BUSINESS & FINANCE
Cipla targets $1-bn revenues from domestic market in FY19
Country's fourth-largest drug maker Cipla is bullish on growth and is looking for a billion dollar consolidated revenue for the domestic market in FY19, a senior company official said.
The company reported revenues of Rs 15,219 crore, growing 6 per cent, with income from the India operations seeing a 6.3 per cent jump at Rs 5,687 crore in FY18.
"In terms of the domestic business we are on a strong footing as growth was in healthy double digits," Cipla global CFO Kedar Upadhye said at an earnings conference here.
"We are quite confident and we are set for a billion dollar consolidated revenue in the domestic market in FY19," Upadhye added.
The drug maker expects the in-licensing deals with innovator companies, focus on certain therapeutic segments and sales force productivity optimisation measures to aid growth in India.
"This financial year, our focus remained on strengthening our portfolio and deepening our presence in priority markets. We are happy that our efforts on cost and efficiency improvement helped us deliver the full year margin ahead of our guidance range," Cipla managing director and global CEO Umang Vohra said.
The focus for next year will be to continue on the growth trajectory in key markets, he added.
Commenting on inorganic growth plans, Vohra said, "We have taken an enabling resolution, does not mean that we will be doing deals worth Rs 4,000 crore. As and when they become available, we will be hopeful (of acquisition), but we will not buy unless we see a synergy value in the transaction."
Last year the company had taken an enabling resolution to raise funds of about Rs 2,000 crore of debt and Rs 2,000 crore of equity.
The company is also looking at consolidating its position in South Africa, US, Europe and emerging markets.
"We will ramp up our US business, which is poised for good growth during this year with our key differentiated launches," Vohra said.
The company is also looking at significant investments in R&D to build a strong pipeline, with over 20 targeted filings in FY19. This year will also see higher investments towards clinical trials for key respiratory assets and focus on building specialty assets, Vohra added.
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