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Dr Reddy’s Q4 profit misses estimates, stumbles on US FDA hurdles

LiveMint logoLiveMint 12-05-2017 Zeba Siddiqui

Mumbai: Dr Reddy’s Laboratories Ltd reported a quarterly profit below analysts’ estimates, hurt by increasing regulatory hurdles in its largest market, the United States.

India’s second-largest drugmaker by sales posted a net income of Rs338 crore ($52.56 million), missing forecasts of Rs427 crore, according to Thomson Reuters I/B/E/S.

The quarterly profit was significantly higher than the Rs123 crore net profit of the same year ago period, which was hit by a one-off payments problem in Venezuela.

“FY17 has been a challenging year due to lack of new product approvals for the US market,” chief executive G.V. Prasad said in a statement to exchanges. Reuters

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