Dr Reddy's Reports 18% Rise in Q1 Profit, Driven by Strong Sales in North America and Russia

27 Jul 2023 , 01:12 PM

Dr Reddy’s Laboratories, an Indian pharma company, reported an 18% rise in first-quarter profit, surpassing expectations. The company’s consolidated profit reached 14.03 billion rupees ($171.09 million), up from 11.88 billion rupees last year.

Consolidated revenue jumped 29% to 67.38 billion rupees, driven by strong sales in its mainstay generic drugs business in North America and Russia. Revenue from the generic business in North America surged 79%, backed by successful new product launches.

However, revenue from the generic drugs business in India fell 14%. Dr Reddy’s launched 25 products in the last financial year, including Lenalidomide, a generic version of cancer drug Remilivid and Sorafenib.

Six new products were launched in the United States during the quarter. Quarterly revenue was boosted by Lenalidomide sales and 75% revenue growth in Russia compared to last year.

The positive financial performance of Dr Reddy’s shares in Nifty Pharma Index showcases success in the generic drugs market, especially in North America and Russia, as it continues to expand and achieve significant growth.

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