Laurus Labs Q2 net profit more than doubles to Rs 441 cr to acquire Canada-based Galenvs Science

New Delhi, Oct 29 (PTI) Pharma and biotech firm Laurus Labs on Thursday reported a consolidated net profit of Rs 441 crore for the second quarter ended September, driven by growth in its CDMO and affordable medicine segments.

     The company’s net profit more than doubled in Q2 FY27 from Rs 195 crore in the same period a year ago, Laurus Labs said in a regulatory filing.

     A Contract Development and Manufacturing Organisation (CDMO) provides pharmaceutical development and manufacturing services to drug companies on a contractual basis.

     In a statement, Laurus Labs said it has entered into a definitive agreement to acquire a 60 per cent stake in Canada-based Galenvs Science, which specialises in Oligonucleotides and precision magnetic nanoparticles.

     The transaction is expected to expand Laurus' position in the fast-growing oligonucleotide market, it said.

     Laurus Labs also entered into a definitive agreement to acquire a 52 per cent stake in SI&C Resins, a peptide-resin technology focused company. The transaction enhances longer-term supply chain security and peptide manufacturing competitiveness by bringing in-house peptide solid support resins and chromatography stationary phases, it stated.

     Satyanarayana Chava, Founder and Chief Executive Officer, Laurus Labs, said, "The company operationalised its first commercial-scale peptide plant in Vizag utilising cutting-edge operating systems, and a significant capacity expansion is already under progress to address surging demand for peptide therapeutics. We also made targeted investments in Oligonucleotides and peptide-resins technologies, elevating our integrated CDMO offering."

     During the July-September period of the current fiscal, Laurus Labs reported a 33 per cent year-on-year growth in revenue from operations to Rs 2,206 crore, compared to Rs 1,653 crore a year ago.

     V V Ravi Kumar, Executive Director & Chief Financial Officer, Laurus Labs, said, “Driven by sustained momentum across both CDMO and Affordable Medicine division, we have achieved revenue of Rs 2,206 crore, representing 33 per cent growth and EBITDA of Rs 762 crore, representing 78 per cent growth. The EBITDA margins were strong at 34.5 per cent, supported by improvement in capacity efficiency from growing commercial supplies.”

(This story has not been edited by THE WEEK and is auto-generated from PTI)