Consolidated profit after tax for Q2 of FY23 rose 12% to 1,113 crore from 992 crore during the corresponding quarter of last financial year on a 9% increase in revenues at 6,306 crore as against 5,763 crore in Q2 of FY22.
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Dr Reddy’s co-chairman and managing director GV Prasad said the strong financial performance was driven by the launch of Lenalidomide capsules in the US market.
Dr Reddy’s launched Lenalidomide capsules, a generic version of Bristol Myers Squibb’s cancer drug Revlimid in what is a volume limited, first to market launch that gives the company 180 days of generic drug exclusivity in the 2.5mg and 20mg dosage strengths.
“There are two major drivers. One is the favourable product mix that includes the new product launches including Revlimid generic. The second reason is good cost control,” Dr Reddy’s chief financial officer Parag Agarwal said.
While revenues from global generics grew 18% to around 5,595 crore in Q2FY23 from 4,743 crore in Q2FY22, revenues from the Pharmaceutical Services and Active Ingredients (PSAI) business fell 23% to 643 crore from 837 crore in Q2FY22.
The company’s revenues from North America jumped 48% to 2,800 crore during the quarter from 1,891 crore in Q2FY22 on the back of new product launches and scale ups as well as the forex gains due to Rupee depreciation.
