Ranbaxy Laboratories on Tuesday reported a consolidated net profit of Rs 963 crore for the quarter ended March 31, 2010, marking the fourth straight quarterly profit aided by heavy foreign exchange gains and launch of a generic version of a blockbuster drug in the US.
“Solid growth in key geographies, along with optimal delivery value from first-to-file opportunities in the USA, ensured that we achieved yet another quarter of strong operational performance,” said Atul Sobti, CEO and Managing Director, Ranbaxy.
Ranbaxy had launched a cheaper generic version of GlaxoSmithKline’s blockbuster herpes treatment drug Valtrex in the US, with a 180-day exclusive marketing period.
The US was the main growth hotpsot for company; it clocked a 266 per cent rise in sales at Rs 1,151.5 crore in the country.
Demand for generic drugs has surged on the back of rising healthcare costs and expensive patented drugs.
A robust foreign exchange gain of Rs 450 crore also aided the earnings of the Ranbaxy during the quarter.
The total income of the company during the quarter soared by 65 per cent to Rs 2,490 crore from Rs 1,558 crore in the same period last fiscal.
The company had incurred losses in three consecutive quarters to March 2009. It swung back to profit in the June quarter last year.
Japan’s Daiichi Sankyo had acquired Ranbaxy in a $4.6 billion (Rs 19,600 crore) deal in 2008.