Alkem’s US Business Doubles And Continues To Grow
As Company Received 10 ANDA Approvals In Q4 FY21
India’s Alkem Laboratories has reported double-digit growth in its US business for financial year 2021, after seeing its US business double in four years. The company also saw recovery in its domestic business on the back of robust growth delivered by its generics business.
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India’s Alkem has delivered a strong quarter with a boost in its domestic business on the back of “strong volume-led growth in the acute therapies and faster than market growth in chronic therapies.” However, the company saw a slight YoY decline in the US.
The generics industry struggled with the prior-year comparison as it saw an expected decline in revenues in the first quarter of 2021, driven by the global impact of the COVID-19 crisis. As a result, the performance of most companies fell short of the numbers reported in Q1 2020. However, a few managed to contradict the trend by reporting growth, either based on the launch of COVID-related drugs or performance in specific geographies.
India’s Alkem has announced growing domestically in its financial third quarter, after seeing a low first quarter due to COVID-19. The company has also reported progress in the international market, after receiving 10 ANDA approvals from the US FDA in Q3 FY21.