FY 2008 GLOBAL SALES AT RS 72,507 MN (+8%); Q4 2008 GLOBAL SALES AT RS 19,096 MN (+6%)

Posted January 22nd, 2009 by Ranbaxy
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Global Region wise sales

Key Financial & Operational Highlights for Q4’08

Consolidated Financial Performance

Speaking on the occasion, Malvinder Mohan Singh, Chairman, CEO and MD, Ranbaxy Laboratories Limited,said, "The past year has been a significant one. We saw ourselves, redefining paradigms in the pharmaceutical space through the alliance we reached with Daiichi Sankyo which will strengthen both companies and unleash tremendous growth opportunities for them. We also settled ongoing and potential patent litigations bringing visibility to multiple first-to-file opportunities in the US over several years to come. However, we also faced hurdles like the USFDA Import Alert and unprecedented forex volatility following an unforeseen global financial crisis. Through several path-breaking initiatives we have secured a future of high growth for the Company while we are focused on resolving the ongoing issues that have adversely impacted us this year."



Consolidated Results (Ranbaxy Laboratories Limited and Subsidiaries)



Year ended December 31, 2008



For the year, the Company recorded Sales of Rs. 72,507 Mn (USD 1,667 Mn), registering a growth of 8%. EBITDA was Rs. 6,168 Mn (USD 142 Mn). Net income for the year was Rs (9,146) Mn (USD (198) Mn). Loss on account of exceptional items (including provisions on inventories, Mark-to-Market losses on fair value of derivatives) was Rs. (9,389) Mn (USD (196) Mn).  


Quarter ended December 31, 2008 (Q4’08) 
For the quarter ended December 31, 2008, the Company achieved Sales of Rs. 19,096 Mn (USD 387 Mn), registering a growth of 6%. EBITDA was Rs.(1,085) Mn (USD (32) Mn). Net income for the Quarter was Rs (6,798) Mn. Loss account of exceptional items (Mark-to-Market losses on fair value of derivatives) was Rs. (7,843) Mn (USD (161) Mn). 



Global Sales



Global sales in 2008 recorded a growth of 8% at Rs 72,507 Mn (USD 1,667 Mn), while for the Quarter, sales were at Rs 19,096 Mn (USD 387 Mn), an increase of 6%. The Company’s sales maintained a skew towards more profitable, branded emerging markets, which contributed 54% to the annual sales recording a growth of 9% over 2007. Contribution of developed markets to global sales stood at 39% and grew by 7%. Key businesses amongst those that showed growth were CIS, Canada, Brazil, Consumer Healthcare, API and several countries in South East Asia and Latin America.
Dosage form sales for the year stood at Rs 67,437 Mn (USD 1,550 Mn) contributing 93% to global sales. For the Quarter, dosage form sales were Rs 17,717 Mn (USD 359 Mn).


North America



Sales in the North America region comprising USA & Canada were Rs. 19,282 Mn for the year, recording a growth of 11% (USD 443 Mn). For Q4’08, sales were Rs. 5,080 Mn, a growth of 14% (USD 103 Mn). 


USA


During the year, Ranbaxy launched authorized generic versions of Omeprazole 40 mg Capsules and Felodipine ER Tablets in the US which opened a new business channel for the Company in this important market

.Among the significant approvals the Company received during the year was to manufacture and market Valganciclovir Hydrochloride Tablets on which, Ranbaxy believes it has First-to-File status, thereby providing a potential of 180-days of marketing exclusivity, offering a significant opportunity in the future. 
USFDA update:
As earlier mentioned by the USFDA, all drugs manufactured by Ranbaxy have repeatedly tested safe and effective with no adverse incidents reported. However, the Company is taking a series of actions on the technical and regulatory side to address the Import Alert imposed by the USFDA on two of the Company’s manufacturing facilities.
The Company retained the services of former New York City Mayor Rudy Giuliani and Giuliani Partners to review the issues and provide advice on USFDA related matters.


Canada:grewby 97% during the full year and recorded sales of Rs 2,359 Mn (USD 54 Mn). Sales for the Quarter were Rs 670 Mn (USD 14 Mn), growth of 88% over the corresponding previous period. The strong performance in Canada was led by Rabeprazole and Pantoprazole, both new products launched earlier this year.



Europe



Europe (including Romania) recorded Sales of Rs. 14,275 Mn for the full year, a de-growth of 5% (USD 328 Mn). Sales for the Quarter were Rs. 3,628 Mn, a de-growth of 13% (USD 73 Mn). Sales in the region were impacted due to difficult market conditions that continue to prevail in several markets and impact of currency devaluation in some key countries.
Performance in the Key European markets:



Romania


Recordedsales of Rs. 4,644 Mn (USD 107 Mn), a de-growth of 7% for the full year and Rs. 1,108 Mn (USD 22 Mn) for the Quarter, de-growth of 11%. During the period Jan-Oct 2008, the Company’s sales grew faster than the Generic+OTC market (12.8% versus 9.9%; IMS). Ranbaxy is currently the largest pharma company in Romania in the generic segment with 12% market share. 


UK



Recorded sales of Rs 1,637 Mn (USD 38 Mn) during the year reflecting de-growth of 16% over the previous year. Q4’08 sales at Rs 405 Mn (USD 8 Mn) were 13% lower than corresponding previous quarter. Sales have declined due to continuing competitive and pricing pressures. The Company also had a “day-1” launch during the year. The UK SFO prosecution of Ranbaxy’s UK subsidiary was quashed by the English Crown Court during the year.  


France



Recorded sales of Rs 2,690 Mn (USD 62 Mn) de-growing by 11% for the full year and Rs 821 Mn (USD 17 Mn) for the Quarter, de-growth of 23%.  De-growth was on account of difficult market conditions prevailing in the market. The Company launched three products on “day-1” in France.


Germany



Recorded sales of Rs 1,635 Mn (USD 38 Mn) for the year de-growing by 19%. Sales for the Quarter were Rs 406 Mn (USD 8 Mn), de-growth of 36% over the corresponding previous period. There were four launches during the year including one “day-1”. 


Rest of Europe



Recorded sales of Rs 3,669 Mn (USD 84 Mn) for the year, a healthy growth of 20%. Sales for Q4’08 were Rs 888 Mn, growth of 14%. Several new product introductions were made across markets e.g., seven in Benelux, 11 in the Nordics, three in the Baltics and one in Hungary.  


Asia, Middle East & CIS



Sales in Asia, Middle East & CIS region grew by 12% for the year to reach Rs 23,156 Mn (USD 532 Mn). Sales for Q4 were Rs 6,021 Mn, a growth of 10%.


India (excluding Global Consumer Healthcare)



Ranbaxy’s domestic business grew by 14% against market growth of 10% (Nov’08 MAT - ORG IMS). During the third quarter (Sep-Nov’08), Ranbaxy garnered 4.92% market share (5.08% on MAT basis). The Company maintained its strong leadership position and is currently ranked number 2 in the Indian pharmaceutical market.

During the year, Ranbaxy licensed in or received approval, for the first time in India of certain innovative and  differentiated products such as Inersan (patented probiotic; dental), Bonista (parathyroid hormone; osteoporosis) and Gliadel® Wafer (implant; oncology).


CIS (Russia and Ukraine Belt)



Sales in the region were Rs 4,846 Mn (USD 111 Mn) reflecting growth of 31%. Sales for Q4’08 were 1,458 Mn (USD 30 Mn), growth of 19% over corresponding previous period. Russia recorded sales of Rs 2,946 Mn (USD 68 Mn) for the year, growth of 38% and Rs 924 Mn during the Quarter (USD 19) Mn, growth of 24%. Sales in Ukraine during the year were Rs 1,900 (USD 44 Mn), growth of 22%, while sales during the Quarter were Rs 534 Mn (USD 11 Mn), a growth of 12% over the corresponding previous period.  


Asia Pacific



The region recorded sales of Rs 4,255 Mn (USD 98 Mn) during the year, growth of 15% over year 2007. Sales for the Quarter were Rs 1,174 Mn (USD 24 Mn) growth of 15% over the corresponding previous period. Several countries in the region contributed to the growth in sales in the region including Japan, Thailand, Australia and China.


Africa



The region recorded full year sales of Rs 5,626 Mn (USD 129 Mn), growth of 8% over previous year and Rs 1,678 Mn (USD 35 Mn) for Q4’08, growth of 14% over corresponding previous period. Full year Sales in South Africa were Rs 2,380 Mn (USD 55 Mn), growth of 8%, while Q4’08 sales were Rs 684 Mn (USD 14 Mn), growth of 9%. Nigeria recorded a buoyant growth of 45% during the year to Rs 1,324 Mn (USD 30 Mn).


Latin America


Brazil:recorded sales for the full year at Rs 2,145 Mn (USD 49 Mn), a growth of 32% over 2007 and for the Quarter, sales were Rs 464 Mn (USD 9 Mn), growth of 3%. The market grew 24% (MAT Oct’08) while Ranbaxy grew 47% during the same period. The Company is currently ranked 6th in the generic market and has improved its market share to 4.1% from 3.5%.
Mexico recorded sales for the full year at Rs 358 Mn (USD 8 Mn), de-growth of 22%. Rest of Latin America recorded sales for the full year at Rs 694 Mn (USD 16 Mn), exhibiting a growth of 19%. Majority of the markets in the region showed upward trend.


Global Consumer Healthcare



Ranbaxy’s Global Consumer Healthcare (RGCH) business recorded sales of Rs 1,899 Mn (USD 44 Mn), growth of 25% for the year 2008. For the Quarter, the business grew by 33%, registering sales of Rs 583 Mn (USD 12 Mn). Market share of Revital increased to 86 % and Volini captured a market share of 31%. Revital is ranked 15th in the Indian pharmaceutical market.


Research & Development



The Company made good progress in its research activities. 


The novel Anti-malaria drug, Arterolane Maleate + Piperaquine Phosphate, has successfully completed Phase II studies in Thailand and India.  The Company has received approvals from DCGI to commence Phase-III studies in India.


In the area of New Drug Discovery Research (NDDR), Ranbaxy achieved yet another milestone. Under its alliance with GSK, the Company initiated Phase-I human clinical trials for a respiratory/inflammation molecule and has received a milestone payment from GSK.  The Company also filed a Clinical Trial Application in Romania for the molecule in Nov’08. 


During the year, the Company also signed an alliance with a research based pharmaceutical major, Merck, for discovery of novel Antibiotics and Antifungal drugs.
In the area of Generics, Ranbaxy continued to drive a high value pipeline of differentiated and niche products to achieve higher new product productivity.


Ranbaxy Laboratories Limited, India's largest pharmaceutical company, is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies. Ranbaxy’s continued focus on R&D has resulted in several approvals in developed markets and significant progress in New Drug Discovery Research. The Company’s foray into Novel Drug Delivery Systems has led to proprietary "platform technologies," resulting in a number of products under development. The Company is serving its customers in over 125 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 49 countries and manufacturing operations in 11 countries.  


Statements contained in this press release refer to Ranbaxy's estimated or anticipated future results or other non-historical facts statements reflecting Ranbaxy's current perspective of existing trends and information as of the date of this release. These forward-looking statements contained in this press release speak only as of the date the statement was made. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. By their nature, these expectations and projections are only estimates and could be materially different from actual results in the future. Ranbaxy undertakes no obligation (nor does it intend) to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required under applicable law.

News Source : FY 2008 GLOBAL SALES AT RS 72,507 MN (+8%); Q4 2008 GLOBAL SALES AT RS 19,096 MN (+6%)


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