Searle Company Limited Reports FY24 Earnings, Plans Product Expansion

Karachi: The Searle Company Limited (SEARL) conducted a corporate briefing to present its FY24 earnings and discuss future outlook. Key highlights included a 14% year-over-year increase in consolidated topline to Rs29 billion, alongside a gross margin improvement of approximately 3 percentage points to 46.6%. Despite these gains, the company reported a Rs2.4 billion loss, attributed to a Rs3.8 billion loss from discontinued operations of a subsidiary.

According to JS Global, SEARL’s portfolio is predominantly composed of non-essential drugs, making up about 80% in value terms. Following the deregulation of non-essential medicines, the company has raised drug prices, with partial effects seen in the topline. Additional impacts are expected, influenced by the seasonality of medicines. The company’s leading therapeutic brands include Hydrllin, Nuberol, Peditral, Extor, Rotec, Gravinate, and Venofer.

SEARL recently launched ‘ADALIMUMAB’, a monoclonal antibody, in Pakistan without facing local competition. The company has other products in the pipeline expected to launch within 12 to 18 months. Additionally, SEARL plans to introduce semaglutide by mid-next year, with the necessary equipment currently being procured for production.

On the export front, SEARL is registering its products in Uzbekistan and Azerbaijan. Its facility has been registered in the GCC region, with operations expected to start by the end of the year and orders anticipated to follow soon after. The management aims to finalize the divestment of its subsidiary, Searle Pakistan Limited, by the end of the current year. Proceeds from this transaction will be used to reduce debt and expand the product portfolio.

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