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Business EconomyPosted at: Jul 27 2024 7:22PM


Dr Reddy’s Q1FY25 consolidated net profit down 1 pc at Rs 1392 crore

Hyderabad, July 27 (UNI) Hyderabad-based Pharma Giant Dr. Reddy’s Laboratories Ltd on Saturday reported a 1 percent decline in its consolidated net profit to Rs 1392 crore for the first quarter of the current financial year ended June 30, 2024 as against Rs 1402 crore in the corresponding period in the previous year.
The consolidated revenue during the quarter increased 14 per cent at Rs 7672 crore compared to Rs 6738 crore in Q1FY24, the pharma company said in a release here.
The consolidated revenue growth during the quarter was largely driven by growth in global generics revenues in North America as well as India.
Highlighting the key business, the company said that we have inaugurated a 70,000 sq.ft. state-of-the-art Biologics facility of Aurigene Pharmaceutical Services in
Genome Valley, Hyderabad (Telangana) in the country, and the process and analytical development laboratories are operational while the commissioning of manufacturing capacity will be completed in 2024.
Commenting on the results, Co-Chairman & Managing Director , G V Prasad said: “We had a good start to the new fiscal year and our growth & profitability was mainly driven by our generics business. We continue to strengthen our core businesses and have made strategic investments in biologics, consumer healthcare and innovation to drive patient impact and value creation.”
While referring to Global Generics (GG), during the quarter, the company’s revenues increased 15 per cent against the corresponding period in the previous year. This YoY growth was primarily volume led, aided by new launches and integration of recently in-licensed vaccine portfolios in India, partially offset by price erosion.
Sequential growth was due to change in product mix partly offset with adverse price erosion.
The company’s revenues from North America during the quarter increased 20 per cent as compared to corresponding period in the previous year. This growth was largely on account of increase in volumes of our base business, contribution from new launches, partly offset by price erosion.
During the quarter, we launched 3 new products in the U.S.
During the quarter, the pharma giant filed one new Abbreviated New Drug Application (ANDA) with the U.S. FDA.
As of June 30, 2024, 80 generic filings were approvals pending from the U.S. FDA. These comprise 75 ANDAs and five New Drug Applications (NDAs) filed under the Section 505(b)(2) route of the US Federal Food, Drug, and Cosmetic Act. Of the 75 ANDAs, 45 are Paragraph IV applications, and we believe that 23 of these have the ‘First to File’ status.
In India during the quarter, company’s revenues stood at 15 per cent YoY growth and this growth was mainly on account of new product launches including the recently in-licensed vaccine portfolio. As per IQVIA, our IPM rank was at 10 for the quarter.
During the quarter, the company launched 13 new brands in the country, in addition to exclusive rights to promote and distribute Sanofi's vaccine brands.
While referring to emerging Markets, the company’s revenues during the quarter stood at Rs11.9 billion, YoY growth of 3 percent. YoY growth is attributable to market share expansion and new product launches, partly offset by unfavorable forex and price erosion.
However, Revenues from Russia declined 2 percent to Rs 5.5 billion. The growth decline was majorly due to unfavorable currency exchange rate movements, partially offset by price increases and higher base business volumes.
Pharmaceutical Services and Active Ingredients (PSAI), Q1FY25 revenues at Rs 7.7 billion, with a growth of 14 percent YoY, and this growth was mainly driven by improved volumes in the base business, and contribution from new products.
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