Updated February 1st, 2024 at 21:03 IST
Abbott India reports strong Q3 profit surge amid pricing challenges
The Digene maker posted a profit of Rs 311 crore for the quarter ended December, marking a significant rise from Rs 247 crore in the year-ago period.
Abbott India Q3 results: Pharma major Abbott India posted a 26 per cent increase in third-quarter profit on Thursday, attributing the growth to robust demand that offset the impact of pricing restrictions on specific medications.
The company, renowned for producing the widely used antacid Digene, revealed that its profit reached Rs 311 crore, marking a significant rise from Rs 247 crore in the corresponding period a year earlier.
Abbott India, like other drug manufacturers heavily dependent on the Indian market, faced ongoing challenges in the quarter. This was primarily due to the inclusion of some crucial drugs in the government's essential medicines list in September 2022, subjecting them to stringent price caps.
Similar concerns were echoed by GlaxoSmithKline Pharma in its recent earnings report.
As part of the US healthcare firm Abbott Laboratories, Abbott India has actively implemented strategies to counter the impact of pricing constraints. The company has focused on boosting sales while implementing cost-cutting measures.
Noteworthy products in Abbott India's portfolio, including the hypothyroidism treatment tablets Thyronorm, contributed to a nearly 9 per cent increase in revenue from operations, reaching Rs 1,437 crore.
Looking forward, peer company GlaxoSmithKline Pharma is scheduled to release its December-quarter results next week.
(With Reuters inputs.)
Published February 1st, 2024 at 21:02 IST