Indian Pharmaceutical Company Doubles Profit

Launch of new drugs in overseas markets boots Dr. Reddy's profit

Generic drug maker Dr. Reddy's Laboratories reported on Oct. 23 a doubling of net profit in the second quarter, aided by the launch of new drugs in overseas markets.

Net profit rose to 2.17 billion rupees (US$45 million) in the July-September quarter, from 1.05 billion rupees a year earlier.

Consolidated revenues rose 14% to 18.4 billion rupees in the quarter.

The Hyderabad-based firm said revenues rose in North America and Russia, led by volume growth in existing products and new drugs launched in the past year. Revenues in North America rose 36% and Russia by 26% but they dipped 13% in Europe due to pricing pressures.

During the quarter, Dr. Reddy's launched 39 new generic products and filed 24 new product registrations.

Copyright Agence France-Presse, 2009

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