JUBILANT PHARMOVA – Q4 & FY23 RESULTS
The Board of Jubilant Pharmova Limited met recently to approve financial result for the quarter ended March 31, 2023.
In Q4’FY23, the Company booked an impairment charge of Rs 171 Crs related to certain intangible assets.
Exceptional cost of Rs 57 Crore in FY23 included Rs 48 Crore of foreclosure charges related to bond repayment and balance due to write-off of capitalized debt origination costs. Dividend: For FY23, Board has recommended a final dividend of 500% i.e. Rs 5.0 per share of face value of Re 1
Montreal (Canada)
Jubilant HollisterStier Limited(CMO) Expansion Project
There was unusual excitement in the Montreal office on March 16 2023. Newly appointed Chris Preti, Jubilant HollisterStier President and Decebal Gheorghe, Senior Director, CMO Operations, along with the CMO leadership team welcomed key federal government officials to announce funding for our Montreal manufacturing facility’s 108 million CAD capacity expansion project through a partially repayable loan of 23.8 million CAD. This is part of Canada’s Strategic Innovation Fund (SIF) which aims to expand domestic production and supply of vaccines and treatments, to protect the health and safety of Canadians.
Here is some additional information on this important Jubilant milestone.
At the occasion of this important funding announcement, we welcomed at our Montreal facilities the Honourable Pablo Rodriguez, Minister of Canadian Heritage and Quebec Lieutenant, on behalf of the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, together with Francis Scarpaleggia, Member of Parliament for the Lac-Saint-Louis riding. The Kirkland city mayor, Michel Gibson was also among us.
A few months back, the government of Quebec had also announced a $25 million CAD in our expansion project.
This funding enables our continued efforts to grow in Canada, as a pharmaceutical contract manufacturing organisation (CMO) – a strategic area in this post-COVID world where governments understand how crucial it is to be prepared to respond to current and future pandemics.
With our extended manufacturing capacities, we will be poised to produce large pharma and biotech companies’ parenteral products and offer a flexible manufacturing platform capable of producing multiple forms of vaccines.
This expansion project will significantly upgrade the company’s Montreal facility and will allow it to increase its fill and finish capacity by over 100%.
Congratulations to all those involved in this announcement.
