Cheminor Drugs Q3 sales down 10 per cent
06 Jan 2000
Cheminor Drugs Ltd, a part of Dr Reddy’s Group, has registered a 10.48 per cent dip in its third quarter 1999-2000 sales performance to Rs 49.42 crore as against Rs 55.21 crore for the corresponding period in 1998-99. However, cumulative sales for the nine-month period ended 31st December 1999 increased by 7.88 per cent to Rs 162.51 crore compared to Rs 150.64 crore during the corresponding period in the previous year.
The poor third quarter performance was a result of an 10.13 per cent and 9 per cent decline in exports and domestic sales respectively, according to a company release. Exports, which contributed 74 per cent to the third quarter sales, decreased to Rs 36.56 crore as against Rs 40.68 crore for the corresponding period last fiscal. The reduction in sales for the quarter is due to deferred orders from the US markets, the release mentions. Exports to US markets declined to Rs 0.96 crore from Rs 1.99 crore.
Sales to the domestic market during the quarter stood at Rs 12.86 crore as against Rs 14.13 crore in the corresponding quarter of the previous year. Sixty per cent of the domestic sales came from ranitidine, ibuprofen and dextromethorphan. Ranitidine contributed 31 per cent to the sales, while ibuprofen and dextromethorphan accounted for 18 per cent and 11 per cent respectively.
Custom Chemical Services, Cheminor’s new business launched during the first quarter of the current fiscal, recorded a turnover of Rs 0.3 crore during the third quarter and a nine-months cumulative sales of Rs 0.6 crore. The business has a pipeline value of US$3 million, which has been evaluated based on enquiries from innovator companies in the US.
New products
The company plans to launch four new products in the near future. These are celecoxib and rofecoxib --a new class of pain management therapy, zolpidem -- an anti-depressant and irbesartaan -- an anti-hypertensive drug.
In the formulations business, Cheminor has filed (abbreviated new drug applications) for three products in the US and two products in Europe. So far, Cheminor has filed seven ANDAs in the US. The company has also filed registrations for six products in South Africa and Europe and expects three new filings in Europe and Australia in the next quarter.