The Hindu Business Line : Aurobindo Pharma gets nod for Metformin; Q3 net down at Rs 10.6 cr

AUROBINDO Pharma Ltd, the Hyderabad-based pharmaceutical company, has announced that the United States Food and Drug Administration (USFDA) has granted approval for its abbreviated new drug application for Metformin, indicated for the treatment of diabetes.

As for its performance in the third quarter of the current fiscal ended December 2004, the company has posted a net profit of Rs 10.59 crore compared to Rs 35.62 crore in the corresponding quarter of the previous fiscal. The total income for the quarter has marginally decreased from Rs 325.39 crore to Rs 323.34 crore.

The company informed the stock exchanges that it would now manufacture both active pharmaceutical ingredients (API) and formulations in its manufacturing facilities. It claims to have the distinctive advantage of complete vertical integration in this product in the country.

With the latest approval, Aurobindo Pharma has received its third product approval from USFDA for marketing in the US market. According to the company, Metformin is one of the top products in terms of volume in the US market.

Aurobindo Pharma said it has invested significant resources in building a mega infrastructure for APIs and formulations to emerge as a vertically integrated pharmaceutical entity.

The company's four units for APIs and four units for formulations are designed for the regulated market. The company said it expects to reap the benefits of continuous product approvals from the US and European Union authorities in the coming quarters.

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