Apotex profit rises to $100.8 million as semaglutide lifts Canada

BNN Bloomberg reported that Apotex, which calls itself Canada’s largest pharmaceutical company, made a second-quarter profit of $100.8 million, up from $82.9 million a year earlier. Apotex makes generic drugs, copies of brand-name medicines; Health Canada says many cost 45% to 90% less than the originals. Revenue, though, barely moved, rising 1% to $852.9 million from $843.5 million. The reason, Apotex said, is that last year’s quarter included revenue from generic Revlimid, in the last year of that agreement.

Chief executive Jeff Watson said Apotex has made about 60 launches this year, 70% of them first to market. Early launches can fade, though: Apotex said extra competition after exclusivity ended on products such as nilotinib hurt its Specialty Generics revenue.

In Canada, revenue rose $52 million, or 14%, to $413 million, about half the total, Apotex said. It credited new products, including the first-to-market launch of semaglutide, a generic Ozempic launched on May 14. In the United States, revenue excluding the Revlimid contribution fell $12 million, or 3%. Apotex also faces a lawsuit there: Novo Nordisk, which makes the brand-name drugs, alleges patent infringement on generic versions of Ozempic and other drugs.

For the full year, Apotex now expects revenue growth of 9% to 10%, up from 7% to 8%.

Sources: BNN Bloomberg · Apotex Health Corp. · Health Canada (Canada.ca) · Pearce IP