Zydus Life beats Street in Q1, eyes biosimilars boost in US
The Ahmedabad-based drugmaker reported a revenue growth of 6% year-on-year (y-o-y) to ₹ 6,573 crore, and a net profit of ₹ 1,466 crore, up 3%. Its Ebitda was ₹ 2,088 crore, with the margin at 31.8%. A Bloomberg poll had pegged its revenues at ₹ 6,477 crore and profit after tax at ₹ 1,332 crore.
In the June quarter, Zydus's India business clocked an 8% y-o-y growth, driven by chronic therapies and innovation-led portfolio expansion. Its US business, the largest revenue driver for the company, grew 2.9%.
The company's international business segment, which includes Europe and other emerging markets, grew 36.8% y-o-y on the back of strong demand and has emerged as a 'reliable third pillar of growth,' said Sharvil Patel, the company's managing director.
Zydus, which has a significant portfolio of biosimilars in India and other markets, is eyeing growth in the US on the back of easing regulations and a recent acquisition of two US-based two biologics contract manufacturing facilities.
'...the regulatory scenario has changed for certain classes of biosimilars, there is no longer a requirement for an efficacy trial. So the pathway has become much better for the US,' Patel told investors in a post-earnings call on Tuesday. 'The second factor is that we have a manufacturing footprint now in the US to make biologics,' he added.
The company is looking at either an in-house portfolio or licensing deals with manufacturing firms in the US to add one or two biosimilars, Patel said.
Zydus acquired two biologics contract development and manufacturing organization (CDMO) plants in California from US-based Agenus Inc for a total consideration of up to $125 million in June. It also acquired a 5.9% stake in Agenus Inc for $16 million.
Agenis is a clinical stage immuno-oncology company committed to developing immune therapies to combat cancer. 'The acquisition marks our strategic investment in the US-based manufacturing for biologics, thereby adding a sustainable growth driver for the future,' Patel said.
The company has 14 launched biosimilars and 10 in the pipeline, and a presence in India and as well as in the international markets.
Zydus is foraying into new avenues of growth such as medtech, and is also strengthening its specialty business play to unlock value.
The company has been enriching its portfolio of 505 b(2) specialty products, which will be a significant profitability driver, going forward, Patel said. 'We already have a decent revenue on 505 b(2) with good profitability, but we are seeing a major scale-up in FY27 and beyond,' he said.
505 b(2) products refer to drug candidates that may be new indications or new combinations, and are approved through the 505 b(2) application, as opposed to an Abbreviated New Drug Application (ANDA) in the US FDA.
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