Dr. Reddy’s Laboratories (DRL) has reported a slump in profits for the first quarter, dented by a decline in volume growth and pricing pressure in the US as well as a loss of business in Venezuela. While the firm's long term story appears intact, resolution of compliance issues at its Indian sites and product flows in the US and other markets (DRL expects to participate in a Russian tender for rituximab) could lift investor sentiment significantly.
Dr. Reddy's Laboratories Ltd. has reported an 80% decline in profits to INR1.3bn ($19m) for the first quarter ended June, hurt by a decline in US sales and no sales in Venezuela. Consolidated revenues declined 14% to INR32.3bn.
Revenues from the US slipped 16% to INR15.5bn largely on account of increased competition primarily in valgancyclovir and azacitidine, coupled...
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