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Working on products related to COVID-19: Dr Reddy's

GV Prasad, Co-Chairman and MD of Dr Reddy's, said the company is working with partners on these drugs but did not divulge details.

May 20, 2020 / 20:22 IST
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    Drug maker Dr Reddy's on May 20 said few products related to COVID-19 are under development.

    GV Prasad, Co-Chairman and MD of Dr Reddy's, said the company is working with partners on these drugs but did not divulge details.

    However, it refused to comment on the prospect of licensing Gilead's antiviral drug Remdesivir.

    The company said it is scaling up antimalarial drug hydroxychloroquine, which is now being used as prophylactic drug for COVID-19.

    Dr Reddy's had launched hydroxychloroquine sulfate tablets in US in 2018.

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    The company said it has taken initiatives to ensure that manufacturing-related operations continue unabated enabling us to serve our patients.

    "We are using digital channels for enabling work from home and reaching out to doctors, customers and vendors," he said.

    On May 20, Dr Reddy's reported a 76 percent year-on-year (YoY) jump in the company's net profit for the quarter ended March 31, 2020, beating street estimates.

    For Q4FY20, the company's net profit stood at Rs 764.2 crore against Rs 434.4 crore in the corresponding quarter of the previous financial year, despite some disruption of operations due to COVID-19 lockdown. The company's revenue came in at Rs 4,432 crore.

    "FY 20 has been a very positive year for the company. Progress made during the year includes VAI (voluntary action indicated) status for CTO 6, healthy product pipeline build up, productivity improvement, and strong financial performance across our businesses," said Prasad.

    Viswanath Pilla
    Viswanath Pilla is a business journalist with 14 years of reporting experience. Based in Mumbai, Pilla covers pharma, healthcare and infrastructure sectors for Moneycontrol.
    first published: May 20, 2020 08:18 pm

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