AstraZeneca slumps on recording dismal Q1 performance

Revenue from operations jumped 31.15% year on year (YoY) to Rs 387.52 crore in the quarter ended 30 June 2024, by increase in demonstrating company’s focus on improving access to patients.

Profit before exceptional items and tax stood at Rs 42.4 crore in first quarter of FY25, down 40.62% from Rs 71.4 crore posted in Q1 FY24. The firm reported exceptional loss of Rs 57.56 crore during the quarter.

Total expenses spiked 52.25% YoY to Rs 353.47 crore in Q1 FY25. Cost of material consumed was at Rs 45.85 crore (up 140.3% YoY) while employee benefit expenses were at Rs 60.96 crore (down 10.9% YoY) during the period under review.

Dr. Sanjeev Panchal, country president and managing director, AstraZeneca India, commented, “We are pleased to report a strong financial performance this quarter. It reflects our continuous endeavour of harnessing science and commitment to bringing innovative medicines faster to India. We are focused on our ambition to ensure our therapies reach the patients who need them the most and are constantly working to tailor sustainable programs focused on early diagnosis and improved access to meet local needs by collaborating with healthcare systems, payers, policymakers, and non-government organizations.”

Bhavana Agrawal, chief finance officer, added, It’s a strong start of the year with 31% revenue growth and double-digit profit margin (before exceptional item and tax). The results are an outcome of company’s focus on sustainable and profitable growth and reflects all the hard work and focus teams have put in over the years. We are continuously pushing the boundaries of science and are well positioned for consistent value creation for our customers and shareholders.”

AstraZeneca Pharma India is engaged in the business of manufacture, distribution and marketing of pharmaceutical products and also provides clinical trial services to an overseas group company.