Print Edition - 2018-01-26 | Money Digest
Dr Reddy’s Q3 profit tumbles by 40 percent
Jan 26, 2018-
Indian generic drugmaker Dr Reddy’s Laboratories Ltd said quarterly net profit slumped nearly 40 percent, its third consecutive quarter of declines as pricing pressures in the United States hit sales. Indian drugmakers have faced challenges in negotiating prices as a result of consolidation among drug distributors in the United States, the world’s biggest pharmaceuticals market. Like many of its domestic rivals, Dr Reddy’s has also been hit by US bans on Indian plants over quality control issues. Net profit fell 38.5 percent to 3.03 billion rupees ($47.7 million) in the third quarter ended December 31. Revenue from the company’s generics business in North America fell 3 percent to 16.07 billion rupees.
Published: 26-01-2018 09:02