Durrant Pate/Contributor

Montego Bay-based pharmaceutical company, Indies Pharma, delivered a flat half-year performance but is anticipating that the business will pick up during the third and fourth quarters. 

For the six-month ended April 30, 2025, net profit inched up by a mere 3.2% (J$4.26 million) compared to the prior year.  Earnings per share recorded rose 3.2% to $0.103, an increase from $0.100 reported in 2024. 

Gross profit for the period closed on J$419 million, slightly up from the J$398 million booked last year for a 5.3% increase (J$21 million). These numbers represent a flat performance for the company led by the husband-and-wife team of Guna and Vishnu Muppuri.

Dismal Q2 performance

The second quarter performance was more dismal than the first quarter, where net profit went down by 9% (J$ 6.5 million). Earnings per share recorded also went down by 9% to $0.048 from $0.053 in booked for the second quarter last year.

Gross sales went down to J$270 million compared to J$ 301 million in 2024, a contraction of 10%. Gross profit for the period closed on J$199 million in comparison to J$208 million, which represents a 4% decline (J$ 9 million) in comparison to the prior year.  

Total assets valued as of April 30, 2025 were J$2.462 billion compared to J$2.350 billion during the same period in the prior year, an increase in value of 4.8% recorded. Due to the recent dividend payout, shareholder equity was valued at J$1.251 billion in Q2 of 2024/25 period compared to J$1.352 billion as at Q2 2023-24, a decline of 7.5%. 

Total liabilities were recorded in the current year Q2 2024-25 with a value of J$ 1.210 billion compared to Q2 2023-24 of J$ 997 million. This is reflective of an increase of 21.4%

Distribution deal secured

Indies Pharma has successfully entered into an agreement with a distributor in the United States for its USFDA-approved product in the United States. The company has taken this bold and aggressive step, becoming the first Caribbean company that manufacture and distribute a pharmaceutical product in the United States. 

The product, a generic version of Regadenoson Injection (0.4 mg/5 mL) which is used for myocardial perfusion imaging in patients, is well on track for commercial sales and distribution by or before the end of the last quarter of the fiscal year 2025 This is a proud milestone for Indies Pharma, which is still celebrating this great achievement.