Sales, profits increase for Dr. Reddy's in Q2
HYDERABAD, India — Dr. Reddy's Labs reported sales of $462 million for second quarter 2012 and $866 million for the first half of the fiscal year, according to an earnings statement released Tuesday.
The Indian generic drug maker said the second-quarter sales represented a 21% increase over second quarter 2011. Sales from global generics were $329 million for the quarter, an 18% increase over second quarter 2011, driven mostly by growth in North America and Russia.
Profits for the quarter were $63 million, a 7% increase over second quarter 2011.
Other highlights during the quarter included 28 new generic product launches and 17 regulatory filings, as well as the Food and Drug Administration's approval of its generic version of Eli Lilly's schizophrenia and bipolar disorder drug Zyprexa (olanzapine).