Dr Reddy's Reports 86 Percent Slump in Quarterly Profit
Dr Reddy's posted an 86 percent profit drop to 2.21 billion rupees. The result missed estimates due to pricing pressure and competition in the U.S. market.
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DR. REDDY'S LABORATORIES reported an 86% slump in quarterly profit through March 31 as pricing pressure eroded margins. The result missed analyst estimates by 7.04 billion rupees, marking the second consecutive quarterly decline for the India-based drugmaker. Persistent competition in the U.S. market remains the primary headwind for Dr. Reddy's generic portfolio.
