Dr Reddy's falls to loss on goodwill adjustment
India-based generics major Dr Reddy's Laboratories has fallen into loss for the 12 months to March 31, 2009, despite a 49%, year-on-year rise in turnover, due to a goodwill adjustment for impairment.
Sales were $390.0 million versus $261.0 million, mainly due to the launch of a generic version of UK drug major GlaxoSmithKline's Imitrex (sumatriptan) for the treatment of migraine. Without the product, the firm says sales would have grown by 24%. R&D expenses were $22.0 million, up 10%.
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