Tuesday, pharmaceutical company Dr. Reddy's Laboratories Ltd. (RDY) reported a profit for the third-quarter, with growth in revenue, helped by the launch of sumatriptan succinate in late November 2008.
The Hyderabad, India-headquartered company's profit for the third-quarter was US$40 million or US$0.20 per share, compared with a net loss of US$25 million or US$0.10 per share in the year-ago quarter.
Quarterly revenue increased to US$379 million from US$254 million in the prior-year quarter. The company said the growth was driven by the successful launch of the authorized generic version of GlaxoSmithKline's Imitrex, or sumatriptan succinate in late November 2008.
On a segmental basis, revenue from Global Generics business rose 70%, while revenue from Pharmaceutical Services & Active Ingredients grew 6%.
Gross profit for the period jumped to US$167 million from US$129 million in the same quarter last year. For the quarter, research and development expenses rose to US$21 million from US$18 million in the year-earlier quarter. R&D investments were at 6% of total revenues for the quarter against 7% last year.
The company had launched 26 new generic products, filed 32 new generic product registrations and filed 6 DMFs globally, during the quarter.
RDY ended Friday's regular trading at US$9.77 on the NYSE.
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