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India's Dr Reddy's beats Q4 profit view on higher US, Europe sales
The company reported a consolidated net profit after tax of 13.10 billion rupees ($156.9 million) for the quarter ended March 31, up 36.5 per cent from last year and beating analysts' estimates of 12.42 billion rupees as per LSEG data.
- By Reuters
- Bengaluru
- May 07, 2024
India's generic drugmaker Dr Reddy's Laboratories reported fourth-quarter profit above expectations on Tuesday, driven by strong sales in its key U.S. and European markets.
The company reported a consolidated net profit after tax of 13.10 billion rupees ($156.9 million) for the quarter ended March 31, up 36.5 per cent from last year and beating analysts' estimates of 12.42 billion rupees as per LSEG data.
The drugmaker's total revenue climbed 13 per cent to 71.14 billion, in-line with analysts' expectations, led by a 29 per cent climb in the North American generics business, its biggest segment. Sales in Europe rose 5 per cent.
The company's U.S. sales have been boosted by persistently strong demand for Lenalidomide, a generic version of Bristol-Myers Squibb's blockbuster cancer drug Revlimid, which was launched in 2022.
At the same time, Bristol Myers is facing pressure from generic competition for Revlimid, once its top-selling drug.
Other generic drugmakers such as Cipla, Sun Pharma and Zydus Lifesciences have also benefitted from rising sales of their own copycat versions of Revlimid in the U.S.