Ajanta Beats Q2 Expectations
Ajanta Net Profit Slides 7% But Analysts Remain Positive
India’s Ajanta has reported a 7% drop in second-quarter net profit with its African branded generics remaining a problem area. However, US sales climbed by nearly 40% and analysts remain positive on the company’s outlook, buoyed by a beat on revenue estimates.
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Ajanta Pharma announced a 6% fall in net profit for the final financial quarter, hit by a further drop in its Africa business – but US sales soared nearly 80%.
Ajanta Pharma’s managing director Yogesh Agrawal has revealed that going forward, the US generics business “will be a key focus market” for the Indian firm. He also reiterated the company’s previous plans to focus on the branded generics business in India and also in Emerging Markets (Generics bulletin, 11 May 2018, page 8).
India’s Cadila Healthcare, which has been suffering on the earnings front, is amalgamating four subsidiaries under its roof to reduce overheads from managing separate entities and avoid duplication of efforts after posting weak second-quarter earnings.