India's Dr Reddy's beats Q4 profit view; names new CFO
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India's generic drugmaker Dr Reddy's Laboratories 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 blockbuster cancer drug Revlimid, which was launched in 2022.
At the same time, Bristol Myers is facing pressure from generic competition for Revlimid, once its top-selling drug.
Other generic drugmakers such as Cipla, Sun Pharma and Zydus Lifesciences have also benefitted from rising sales of their own copycat versions of Revlimid in the U.S.
Dr Reddy's also declared a dividend of 40 rupees per share for financial year 2024.
