HYDERABAD, MAY 7
Dr Reddy’s Laboratories Ltd. on Tuesday announced its consolidated financial results for the fourth quarter and full year ended March 31, 2024. The pharma major recorded a net profit of Rs 1,307 crore in the last quarter of the financial year 2023-24, compared to Rs 959.2 crore it reported in Q4 of FY23, an increase of 36.3 percent on year.
Dr. Reddy’s revenue grew to Rs 7,083 crore in Q4 of FY24, a growth of 12.5% on year, compared to Rs 6,296.8 crore it posted in the same period last year.
Commenting on the results, G V Prasad, Co-Chairman & MD, Dr. Reddy’s Laboratories said that growth and profitability in FY2024 has been driven by the company’s performance in the US.
“We have also made significant progress on future growth drivers through licensing, collaboration and pipeline building. We will continue to strengthen our core businesses through superior execution as we invest and build the future growth drivers,” he said.
During Q4FY24, the company entered into an exclusive partnership with Sanofi to promote and distribute its vaccine brands in India. It also partnered with Bayer to distribute the second brand for heart failure management drug, Vericiguat, in India.
During the quarter the entered into a licensing agreement with U.S.-based biopharma, Pharmazz, to market first-in-class Centhaquine (Lyfaquin) for treatment of hypovolemic shock in India. During this period, it also acquired MenoLabs business, a women’s health, and dietary supplement branded portfolio from Amyris, Inc.
In the India market, the company reported Q4FY24 revenues at ₹ 11.3 billion, YoY decline of 12% and QoQ decline of 5%. Adjusted for brand divestment income, on a re-based comparator, YoY growth of 11%. QoQ decline is on account of lower volumes from base business.
In Global Generics (GG), Q4FY24 revenues stood at ₹ 61.2 billion, YoY growth of 13 percent and QoQ decline of 3 percent. YoY growth was primarily driven by increase in volumes of base business, new product launches, partially offset by price erosion in certain markets, the company informed.
In Emerging Markets, Q4FY24 revenues stood at ₹ 12.1 billion, YoY growth of 9% and QoQ decline of 6%. YoY growth is attributable to new product launches, while QoQ decline was due to unfavorable forex.
