India’s Dr Reddy’s beats Q4 profit view; names new CFO
India’s Dr Reddy’s beats Q4 profit view; names new CFO
BENGALURU, May 7 (Reuters) – India’s generic drugmaker Dr Reddy’s Laboratories (REDY.NS) reported fourth-quarter profit above expectations on Tuesday on higher U.S. and Europe sales, and appointed its new chief financial officer.
M V Narasimham, who is currently the deputy CFO, will take over the role from Parag Agarwal, who held the post since 2020 and will retire on July 31.
The company reported a consolidated net profit after tax of 13.10 billion rupees ($156.9 million) for the quarter ended March 31, up 36.5% from last year and beating analysts’ estimates of 12.42 billion rupees as per LSEG data.
The drugmaker’s total revenue climbed 13% to 71.14 billion, in-line with analysts’ expectations, led by a 29% climb in the North American generics business, its biggest segment. Sales in Europe rose 5%.
The company’s U.S. sales have been boosted by persistently strong demand for Lenalidomide, a generic version of Bristol-Myers Squibb’s (BMY.N) blockbuster cancer drug Revlimid, which was launched in 2022.
Reuters
