Indoco Underperforms Amid Difficulties At Goa Plants

Company Now Facing Losses Following Fire At Waluj Facility

07 Aug 2023

Difficulties at two of its manufacturing facilities in Goa have led to a disappointing Q1 for Indoco, as the firm saw milestone payments delayed after receiving official action indicated status from the FDA.

Visual depiction of declining stocks on fire — Production has resumed at Indoco's Waluj plant following a fire on 29 July • Source: Shutterstock

Despite a revenue rise of 4.5%, Indian pharma firm Indoco Remedies Limited started off the 2023 financial year with a rough Q1 as rising costs, lower income and a higher effective tax rate saw year-on-year profits plunge 37%.

Indoco’s US business revenue slid 28% quarter on quarter, despite launching the first generic to Teva’s Azopt (brinzolamide) in...