Citi Pharma Limited (CPHL) has signed a manufacturing contract with Martin Dow Marker Limited to produce ‘WINTIGENO’ cream.
CPHL, a manufacturer of pharmaceuticals and botanical products, shared the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday.
“We have immense pleasure to announce that CPHL has signed a manufacturing contract with Martin Dow Marker Limited for its renowned product ‘WINTIGENO’ cream. A famous brand which provides immediate relief on muscular and joint pain,” read the notice.
The company shared that the said product has the largest share in the Pakistani market for over 50 years.
“CPHL will produce 10 to 15 million packs annually on its state-of-the-art production facility,” the pharmaceutical said, adding that the development will significantly increase its revenue, enhance profitability and have an incremental effect on its earnings per share as well.
Martin Dow Marker Limited was established in 2016 after Merck Pakistan divested its share to Martin Dow Group. The company has over 2,000 employees with more than 60 brands in the healthcare division.
As per CPHL’s latest financial results, the pharmaceutical posted net sales of Rs2.7 billion in the quarter ending September 30, 2023, a decrease of 13.37%. Meanwhile, the gross margin of CPHL stood at Rs123.9 million, a reduction of 33.46% compared to the corresponding period last year.
CPHL attributed the decline to the overall economic crisis in the country, which includes rising production costs, rupee devaluation, import difficulties, escalating inflation, and soaring fuel prices.
However, it remained optimistic that the stabilization of the exchange rate and the decrease in input costs will lead to an improvement in the situation in the months to come.