Drug firm Dr Reddy's Laboratories on Tuesday posted a consolidated net profit of Rs 273.14 crore for the third quarter ended December 31, 2010 on the back of strong sales in the American market.
The company's revenues from North America grew by 60 per cent to Rs 480 crore in the third quarter ended December 31, 2010, compared to Rs 300 crore in the same period last fiscal.
The company had a net loss of Rs 521.70 crore in the same period last fiscal, Dr Reddy's Laboratories said in a statement.
The company's net income from sales and services stood at Rs 1,898.51 crore for the third quarter ended December 31, while the same was Rs 1,729.64 crore in the same period last fiscal.
In the third quarter, the company launched Lansoprazole, Zafirlukast and Valacyclovir. As of December 31, 2010, the company's total cumulative abbreviated new drug application (ANDA) filings stood at 165.
The company's revenues from Europe stood at Rs 210 crore for the third quarter December 31 while revenues from Russia and other CIS markets stood at Rs 290 crore in the third quarter.
The firm's revenues from India stood at Rs 300 crore in the third quarter ended December 31, 2010, compared to Rs 260 crore in the same period last fiscal.
The company today also announced two settlement agreements with AstraZeneca in US relating to the ANDA filed for the generic versions of AstraZeneca's Nexium (esomeprazole) and Accolate(zafirlukast).
Under the terms of the agreement related to Esomeprazole, AstraZeneca has granted Dr Reddy's a license, subject to regulatory approval, to launch a generic version of Esomeprazole delayed-release capsules on May 27, 2014, or earlier in certain circumstances.
The Zafirlukast agreement ends all litigation related to the product and allows Dr Reddy's to continue selling the product without risk.
The Indian firm launched Zafirlukast on November 18, 2010 following a favourable summary judgement decision.
On a standalone basis, the company posted a net profit of Rs 262.77 crore for the third quarter ended December 31, 2010, which is up by 56.02 per cent from its net profit at Rs 168.42 crore in the same period previous fiscal.
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