1. Dr Reddy’s Labs profit rises 26% to Rs 722 crore

Dr Reddy’s Labs profit rises 26% to Rs 722 crore

Pharma major Dr Reddy’s Laboratories posted a 26% increase in net profit to Rs 721.9 crore during the September quarter compared to Rs 574.1 crore...

By: | Hyderabad | Published: October 30, 2015 12:30 AM

Pharma major Dr Reddy’s Laboratories posted a 26% increase in net profit to Rs 721.9 crore during the September quarter compared to Rs 574.1 crore in the corresponding quarter of last fiscal, driven by strong operational performances and robust growth in the US, Europe and India businesses.

Total revenues increased d to Rs 3,989 crore from Rs 3,587 crore, registering a 11% growth.

“We had robust sales growth across the US, India and European markets supported by new products that were launched in the last 12 months,” Saumen Chakraborty, company CFO said.

“Our investment in R&D remains at 11% as we continue building a pipeline of assets across our businesses. We are focussed on enhancing our quality management system and infrastructure to meet the evolving global requirements and address the pending cGMP related matters at some of our facilities,” he added.

The global generic business increased by 15% to Rs 3,276.8 crore, primarily driven by North America, Europe and India. Revenue from North America jumped 32% year-on-year to Rs 1,860 crore.

The growth was driven by sustained performance of injectable franchise and market share gains in key molecules and contribution from products launched, majority being valganciclovir, sirolimus, memantine and Habitrol. Cumulatively 76 Abbreviated new Drug Applications (ANDAs) are pending for approval with the USFDA of which 50 are Para IV filings, out of which 18 have first-to-file (FTF) status.

However, the pharmaceutical services and active ingredients (PSAI) segment has shown 7% de-growth at R591.8 crore compared to year-ago period. The company filed 10 drug master files (DMFs) globally during the quarter and three in the US. The cumulative number of DMF filings as of September 30, is 755.

Revenues from the emerging market business declined  by 22% year-on-year to Rs 660 crore due to depreciation of Russian rouble.

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