Searle Reports Revenue Growth Amidst Losses and Expands International Reach

Karachi: The Searle Company Ltd. (SEARL) announced a 14% year-on-year increase in revenue for the fiscal year 2024, reaching PkR29.4 billion, driven by deregulation of non-essential drugs and a one-time price increase for essential drugs. Despite the revenue growth, the company recorded a loss of PkR2.3 billion, a significant increase from a loss of PkR0.6 billion in the previous fiscal year.

According to AKD Securities Limited, Searle’s gross margins improved to 47.4% in FY24 from 41.3% in FY23. The company reported that exports accounted for 11% of total sales, with operations expanding to 12 countries. New registrations have been obtained to sell products in Uzbekistan, Azerbaijan, and the GCC region, which the management expects to enhance demand.

Searle operates across six segments, including Pharmaceuticals and Medical devices. Utilization rates for medicines varied, with injectables at 84% and capsules at 47%. The company launched ‘Adalimumab’ in the monoclonal antibody segment, facing no local competition, and plans to introduce ‘Semaglutide’ next year. Non-essential drugs dominate the sales mix, contributing 80%, while essential drugs make up the remaining 20%.

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