Abbot India signs non-exclusive patent license agreement to market Vonoprazan under the brand name Vonefi

The company stated that it will market and distribute Vonoprazan in India under the brand name ‘Vonefi’. Vonoprazan is a potassium competitive acid blocker (PCAB) that helps in addressing severe acid-related disorders including reflux esophagitis. The company stated that the dose for the drug is once daily.

Abbott India added that current treatments for disorders under the gastroesophageal reflux disease (GERD) umbrella have several limitations such as multiple doses in severe conditions. The company stated that Vonoprazan will allow patients to manage their condition more effectively while enabling Abbott to position itself as a leader in the gut health space.

Earlier this month, Abbott India announced the resignation of non-executive director, Mahadeo Karnik. In his resignation letter, he informed that he is resigning from his position as director to pursue opportunities outside the company.

For the quarter ended June 30, 2024, Abbott India reported a 13% year-on-year (YoY) rise in net profit to ₹308 crore. The company’s total income for the quarter increased by 5.8% YoY to ₹1,624 crore.

In Q1FY25, the company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) grew by 11.51% YoY to ₹458.34 crore.

For the financial year ended March 31, 2024, the company reported a 26.52% YoY rise in net profit to ₹1,201.22 crore. The revenue in FY24 climbed 10.81% YoY to ₹6,097 crore. The EBITDA for the year was up 25.1% YoY to ₹1,701 crore. The company announced a dividend of ₹410 per share for FY24.

Shares of the company have risen by nearly 22.5% since the beginning of the year. The stock has gained over 20% in the past year.