| Ranbaxy-Why Ignore The Stock? Ranbaxy Laboratories, India's largest drug maker, reported its fourth straight quarter of profit Tuesday on surging U.S. sales and favorable foreign exchange rates. Net profit for the January to March quarter was 9.6 billion rupees ($210 million), beating expectations and turning around a loss of 7.6 billion rupees ($153 million) during the same period last year. Net sales surged 65 percent to 24.9 billion rupees ($542 million) from 15.6 billion rupees ($313 million) in the same quarter last year. "It's much, much ahead of our expectations, The popularity of a generic version of the anti-viral Valtrex helped drive U.S. sales up 266 percent to 11.5 billion rupees ($251 million) in the March quarter. Ranbaxy said that since launching late last year, its generic has achieved over 60 percent market share in the U.S., where it is enjoying 180 days of exclusive marketing rights. Low sales as a result of regulatory action last year amplified this year's gains. The US Food and Drug Administration banned over 30 of Ranbaxy's generic products in 2008 due to manufacturing quality concerns at some plants. Then, in February 2009 U.S. regulators said Ranbaxy lied about some test results. Those issues have not yet been resolved, and Ranbaxy said Tuesday it "continues to cooperate" with the FDA and Department of Justice. Its stock rose as much as 2.3 percent in trading on the Bombay Stock Exchange Tuesday before closing up 0.88 percent at 458.3 rupees ($10.10) a share, beating the benchmark Sensex index's 1.1 percent slide to 17,141.5 points. Ranbaxy is a member of Japan's Daiichi Sankyo Group. Safe Harbor Statement: Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints. Nothing in this article is, or should be construed as, investment advice. |
http://in.groups.yahoo.com/group/investwise/
INVESTMENTS IN INDIA
We are low-risk, long-term investors.
Stocks, mutual funds and the entire investment gamut. Only financing/investment avenues in India will be discussed.
For any assistance, questions or improvement ideas, contact investwise-owner@yahoogroups.co.in
****************************************************************
NEW! ==== Check our LINKS and FILES sections for a world of information. REGULARLY UPDATED.
NEW! ==== Check "Tracklist" in Links and Files sections for Investment Ideas.
****************************************************************
No comments:
Post a Comment