Karachi: Macter International held a corporate briefing to discuss its financial results for FY24, reporting a 13% increase in revenue to PkR7.5 billion, up from PkR6.7 billion in FY23. This growth was primarily attributed to price adjustments following the de-regulation of non-essential drugs and a one-time price increase for essential medicines.

According to AKD Securities Limited, the company's core prescription business experienced a 23% year-over-year growth, driven by the strong performance of key brands in oncology, nephrology, and anti-infectives. However, institutional sales saw a decline of 38% year-over-year. Gross margins increased by 1% to 42% in FY24, supported by a favorable sales mix and a higher contribution from prescription and export operations.

The company has a presence in over 15 countries across regions such as the GCC, CIS, SEA, Africa, and South Asia. Earnings for FY24 were reported at PkR427 million, an 8.6% increase from PkR393 million in FY23. During the year, Macter successfully launched r-DNA Origin-Seglutide, an injectable used for type-II diabetes and cardiovascular diseases, with plans to introduce pen and oral variants by CY25.

Management anticipates a gradual increase in market share for Semaglutide, citing its affordability compared to international alternatives. The local market potential for Semaglutide is estimated at approximately PkR100 billion annually, though export opportunities are expected to be limited due to market concentration in developed countries and existing patents.

Challenges related to inflationary price adjustments by the Drug Regulatory Authority of Pakistan (DRAP) have been partially mitigated by the de-regulation of non-essential medicines. Additionally, Macter plans to expand its GLP-1 product range with the launch of 'Mounjaro.' The company's stock is not currently under formal coverage.