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Ranbaxy suffers poor health; January-March net dips 90%

Drug major Ranbaxy Laboratories on Wednesday reported a 89.91 per cent decline in its consolidated net profit at Rs 125.75 crore for the first quarter ended 31 March, 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 Rs 1,246.76 crore for the quarter ended 31 March, 2012, Ranbaxy Laboratories Ltd said in a statement. Net sales of the company declined to Rs 2,439.82 crore for the January-March quarter, compared to Rs 3,708.97 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. ’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.’

The company also continued to work towards optimising overhead and other expenses, he added.
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