Indian drugs firm Dr Reddy's Laboratories Ltd beat market forecasts with a tripling of net profit for the December quarter, and said it was looking at good growth despite pricing pressures in the US market.
The company's foreign acquisitions and better sales of generics in the United States drove the growth, and overseas sales are expected to rise as drugs with annual sales of $30 billion are likely to go off patent in the next two years.
"Our core business has done very well. We are looking at good growth in all our base businesses," Chief Executive G.V. Prasad told Reuters on Monday.
Dr Reddy's launched six products in the United States last year. The company, which is also listed on the New York Stock Exchange, hopes to gain from the US approval of four new drug applications during the December quarter, and is awaiting approval for 58 more.
Sales of generic drugs - cheaper versions of drugs that have gone off patent - in the United States are expected to sustain earnings growth for India's top drug makers, although Prasad disagreed with analysts who said pricing pressures in the key market were not as severe as a year ago.
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