Marksans Pharma Ltd Share Price – NSE  /  BSE

Pharmaceuticals, Small Cap

The US drug regulator had conducted a routine current Good Manufacturing Practices (cGMP) inspection at the manufacturing facility of the company located in Vema, Goa, India, from 9 April 2024 to 17 April 2024.

On conclusion of the inspection, the company has received 5 inspectional observations in Form 483. There is no data integrity observation.

The company will work closely with the USFDA and is committed to address these observations comprehensively within the stipulated time,” Marksans Pharma said in a statement.

Marksans Pharma is primarily engaged in the business of research, manufacture, marketing and sale of pharmaceutical formulations.

The company’s consolidated net profit jumped 33.69% to Rs 83.29 crore in Q3 FY24 as compared with Rs 62.30 crore in Q3 FY23. Revenue from operations increased 22.15% YoY to Rs 586.12 crore in Q3 FY24.

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Marksans Pharma announced that a routine current Good Manufacturing Practices (cGMP) inspection was conducted by the USFDA at the manufacturing facility of the Company located in Vema, Goa, India from 9 April 2024 to 17 April 2024.

On conclusion of the inspection, the Company has received 5 inspectional observations in form 483. There is no data integrity observation. The Company will work closely with the USFDA and is committed to address these observations comprehensively within the stipulated time.

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Net profit of Marksans Pharma rose 31.27% to Rs 83.24 crore in the quarter ended December 2023 as against Rs 63.41 crore during the previous quarter ended December 2022. Sales rose 22.15% to Rs 586.13 crore in the quarter ended December 2023 as against Rs 479.83 crore during the previous quarter ended December 2022.

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Revenue from operations increased 22.15%YoY to Rs 586.12 crore in Q3 FY24, driven by market share gains, new launches, the addition of new customers, an increase in our share with existing customers, and incremental contributions from the acquired Teva facility.

Profit before tax jumped 42.23% to Rs 112.65 crore in Q3 FY24 as compared with Rs 79.20 crore in Q3 FY23.

In Q3 FY24, EBITDA was at Rs 133 crore as compared with Rs 76.6 crore in Q3 FY23, registering the growth of 73.56%. EBITDA margin improved by 672 bps to 22.70% in Q3 FY24 as against 15.97% in Q3 FY23.

During the quarter, US & North America were at Rs 257.5 crore (up 18.7% YoY) while UK and Europe stood at Rs 251 crore (up 34.4% YoY).

However, Australia and New Zealand business came in at Rs 48.6 crore (down 2.2% YoY) in Q3 FY24.

Rest of world (ROW) business grew by 9.8% YoY to Rs 29.1 crore during the period under review.

Mark Saldanha, managing director, Marksans Pharma, said, “We are thrilled to announce that we have delivered another quarter demonstrating robust performance. Our highest quarterly sales reached ~INR 586 crore. Positive momentum was observed in all our major regions. The US market grew by around 16% QoQ, mostly as a result of new product launches and the strengthening of our OTC portfolio. Our efforts toward building capabilities and capacity for the acquired Teva Pharma manufacturing facility are on track and we have also started filing DMF for backward integration. Looking ahead, we are optimistic about our strategic initiatives which will drive our future growth and sustainable long-term shareholder value.”

Marksans Pharma is primarily engaged in the business of research, manufacture, marketing and sale of pharmaceutical formulations.

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