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Indian drug maker Dr. Reddy's quarterly earnings more than double

Indian drug maker Dr. Reddy's quarterly earnings more than double

Indian pharmaceutical major Dr. Reddy's Laboratories Ltd. said Monday its earnings in the fiscal third quarter more than doubled, boosted by sales of generic drugs in the international market.
Profits for the October-December quarter were 1.879 billion rupees (US$43 million; euro33 million) compared to 628 million rupees (US$14 million euro10.8 million) in the same period a year earlier, the company said in a statement.
Revenue totaled 15.4 billion rupees (US$350 million; euro270 million) in the quarter compared to 5.9 billion rupees (US$134 million; euro103 million) in the same period a year ago.
The figures, which conform to U.S. accounting standards, beat analysts' expectations.
The New York Stock Exchange-listed company attributed the success in part to the launch of a generic version of the anti-nausea drug Zofran in December 2006 with a 180-day marketing exclusivity.
"The company captured 55 percent share of the total market and achieved sales of 223 million rupees (US$5 million; euro3.85 million)," the statement said.
The company hailed its performance.
"This is the sixth successive quarter that we consistently reported growth and generics in the international market continues to be our growth driver," Managing Director Satish Reddy said at a news conference in the southern city of Hyderabad after the earnings announcement.
"Fiscal 2007 has been a truly extraordinary year for Dr. Reddy's," the statement quoted CEO G.V. Prasad as saying.


Updated : 2021-10-17 09:22 GMT+08:00