Established in 1984, Dr. Reddy's Laboratories (NYSE:RDY - News) is an emerging global pharmaceutical company with proven research capabilities. The Company is vertically integrated with a presence across the pharmaceutical value chain. It produces finished dosage forms, active pharmaceutical ingredients and biotechnology products and markets them globally, with focus on India, US, Europe and Russia. The Company conducts research in the areas of cancer, diabetes, cardiovascular, inflammation and bacterial infection.
While the close is more important than the intraday action as I type the stock looks to be breaking over early April 10 highs.
May's commentary on earnings report via Reuters:
- India's Dr Reddy's Laboratories (RDY) lagged analyst expectations in quarterly profit, but expects the launch of more than a dozen new drugs in the United States to boost growth in this financial year.
- "We are planning to launch 12 to 13 products this year in the United States, and some of them will be very significant," Prasad told Reuters in a telephone interview from the company's headquarters in southern city of Hyderabad.
- Chief Executive G.V. Prasad said a pick-up in sales of omeprazole, a generic version of AstraZeneca's Prilosec, in the months ahead was also expected to underpin growth in the year that began on April 1.
- The Indian generics business boom has lured Western drug makers that want to raise exposure in fast-growing emerging markets where a burgeoning middle class wants the assurance of cheap, safe drugs.
- The New York-listed company reported a net profit of 1.7 billion rupees ($37 million) in the quarter to March, its fiscal fourth quarter, compared with a loss of 9.8 billion in the year-ago period.
- Revenue fell 18 percent to 16.4 billion rupees, as sales in the United States, its biggest export market, nearly halved to 3.5 billion and European revenue declined by a third to 2.1 billion.
As for the greater market, it's just the same old momo names doing all the work - Apple (AAPL), Baidu (BIDU), VMWare (VMW), Chipotle (CMG), Netflix (NFLX) - boring really.