majority-owned by Japan's Daiichi Sankyo, added that for 2011, it expects to achieve base sales of around 85.00 billion rupees, ie excluding drugs it gets marketing exclusivity for.
Managing director Arun Sawhney, noted that the rises were attributable in large measure to robust revenue growth in the firm's key territories and first-to-file opportunities in the USA. The most recent example of the latter has been the launch of a generic version of Eisai/Pfizer's Alzheimer's disease drug Aricept (donepezil), which comes with 180-day exclusivity.
Mr Sawhney added that "on the cost side, we have gained from greater efficiencies in manufacturing".
Despite the strong showing for 2010, shares in the Gurgaon-based firm took a bashing (down 5%), which local observers put down to the fact that Ranbaxy did not provide specific data for the fourth quarter, where it suffered a loss.