(1888PressRelease)
May 19, 2009 - FY09 Key Highlights
*
Overall revenues at Rs. 69.4 billion ($1.4 billion) in FY09 as against Rs. 50.0 billion ($983 million) in FY08, representing a growth of 39%.
o
The growth was driven by the successful launch of the authorized generic version of GlaxoSmithKline’s Imitrex® (generic version: sumatriptan succinate), in late November 2008 and by the key markets of North America and Russia.
o
Excluding revenues from Sumatriptan, the YoY growth is at 24%.
*
EBITDA at Rs. 14.5 billion ($285 million) in FY09 as against Rs. 9.7 billion ($190 million) in FY08, representing a growth of 50%.
*
During the year ended March 31, 2009, in Germany, there has been a visible shift towards the tender based supply model with a continuing decrease in market prices. Pursuant to this adverse market development, the Company tested its carrying value of intangibles and goodwill at betapharm for impairment as required under the accounting standards. The impairment testing indicated that the carrying values of goodwill and some of the product related intangibles were higher than their respective recoverable values and accordingly, the Company has recorded an impairment loss with respect to intangible assets amounting to Rs. 3,167 million (Euros 47 million), before tax and with respect to goodwill of Rs 10,856 million (Euros 162 million). This is a one-time non-cash charge in the Income statement and incorporates the provisions of applicable accounting standards.
*
As a result of the impairment, the reported Net Loss for FY09 is at Rs. 5.2 billion ($102 million).
*
PAT adjusted for one time exceptions, at Rs. 8.5 billion ($167 million) as against Rs. 4.5 billion ($88 million) in FY08. This translates to an adjusted EPS of Rs. 50.3 ($1.0) in FY09 representing a growth of 89% over FY08.
*
Revenues from Global Generics business at Rs. 49.8 billion ($979 million) in FY09 as against Rs. 33.0 billion ($649 million) in FY08. YoY growth of 51% driven by sumatriptan and the key markets of North America and Russia.
*
Revenues from Pharmaceutical Services & Active Ingredients (PSAI) increase by 13% to Rs. 18.8 billion ($369 million) in FY09 as against Rs. 16.6 billion ($327 million) in FY08.
*
During the year, the company launched 116 new generic products, filed 110 new generic product registrations and filed 55 DMFs globally.
*
The company has filed 3 INDs in March 2009 and they have also been accepted by the concerned regulatory agency. The first human subjects were successfully dosed in a phase I study with DRL 17822, a selective inhibitor of CETP, for the treatment of dyslipidemia, atheresclerosis and associated cardiovascular diseases. The other two molecules is for the treatment of COPD and Dyslipidaemia.
*
The Board of Directors of the Company have recommended a final dividend of Rs. 6.25 (125%) per equity share of Rs. 5/- face value, subject to the approval of shareholders at the ensuing Annual General Meeting.
Please CLICK HERE for the full finanical report.
About Dr. Reddy's
Established in 1984, Dr. Reddy's Laboratories (NYSE: RDY) is an emerging global pharmaceutical company with proven research capabilities. The Company is vertically integrated with a presence across the pharmaceutical value chain. It produces finished dosage forms, active pharmaceutical ingredients and biotechnology products and markets them globally, with focus on India, US, Europe and Russia. The Company conducts research in the areas of cancer, diabetes, cardiovascular, inflammation and bacterial infection.
Contact Information
Investors and Financial Analysts:
Kedar Upadhye
kedaru ( @ ) drreddys dot com
+91-40-66834297
Milan Kalawadia (North America)
mkalawadia ( @ ) drreddys dot com
+1-9082034931
Raghavender R
raghavenderr ( @ ) drreddys dot com
+91-40-66511529
Media
M Mythili
mythilim ( @ ) drreddys dot com
+91-40-66511620
Rajan S
rajans ( @ ) drreddys dot com
+91-40-66511725
###
