Durrant Pate/Contributor
Montego Bay pharmaceutical company, Indies Pharma is to launch its newly approved drug, Regadenoson for distribution in the United States this quarter.
Last August, the Food and Drug Administration (FDA) approved a generic version of Regadenoson’s five-millilitre injection developed by Indies Pharma to treat heart and other cardiovascular diseases for distribution in the United States. It is bioequivalent and therapeutically equivalent to the Lexiscan brand name by Astellas Pharma US Inc.
The drug is being manufactured by a company in India.
Indies Pharma is currently at an advanced stage of appointing two distributors of the vaccine in the US. During September 2024, an agreement was successfully executed with an agreed target launch of the product during the current second quarter, which ends next month.
Great achievement for Jamaica
This success story is a proud milestone not only for Indies Pharma but also Jamaica, as the nation celebrates this great achievement as the first pharmaceutical company from the Caribbean to secure FDA approval. In the meantime, the listed pharmaceuticals company is seeing improved profitability and sales, particularly for the 2025 first quarter ended January 31,
The company earned gross sales of J$326 million, up from J$269 million in the prior year, a year-on-year increase of 21 per cent. Gross profit for the period closed at J$220 million in comparison to the J$189.5 million recorded in the prior year, up 16 per cent or J$30 million.
Net profit grew by 19 per cent (J$11.6 million) in the last quarter that ended January 2025. Earnings per share grew 19 per cent to $0.056, up from $0.047 in 2024. Total assets were valued at J$ 2.4 billion as of January 31, compared to J$2.3 in 2024, representing an increase in value of 4.5 per cent.
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