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Ranbaxy Q1 net down 68% betters forecast

Ranbaxy Q1 net down 68% betters forecast
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First Published: Tue, May 10 2011. 05 02 PM IST
Updated: Tue, May 10 2011. 05 02 PM IST
Bangalore: Ranbaxy Laboratories Ltd , India’s top drug maker by sales, on Tuesday said quarterly profit fell 68.4% as the year-ago quarter was boosted by sales of a limited competition drug, but the drop was less than expected.
Ranbaxy, controlled by Japan’s Daiichi Sankyo , said consolidated net profit fell to Rs 304 crore ($67 million) for the fiscal first quarter ended March compared with Rs 961 crore a year earlier.
A Reuters poll had forecast net profit of Rs 151 crore for the firm.
Indian generic drug makers including Ranbaxy and rival Dr Reddy’s Laboratories Ltd are eyeing a huge opportunity as drugs worth about $100 billion lose patent protection over the next two years.
However, they will have to battle intense competition, rising lawsuits from rival drug firms and a stricter US health regulator in their race for the lucrative off-patent market.
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First Published: Tue, May 10 2011. 05 02 PM IST
More Topics: Company Results | Pharma | India | Ranbaxy | Drugs |