THE impact of Hurricane Melissa rained heavily on the first-quarter financial performance of Indies Pharma Jamaica Limited as the company reported declines in both revenue and profit for the three months ended January 31, 2026.

For the quarter, gross sales for the pharmaceutical company totaled $279.8 million, down 14.1 per cent from the $325.8 million recorded during the same period in 2025. Net profit, which also fell sharply to $21.7 million, marked a near 71 per cent fall-off when compared to $74.2 million earned during the corresponding quarter of the previous year.

“The passage of Hurricane Melissa negatively impacted the projected revenue growth for the months of November and December,” co-founder, Executive Director and Chief Operating Officer (COO) Vishnu V Muppuri said in a recent report to shareholders.

She said that despite the severe impacts of the powerful Category 5 weather system, the company was still able to deliver positive earnings, albeit at reduced margins. After making landfall on the island in late October 2025, the storm disrupted operations during what would have typically been a key sales period.

“While the hurricane severely affected the southern and western regions of the island, the company was able to generate sales from the relatively less-affected areas of the island. For the coming months, despite the continued effects of the hurricane, the company remains optimistic that revenue will increase as the country returns to normalcy,” Muppuri added.

As the company continues to bank on new product development to support recovery and growth, its investment in the United States Food and Drug Administration-approved Regadenoson, currently in production and expected to enter the market in the upcoming quarter, is expected to significantly help with growing revenue.

The Regadenoson injection, 0.4 mg/5 mL — developed as a generic equivalent to Lexiscan by Astellas Pharma US Inc — is used in the treatment of heart and other cardiovascular diseases. The manufacturing of the drug is being carried out by a partner company in India.

Optimistic about the company’s long-term growth plans, Muppuri further expressed confidence that the current challenges are temporary and that performance is expected to rebound in the coming quarters.

While earnings were pressured, Indies Pharma reported strong growth in its asset base which grew to $3.1 billion at the end of January, up from $2.2 billion a year earlier — an increase of approximately 31.3 per cent.

This growth was largely driven by the revaluation of a three-acre property designated for the construction of the company’s corporate headquarters. The property, which recently received full planning approvals, is now valued at US$7.5 million, representing an increase of $435 million over its previous valuation in September 2021.

The revaluation also contributed to a rise in shareholders’ equity, which climbed 28.1 per cent to $1.7 billion compared to $1.4 billion in the prior-year quarter.

On the other hand, total liabilities increased by nearly 36 per cent to $1.39 billion, up from $1.0 billion a year earlier.

“This increase is largely due to the new bond of $1 billion which was used to retire the maturing bond of $805 million,” the director also noted.