Drug major Ranbaxy laboratories recently reported a 89.91 per cent decline in its consolidated net profit at Rs125.75 crore for the first quarter ended March 31, 2013, mainly on account of absence of contribution from exclusivities.
The company had exclusive rights to a generic version of cholesterol lowering drug lipitor in the US during the corresponding quarter of previous fiscal.
The company had posted a net profit of Rs1,246.76 crore for the quarter ended March 31, 2012, Ranbaxy laboratories ltd said in a statement.
Net sales of the company declined to Rs2,439.82 crore for the January-March quarter, compared to Rs3,708.97 crore in the same period of 2012.
“lower sales in comparison to the corresponding quarter of previous fiscal were due to large contribution to sales from exclusivity opportunities in that quarter,” it added.
Commenting on the company’s performance, Ranbaxy CEO and MD Arun Sawhney said: “India and key emerging markets of East Europe + CIS and Africa + Middle East returned strong growth.
“The focus on differentiated products gained momentum during the quarter as we improved our market share in Absorica and received the rights to market Desevenlafaxine in USA.”