Ranbaxy surges over 30 pct on robust June-qtr US sales

Aug 08 2013, 16:06 IST
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India's Ranbaxy shares jump on April-June U.S. sales India's Ranbaxy shares jump on April-June U.S. sales
SummaryStock ended up 27.6% at 359.2 rupees, while the benchmark BSE index rose 0.67%.

Shares in Ranbaxy Laboratories, India's top drugmaker by sales, zoomed over 30 percent on Thursday after it clocked better-than-expected sales in its key U.S. market at a time when the company is facing stringent scrutiny from the U.S. drug regulator.

Ranbaxy, controlled by Japan's Daiichi Sankyo Co, on Wednesday reported an $85.3 million loss in the June quarter on account of foreign exchange transactions and loss of goodwill in its European subsidiaries.

However, it clocked sales of 7.7 billion rupees ($125.81 million) in the United States, which analysts believe is an indication of the company's revived growth prospects in the world's biggest drug market.

Macquarie said U.S. sales were driven by the newly launched acne treatment drug Absorica, which could achieve a peak of $180 million - $200 million a year.

The stock ended up 27.6 percent at 359.2 rupees, while the benchmark BSE index rose 0.67 percent.

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