Venus Remedies eyes Rs 1,000 cr revenue by FY'17

Mumbai, July 21: Drug maker Venus Remedies expects Rs 1,000 crore revenue by FY'17 from the present Rs 460 crore on the back of higher exports.

"We expect 15 per cent organic growth and our topline is expected to grow to Rs 1,000 crore by FY'17 from Rs 460 crore in FY'13, following R&D share of revenue increase from present 33 per cent to 50 per cent," Venus Remedies Chief Financial Officer Dheeraj Aggarwal told PTI here.

The company currently has 25 products under its research and development portfolio, of which 13 are already commercialised, Aggarwal said. The margins for company's R&D products are much higher than generic products.

"We expect around 40-45 per cent margin out of all our R&D products," he said.

The company has obtained patent for its Elores antibiotic against Superbugs from Japanese authorities. The product has so far received 46 patents from the developed world.

The company has already launched this product in India and plans to launch it in Japan by end of 2015. "We expect Elores to generate a revenue of around USD 100 million by 2018," he added.

The company also hopes to increase its overall exports share to 50 per cent from the present 31 per cent in US, Canada, Japan, Europe and South Korean markets.

"We are not exporting to US market since we don't have USFDA approved facility. However, we are looking at alliances with pharma majors to market our R&D products in developed markets including US," Aggarwal said.

Aggarwal said that the company spent 18-20 per cent towards R&D till FY'12 and 15 per cent in FY'13. The company hopes to spend nearly 10 per cent on R&D going forward.

PTI