India's leading drug-maker by sales, Ranbaxy Laboratories has said that its sales have more than doubled in the US market during the quarter till June 2012.

Even as the company enjoys high sales growth in the US market, it posted a shocking loss of 5.86 billion rupees manly due to huge losses in the foreign exchange marker. The pharmaceutical major controlled by Japan's Daiichi Sankyo recorded losses due to foreign currency derivatives compared to a profit of 1.12 billion rupees in the same quarter of the previous year.

The company said that its net sales increased 54.5 percent to 31.74 billion rupees compared to 29.06 billion rupees expected by the market. It also said that the falling alue of rupee against the US dollar was been beneficial for exports but it had an adverse impact on earnings.

Arun Sawhney, chief executive, said in a statement said, "Sales and profitability grew in the quarter with overall improvement across major regions, aided further by exclusivity sales in some of the key markets."

The huge growth in sales was mainly due to sales of generic Lipitor during the exclusivity period in US. Ranbaxy successfully capitalized on the exclusive period opportunity and earned $600 million during the six months till May
29. The company enjoyed a market share of 55 per cent during the exclusive period.