Dr Reddy's Laboratories Ltd on November 5 reported 15% fall in net profit at Rs 1,255 crore for the quarter ended September 30, 2024, weighed down by pricing pressure in a competitive North American market, their biggest by revenue.
The company's revenue rose 17% to Rs 8,016 crore. Dr Reddy's largely attributed the sales growth in North America to a rise in volumes but said it was partly offset by price erosion.
On November 5, Dr Reddy's shares on BSE closed 0.68% higher at Rs 1,276.9 apiece.
Co-Chairman & MD, G V Prasad said: "We delivered another good quarter and maintained the growth momentum across businesses. We made progress on our future growth drivers, operationalised our venture with Nestle and completed the acquisition of Nicotinell and related brands. We will continue to drive efficiency, strengthen our core businesses, and positively impact patient lives through science and innovation."
Generic drugmakers such as Dr Reddy's, Cipla and Zydus have been struggling with a slowdown in the United States due to delayed approvals for new generic drug applications and lower pricing amid stiff competition, according to analysts, reported Reuters.
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