By: IPP Bureau
Last updated : July 29, 2024 11:20 am
Dr. Reddy's Laboratories has reported total income of Rs. 7,672.7 crores during the period ended June 30, 2024
Dr. Reddy's Laboratories Limited has reported consolidated financial results for the period ended June 30, 2024.
Dr. Reddy's Laboratories has posted net profit of Rs. 1,392 crores for the period ended June 30, 2024 as against net profit of Rs. 1,307 crores for the period ended March 31, 2024. The company posted net profit of Rs. 1,402.5 crores for the period ended June 30, 2023.
Dr. Reddy's Laboratories has reported total income of Rs. 7,672.7 crores during the period ended June 30, 2024 as compared to Rs. 7,083 crores during the period ended March 31, 2024. The company reported total income Rs. 6,738.4 crores during the period ended June 30, 2023.
Commenting on the results, Co-Chairman & MD, 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.”
Key Business Highlights
*Acquired Nicotinell and related brands in the Nicotine Replacement Therapy category in markets outside the US from Haleon plc for a total consideration of GBP 500 million, with an upfront cash payment of GBP 458 million and performance-based contingent payments of up to GBP 42 million,payable in 2025 and 2026. The transaction is expected to close in early Q4 of calendar year 2024.
* Entered into a joint venture agreement with Nestlé India to bring science-backed nutritional portfolio to more consumers in India. The JV is expected to become operational in Q2FY25.
* Partnered with Novartis Pharma LLC to distribute two of their leading anti-diabetes brands, Galvus and Galvus Met, in the Russian retail market.
*Received exclusive rights from Ingenus Pharmaceuticals to commercialize Cyclophosphamide Injection in the US.
* Collaborated with Alvotech for commercialization of their denosumab biosimilar candidate in the US on an exclusive basis, as well as in Europe and UK.
* Launched drug-free migraine management device, Nerivio, in Germany, Spain, UK and South Africa.
*Inaugurated a 70,000 sq.ft. state-of-the-art Biologics facility of Aurigene Pharmaceutical Services in Genome Valley, Hyderabad, India. The process and analytical development laboratories are operational while the commissioning of manufacturing capacity will be completed in 2024.