New Delhi, May 03: Caraco Pharmaceutical Laboratories Ltd, a Detroit-based subsidiary of Sun Pharmaceuticals Ltd, is planning to file six abbreviated new drug applications with the US Food and Drug Administration this year.
''We expect to continue to build our pipeline of products for our future growth and hope to file five or six new drug applications with the US FDA in 2004, including two already filed in the first quarter,'' Caraco Ceo Jitendra N Doshi told here.
He said there are currently 15 products in various stages of development.
Caraco recorded its highest ever first quarter net sales of 13.6 million dollars and registered net cash from operations of 6.2 million dollars.
The company's net sales rose 56 per cent to 13.6 million dollars during the January-March quarter, 2004, from 8.7 million dollars. It generated strong sales across most of its 16 products currently being marketed from its formulary.
Doshi said, ''We expect our strong sales momentum to continue through the second quarter and the entire year and we are optimistic about achieving our previously stated guidance of 20-25 per cent revenue growth for 2004.''
The gross profit improved by 82 per cent to 8.2 million dollars from 4.5 million dollars in the corresponding period of last year.
He pointed out that the cash generated from operations, which stood at 15.5 million dollars for 2003 and 6.2 million dollars for first quarter of 2004, has helped the company repay long-term loans, fund its expansion activities and augment working capital.
Bureau Report
