Dr Reddy's figures hit by Venezuela crisis

13 May 2016
biosimilars_samples_large

Indian drugmaker Dr Reddy’s Laboratories (NYSE: RDY) has seen its profits plummet for the most recent quarter by 85.9% compared to the same period a year ago.

The company lost $64.7 million in the fourth quarter ended March 31, 216, because the government of financially struggling Venezuela has not approved to repatriate any amount beyond $4 million dollars owed to Dr Reddy’s.

As well as announcing its results for the last quarter, Dr Reddy’s has revealed its figures for the last financial year, which show a 4% rise in consolidated revenues to $2.34 billion. The $302 million profit made in the year, bringing diluted earnings per share (EPS) of $1.77, is a 10% increase on the financial year which ended in March 2015.

This article is accessible to registered users, to continue reading please register for free.  A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Login to your account

Become a subscriber

 

£820

Or £77 per month

Subscribe Now
  • Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
  • Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
  • Daily roundup of key events in pharma and biotech.
  • Monthly in-depth briefings on Boardroom appointments and M&A news.
  • Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK

Companies featured in this story

More ones to watch >


Today's issue

Company Spotlight





More Features in Biosimilars