Dr Reddy's profits rise 88 per cent in third quarter

Dr Reddy's profits rise 88 per cent in third quarterIndian drugmaker Dr. Reddy’s has reported an impressive 88 per cent rise in net profits in the thrd quarter of the year till December 2011 backed by high sales of schizophrenia drug Olanzapine in the US.

The company said that its net profit rose to Rs 513 crore in the third quarter of financial year compared to Rs 273.2 crore in the same quarter of the previous fiscal. The company revenue of the company was recorded at at Rs
2769.2 crore compared to Rs 1898.5 crore in the third quarter of the previous fiscal year, recording highest-ever year-on-year growth of 46 per cent for the company.

Satish Reddy, managing director and chief operating officer, said: "We expected to perform well because of the launches that had limited competition to deal with. Our Shreveport facility showed good sales and we have some important launches coming up in the next six months."

Olanzapine, which contributed about $99 million in revenues in the quarter, was launched in association with Teva in October last year. Olanzapine is a generic version of Eli Lilly’s Zyprexa. Teva’s Olanzapine Tablets in 2.5, 5, 7.5, 10 and 15 mg along with Dr. Reddy’s in 20 mg enjoy an exclusive 180-day period of marketing in the US market. The product has increased its market share to 60 per cent at present in the country.

The company said that it hopes that the sales in the North American market will enable growth in the coming fiscal year.

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