Torrent Pharma announces Q2 FY24 results, Branded markets continue to deliver strong growth

Ahmedabad, October 23, 2023:  

India: 

• India revenue at Rs 1,444 crores grew by 18% 
• As per AIOCD secondary market data, IPM growth for the quarter was 4%. ∙ Market outperformance was led by continued double digit growth in chronic  therapies, revival in gastro demand, traction in consumer division, and new launches. ∙ Curatio portfolio grew by 17% led by strong growth in top focus brands. ∙ For H1 FY24, revenues were Rs 2,870 crores, up by 16%.  

Brazil: 

• Brazil revenue at Rs 252 crores, was up by 36%.  
• Constant currency revenue at R$ 149 million was up by 23%. Q2 revenues reflect the impact of  sales spillover from Q1.  
• As per secondary data set, Torrent’s Q2 BGx growth is 13% versus BGx market growth of 8%.
• Growth was aided by performance of top brands, new launches and growth in generic segment.  ∙ For H1 FY24, revenues were Rs 442 crores, up by 20% (Constant currency revenue: R$ 263 million, up by 11%).  

Germany: 

• Germany revenue at Rs 266 crores was up by 21%.  
• Constant currency revenue at Euro 30 million was up by 8%.  
• Growth momentum continues with new tender wins coupled with better conversion of existing tenders. 
• For H1 FY24, revenues were Rs 525 crores, up by 21% (Constant currency revenue: Euro  58 million, up by 9%).  

United States: 

• US revenue at Rs 248 crores, was down by 15%. 
• Constant currency revenue at $30 million was down by 18%. Adjusted for one off income in the corresponding quarter previous year, the de-growth is 13% (INR) & 16% (constant  currency) 
• Growth was impacted by loss of low margin business and lack of new launches.  ∙ Dahej facility has received EIR which paves way for the new product approvals. ∙ As on September 30, 2023, 41 ANDAs were pending approval with USFDA and 3 tentative  approvals were received. During the quarter, 1 ANDA was approved. 
• For H1 FY24, revenues were Rs 541 crores, down by 8% (Constant currency revenue: $66 million down by 13%). Adjusted for one off income, constant currency de-growth at 7%.