HYDERABAD, July 22 (Reuters) – Indian drugmaker Dr Reddy’s reported a smaller-than-expected quarterly profit on Wednesday, as muted sales of a key generic oncology drug and pricing pressure weighed on the competitive U.S. market.
Consolidated net profit tanked 68.7% to 4.44 billion rupees ($45.98 million) in the first quarter ending June 30.
Analysts, on average, had estimated profit to fall to 7.22 billion rupees, according to data compiled by LSEG.
($1 = 96.5650 Indian rupees)
(Reporting by Rishika Sadam and Kashish Tandon)
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