Strides' US Revenues Soar As Recovery Strategy Is ‘Executing To Plan’
Strides Pharma is “very confident” about future after the Indian company’s fourth-quarter US revenues rocketed by 181% and EBITDA margins beat market expectations.
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India’s Strides has announced its entry into China through a joint-venture with one of the country’s leading pharmaceutical firms, Sihuan, at the same time as reporting first-quarter EBITDA that soared by 155%.
India’s Strides has received a warning letter from the US Food and Drug Administration over compliance issues at its Puducherry plant. However, the firm has told investors the regulatory action will not affect its forecast of 20% US sales growth for this financial year.
While planning to exit its Australian business, Strides Pharma Science has bolstered its presence in North America by gaining full control of its joint venture with Vivimed Labs, along with acquiring Vensun Pharmaceuticals in the US. The Indian firm has also bought a majority stake in Canada’s Pharmapar.