Indian generic drugmaker Zydus Lifesciences Ltd said on Friday its profit more than doubled in the first quarter, driven by strong sales in its U.S market.
The pharmaceutical company's consolidated net profit rose to 10.87 billion rupees ($131.3 million) in the quarter ended June 30, compared with 5.18 billion rupees a year earlier.
Its U.S formulations business saw a revenue growth of 57.4% to 24.54 billion rupees, while India formulations grew by 9.1% to 12.27 billion rupees. India and U.S. sales make up 38% and 48% of Zydus' total revenue, respectively.
Zydus has seen a steady growth in its U.S. business, led by new product launches including cancer treatment drug gRevlimid and anti-convulsant medicine gTrokendi.
The Ahmedabad-based drugmaker reported a more than 57% rise in total revenue from operations. Its earnings before interest, taxes, depreciation and amortisation margin improved to 29.3% from 20.5% last year.
Last week, Zydus Wellness, a unit focused on making consumer wellness products such as energy drink Glucon D, posted a nearly 19% dip in its first-quarter net profit.
Last month, Dr Reddy's Laboratories and Cipla reported first-quarter profits above estimates on the back of strong sales in domestic and overseas markets.
Shares of Zydus Lifesciences rose as much as 1.3% after the results before paring the gains. The stock has climbed nearly 55% so far this year, outperforming a nearly 22% rise in the broader Nifty pharma index.
($1 = 82.7750 Indian rupees) (Reporting by Kashish Tandon in Bengaluru; Editing by Subhranshu Sahu)