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Pharmaceuticals Newsletter - October 29 to November 02, 2012

India Infoline News Service/ 18:05 , Nov 02, 2012

Venus Remedies Limited, a leading research based global pharmaceutical company has received its first patent from Mexico for "Vancoplus®", a novel antibiotic formulation to combat Methicillin Resistant Staphylococcus Aureus ( MRSA ) infections. The patent has been granted from the Mexico Patent office and is valid till February 2026.

Top Stories     

Apollo to invest Rs. 20bn to fund expansion plans

Apollo Hospitals Enterprises Ltd (AHEL) reportedly to invest around Rs 20bn to add 2,500 beds between 2013 and 2015. It may be noted, it is presently in the process of adding around 1,500 beds at an outlay of around Rs 20bn and its gearing up for the next round of expansion.

 

Prathap C Reddy, chairman, Apollo Hospitals Group was quoted as saying, “We are on track to add 1,500 beds of which 500 beds have already been added. We are now working on the next phase of expansion plan which is for 2013-14 and 2014-15. The plan is to add 2,500 beds.”

 

Apollo Hospitals has 5,908 owned and 2,038 managed beds across 36 owned and 13 managed hospitals as on June 30, 2012. In 2011-12, the bed occupancy ratio was 71.2 per cent and average revenue per occupied bed increased by 9.3 per cent CAGR (fiscal 2008-12) to Rs 20,455 in 2011-12, reports added.

 

GE Capital to invest in Syngene

 

Biocon Ltd has signed an agreement with GE Equity International Mauritius, which will make a primary equity investment in its research subsidiary, Syngene International Ltd.

 

Merck Millipore India announces winners of first ‘Merck Millipore India Innovation Awards’ 2012

 

Merck Millipore [India], the life science division of Merck KGaA of Darmstadt, Germany announced the first set of winners of the ‘Merck Millipore India Innovation Awards’ 2012 (MMIIA). 

 

The MMIIA was set up in 2011 to recognize exemplary research undertaken by scientists from government-funded and non-profit public research institutes in the fields of life science, i.e. green chemistry, medicinal chemistry, chemical and bio-analytics, proteomics, genomics, drug discovery and delivery, bio-manufacturing, biomarkers and synthetic biology.

The following three winning teams were selected from over a hundred applicants:

 

First Prize of Rs. 30,00,000 to Dr. Tapas Kumar Kundu, Dr. Ruthrotha Selvi Bharatha Vikru,  Hari Kishore Annavarapu, Dr. Mantelingu Kempegowda from Jawaharlal Nehru Centre for Advanced Scientific Research, Bengaluru. Read more…

 

Infocus

 

IIFL Institutional Equities recommends 'Buy' on IPCA

 

IIFL Institutional Equities, a part of the IIFL Group, one of the leading players in the Indian financial services space, recommends “Buy” Ipca’.

 

According to IIFL Institutional Equities report, Ipca’s reported numbers for 2QFY13 were largely in line with our expectations. Top-line growth was driven by INR depreciation and strong performance in the international branded and tender businesses that rebounded from a weak Q1.

 

Domestic formulations, though marginally below estimates, grew at a healthy 15% YoY. We expect the good performance to continue in 2HFY13 but moderate in FY14 due to a high base in the institutional tender business and the absence of benefit of a weaker INR. 

 

However, significant discount to large-cap pharma names makes the stock attractive. We broadly maintain our FY13, FY14 earnings estimates. BUY, the brokerage added.

 

The report was published by IIFL’s Institutional Equities Research desk.

 

IIFL Institutional Equities recommends 'Buy' on Torrent Pharma

 

IIFL Institutional Equities, a part of the IIFL Group, one of the leading players in the Indian financial services space, recommends “Buy” Torrent Pharma.


According to IIFL Institutional Equities report, Torrent Pharma reported strong 2QFY13 numbers despite the impact of a strike by the regulatory authority on its Brazil business. The 7% decline in the Brazil business was offset by better-than-expected growth in the US and the domestic market. Ebitda margin (adjusted for forex losses) improved 80bps YoY. 


Although growth in Brazil may limp for couple of quarters, we expect continued strong performance in the other businesses. We broadly maintain our FY13, FY14 core earnings estimates. Torrent remains our top pick in the mid-cap pharma space; raise target price to Rs885. BUY, the brokerage added.

The report was published by IIFL’s Institutional Equities Research desk.

 

Results

 

Biocon Q2 cons net profit at Rs896.50 mn

 

Biocon Ltd has posted a net profit of Rs. 896.50 mn for the quarter ended September 30, 2012 as compared to Rs. 857.00 mn for the quarter ended September 30, 2011.

 

Total Income has increased from Rs. 5376.30 mn for the quarter ended September 30, 2011 to Rs. 6419.40 mn for the quarter ended September 30, 2012.

 

Commenting on the results, Chairman and Managing Director Kiran Mazumdar-Shawstated, “We continue to deliver good performance across verticals this fiscal. At the half year, we have seen a 23% YoY increase in revenues attributable to both volume growth as well as better export realization on account of a depreciating rupee. APIs and Biosimilar Insulins have seen significant business expansion in the emerging markets.

 

Branded Formulations and Research Services continue to deliver strong growth. R&D expenditure has risen significantly this fiscal and stands at ` 79 cores for H1, a 54% increase over the same period last fiscal. This reflects the progress made by our various Biosimilars and novel molecule programs in the clinic including a European Phase III trial for rh-Insulin which has generated positive interim data. Whilst this has muted profitability,

 

R&D remains a key investment to drive exponential growth in the future. Imported Raw Materials, Power and Personnel costs have also increased by 27%. Despite this, PAT has grown 8% to ` 169 Crores for H1 this fiscal. We see this growth momentum continuing for the remaining two quarters. I am also pleased to report that the prestigious Science magazine ranked Biocon amongst the Global Top 20 Best Employers, which reflects the quality of our human resources and the enabling ecosystem at Biocon.Finally, I am pleased to announce the proposed investment by GE Capital in our subsidiary Syngene, which we believe establishes a base valuation, an important milestone towards the future public offering.” Read more…

 

Dr Reddys Q2 net profit at Rs4074.40 mn

 

Dr Reddys Laboratories Ltd has posted a net profit after tax of Rs. 4074.40 mn for the quarter ended September 30, 2012 as compared to Rs. 3078.00 mn for the quarter ended September 30, 2011.

Total Income has increased from Rs. 22893.10 mn for the quarter ended September 30, 2011 to Rs. 29204.90 mn for the quarter ended September 30, 2012.

 

Segmental Analysis

 

Global Generics


Revenues from Global Generics segment for Q2 FY13 at `20.1 billion,recorded YoY growth of 25% driven by key markets of North America, Indiaand other emerging markets. Read more…

 

TTK Healthcare Q2 net profit at Rs40mn

 

TTK Healthcare Ltd has posted results for the second quarter ended 30th September, 2012.

Its net profit stood at Rs40mn.

 

Glenmark Pharma Q2 net profit skyrockets

 

Glenmark Pharmaceuticals Limited (GPL), the research-led global integrated pharmaceutical company announced its results for the second quarter ended September 30, 2012.

 

For the second quarter ended Sep 30, 2012, Glenmark’s consolidated revenue was at Rs. 12551.91 Mn (USD 227.89 Mn) as against Rs. 10554.47 Mn (USD 230.74 Mn) an increase of 18.93 %. Excluding out-licensing income received in the second quarter of the previous financial year, Glenmark’s consolidated revenue for the second quarter grew by 33.96 %.

 

Revenue from the generics business was at Rs. 5783.99 Mn (USD 104.97 Mn), as against Rs. 3990.22 Mn (USD 87.23 Mn), a growth of 44.95 %. The Specialty formulation business excluding out-licensing revenue was at Rs. 6697.41 Mn (USD 121.64 Mn) as against Rs. 5134.05 Mn (USD 112.24 Mn) for the corresponding previous quarter, recording a growth of 30.45%.

 

Net Profit for the second quarter ended September 30, 2012 was Rs. 1567.52 Mn as compared to Rs. 782.75 Mn for the previous corresponding quarter, recording an increase of 100.2 %. The Net profit for the quarter is not comparable due to out-licensing income received in the previous corresponding second quarter and MTM losses recorded in the second quarter of the previous financial year.


“We continue on our high growth trajectory with both the Generics and Specialty business registering good growth across geographies. The growth from markets particularly the U.S, India and Russia have been particularly exceptional.” said Glenn Saldanha, Chairman & MD, Glenmark Pharmaceuticals Limited. Read more… 

 

Jyothy Laboratories Q2 net profit up 22%

 

Jyothy Laboratories Ltd (JLL), homegrown Indian FMCG Company, posted 22.30 % jump in its net profit to Rs. 15.27 crore compared to Rs. 12.49 crore in Q2FY12. Net sales for the same period rose 15% to Rs. 177.83 crore as against Rs. 154.65 crore in corresponding quarter of last year.

 
EBIDTA margin for Q2FY13 stood at 12.58 % compared to 4.97% a year-ago. EPS for the quarter stood at Rs. 0.95 

 
For the six months period, JLL reported 24.07% increase in its net profit to Rs. 32.89 crore compared to Rs. 26.51 crore in H1FY12; while net sales stood at Rs. 387.69 crore compared to Rs. 277.64 crore, up 39.64%.
 
Jyothy Laboratories Segmental Performance (Q2FY13 v/s Q2FY12)-

 
Fabric Care business, which includes fabric whitener, fabric detergent and soaps, at Rs 64.49 crore during the quarter compared to Rs 65.08 crore on September 30th, 2011. Ujala fabric whitener continues to be the market leader with a market share of 72.9% by value.

 
House Insecticide, which includes mosquito coils, aerosol and multi insect repellent cream saw revenues for the quarter at Rs 38.46 crore as against Rs 38.95 crore during the same period.

 
Surface cleaning, which includes dishwashing products grew 18 % to Rs. 46.87 crore as against Rs. 39.73 crore during the corresponding period

 
Commenting on the company’s results, Mr. M P Ramachandran – Chairman & Managing Director, Jyothy Laboratories Ltd said, “We continue to focus on making most of the opportunities presented in the consumer space while continuing to work on our existing brands. Going forward our efforts will be to increase market share across regions.”

 

Claris Lifesciences cons net profit at Rs250mn

 

Claris Lifesciences Ltd. announced its unaudited financial results for the quarter ended 30th September 2012 at its board meeting held at Ahmedabad.

 

Key Financial Highlights:

 

Consolidated revenues stood at Rs. 1.94bn for Q3 2012 and Rs. 569 crores for 9 months ended September 30, 2012.

 

The breakup of the revenue between domestic and international sales stood at Rs. 98 crores and Rs. 95 crores respectively for Q3 and Rs. 264 crores and Rs. 305 crores for 9 months ended September 30, 2012.

 

Consolidated EBITDA at Rs. 71 crores for Q3CY12 and Rs. 202 crores for 9 months ended September 30, 2012. The EBITDA margins were at 36.4% and 35.5% for Q3CY12 and 9 months ended September 30, 2012 respectively.

Consolidated PAT of Rs. 25 crores for Q3CY12 and Rs. 79 crores for 9 months ended September 30, 2012. The PAT margins were at 12.7% and 13.8% for Q3CY12 and 9 months ended September 30, 2012 respectively.

 

USFDA Update

During the quarter, the company has successfully resolved the USFDA issue and USFDA has lift the import alert and company can now successfully market and sell its products in United States.

 

GlaxoSmithkline Consumer Q2 net profit at Rs1285.50 mn

 

GlaxoSmithkline Consumer Healthcare Ltd has posted a net profit of Rs. 1285.50 mn for the quarter ended September 30, 2012 as compared to Rs. 1030.30 mn for the quarter ended September 30, 2011.

 

Total Income has increased from Rs. 7677.10 mn for the quarter ended September 30, 2011 to Rs. 8853.10 mn for the quarter ended September 30, 2012.

 

Domestic News

 

Venus Remedies receives first Mexican patent for research product – “Vancoplus”

 

Venus Remedies Limited, a leading research based global pharmaceutical company has received its first patent from Mexico for "Vancoplus®", a novel antibiotic formulation to combat Methicillin Resistant Staphylococcus Aureus ( MRSA ) infections. The patent has been granted from the Mexico Patent office and is valid till February 2026.

 
Speaking on this achievement, Dr. (Mrs) Manu Chaudhary, Joint Managing Director and Director-Research, Venus Remedies Limited says, "Receiving a patent grant from Mexico for our research product Vancoplus  at this point in time when the frequency of MRSA strains is growing high (50-85%) in Mexico is a great achievement for us. Vancoplus® will prove to be the best known remedy to control MRSA, VRSA (Vancomycin Resistance Staphylococcus aureus) and multi-drug resistant bacteria in a situation wherein around 3 to 6 percent of the population carries the community form of MRSA." Read more…

 

Max Super Speciality Hospital launches Speciality Institutes

 

Max Super Specialty Hospital, Patparganj launched five Institutes within the hospital, each with a specialized area of focus. The newly launched Institutes are the Max Institute of Cardiac Sciences, Max Institute of Neurosciences, Max Institute of Renal Sciences, Max Cancer Center and Max Trauma Center.

 

The Institutes were inaugurated by Arun Jaitley Ji, Member of Parliament & Leader of Opposition – Rajya Sabha and Analjit Singh, Founder and Chairman of Max India Limited. The idea behind the launch of these Institutes is to heighten the study and research in each of these areas of focus so as to benefit individuals and enable better understanding and cure of diseases. Each of these Institutes will be headed by senior doctors and specialists known for their expertise in their respective areas. The doctors include Read more…

 

Biocon announces positive results from its Global Phase 3 study

 

Biocon, Asia's premier biotechnology Company, announced today that the Global Phase 3 study for its Recombinant Human Insulin (INSUGEN*), in Type 1 diabetes mellitus (TIDM) patients, demonstrates comparable safety and efficacy with the innovator product.

 

This multi-center, randomized study was conducted in nearly 300, TIDM patients, to compare efficacy, safety and immunogenicity of Biocon's Regular human Insulin (Insugen R®) and Isophane human Insulin (Insugen N*) against the innovator products (Actrapid* and InsuJatard®) sourced from Europe. The trial met its efficacy end-point by demonstrating non-inferiority in HbAlc endpoint at 6 months. Immunogenicity and safety as evaluated by hypoglycemic events at the 6 month time point were also similar.

 

The Part 2 of the study to demonstrate additional safety and immunogenicity over one year is ongoing and is expected to be completed by next year with the final results expected In HI, FY14. Read more…

 

Prevent yourself from allergic reaction during Diwali

 

Diwali is the time for joy, fun and revelry. On this occasion bursting crackers is considered a significant part of festive celebration. As result Pollution level on Diwali gets increase very high. Heavy metals like potassium chlorate, sulphur, arsenic sulphite, aluminium and copper are spread abundantly in the air post-Diwali. The high levels of residual particulate matter (RPM) and suspended particulate matter (SPM) emanates from firecrackers cause sudden spurt in health complaints mainly skin problems.

 

The resultant air pollution triggers a train of allergies and their hazardous impact. Therefore the first and foremost precaution is to be preparing adequately for it. Allergic people should try to avoid coming in contact with firecrackers.

 

Dr. Sachin Dhawan, Director and Consultant Dermatologist, skin n smiles, Dermatology and orthodontic centre, Gurgaon says, “The firecrackers emit a lot of pollutants in the air and these can be troublesome for those who have an allergy condition. Severe cases of skin allergy are also noticed after Diwali.” Due to the increase in pollutant levels, symptoms like eye burns, running nose, skin allergy and skin rashes are often seen.” adds Dr. Sachin Dhawan. Read more…

 

Kanchan Naikawadi of Indus Health Plus wins IWEC Award

 

Pune-based Co-Founder & Director of Indus Health Plus Pvt Ltd, Mrs. Kanchan Naikawadi has won the prestigious IWEC Award 2012 (International Women’s Entrepreneurial Challenge), jointly organized by the  Barcelona Chamber of Commerce, FICCI-FLO and Manhattan Chamber of Commerce. The IWEC awards to be presented in a ceremony in Barcelona, Spain later this week recognizes women entrepreneurship from the world over. 

 

The organization will give the awards to entrepreneurs from different countries. This year there are 23 awardees that will be presented with these prestigious awards. From India, there are three awardees Ms Kanchan Naikawadi, Ms. Sujata Sarawgi and Ms. Kiran Sharma. Mrs. Kanchan Naikawadi is the only women awardee from Maharashtra.

 

The mission of IWEC is to develop a global business network for successful women business owners, helping them gain and expand access to international markets. IWEC also presents a platform for the exchange of knowledge, experience and connectivity among women business owners worldwide setting the stage for new business opportunities and joint ventures, and promoting social dialog among women entrepreneurs and business leaders.

 

Since inception Indus has made rapid strides and till date, more than 310,000 families have benefitted from timely health check-ups facilitated by it SaysKanchan, “we pride ourselves in facilitating screening, generating reports and providing the doctor’s consultation in a single day.” Starting operations from Pune, the company has spread wings across 19 cities and is present in 43 test-centres throughout India. 

 

An ISO-9001-2008 certified company; with a presence in Maharashtra, Goa, Chattisgarh, Karnataka and Delhi currently, Indus has been expanding its network of delivery centers across the country. To ensure the best of services, it has tied up with healthcare giants like Sahayadri, Apollo, Wockhardt, Religare, Columbia Asia, and NM Medical to name a few.

 

Every stakeholder important to ensure access to healthcare: IHP

 

India Health Progress (IHP), a call-for-action forum working to improve healthcare access across India, will be hosting an expert roundtable in New Delhi on 3rd November 2012 to take the issue of universal healthcare coverage and delivery across the socio-economic spectrum in the country.

 

Titled “Making Access to Healthcare a Reality: Role of Stakeholders in Ensuring Continuum of Healthcare”, the roundtable will see industry experts come together to deliberate issues and discuss impediments in delivery of healthcare services across the country, while chalking out the roadmap as well as the role of each stakeholder in ensuring that healthcare access becomes a reality. 

 

The event is supported by PhRMA as part of the ongoing commitment of global, innovative pharmaceutical companies to be a solution partner in advancing a safe and effective healthcare system in India. Read more…

 

International News

 

Pfizer profit drops

 

Pfizer Inc. reported its third-quarter profit drops 14% to $3.2 billion, or 43 cents a share, from $3.74 billion, or 48 cents a share, in the year-ago period.

 

According to reports, adjusted profit dropped to 53 cents a share from 60 cents a share. Revenue fell 16% to just under $14 billion. The pharma company said that the loss of exclusivity for its cholesterol drug Lipitor as a primary cause of its lower revenue.

 

 



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