Cipla lifts profit, adds new drugs

Johannesburg - South African generic drugs group Cipla Medpro posted a 26.8% rise in full-year profit helped by its relationship and product pipeline from its Indian partner.

Cipla Medpro, which rebuffed rival Adcock Ingram's R2.1bn takeover bid last year, said on Thursday headline earnings per share rose to 36.6 cents compared with 29.1 cents in the previous year.

The company, whose small manufacturing unit suffered losses of R35.6m, enjoys a relationship with Indian drug maker Cipla Limited, which delivers a regular flow of first to market patent expired molecules.

Cipla Medpro said it would add 20 new drugs this financial year, targeting a host of cancers including breast, colon and lung cancer - three of the leading causes of cancer related deaths globally.

Revenue rose 26.9% to R1.26bn, while gross profit margin fell to 49.2% from 49.6%.

- Reuters