Dr Reddy's tops $150M in Rossia/CIS sales

Hyderabad, India-based Dr Reddy's Laboratories says that it has crossed the milestone of $150.0 million of revenues in the Russia/Commonwealth  of Independent States region for the fiscal year 2009. This is a result  of the efforts in building a branded franchise, cementing strong  customer relationships and partnering with trade channels over the last  several years, the firm notes.

Dr Reddy's entered the Russian market in 1992 and consolidated its  position during the turbulent currency crisis of the late 1990s. Now, it  is the largest Indian pharmaceutical company in Russia and is also the  fastest-growing international branded generic firm by volume, it claims.  Commenting on the growth story, MV Ramana, head of the Russia and CIS  operations, said: "the company has been growing rapidly over the last  several years with revenues of $80.0 million, $110.0 million and $138.0  million in the fiscal years 2006, 2007 and 2008 respectively in the  Russia/CIS region. During the 11 months ended February 2009, the  year-on-year revenue growth rate in Russia/CIS was a healthy 24% in US  dollar terms and we hope to maintain this growth and manage receivables  pro-actively. The company has further reduced the receivable days (DSO)  in Russia since December 2008. With almost 80% of the revenues generated  from the top four distributors, the product portfolio is well penetrated  geographically and enjoys good availability in the pharmacies."

Realigns generics geographic portfolio