Dr Reddy’s Posts Surprise Q3 Loss With NuvaRing Write-Off
Main Markets Strong But Compliance Issues Linger
Dr Reddy’s Laboratories reported an unexpected third-quarter consolidated net loss after taking a $156m charge related to its generic version of the NuvaRing contraceptive. However, the company’s shares jumped on a robust underlying performance that was praised by analysts.
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Recent Canadian, European and US endorsements of Mithra’s estetrol-based Estelle novel oral contraceptive mark a “turning point” for the Belgian firm, which has also seen success with its Myring generic rival to NuvaRing for which it expects to see further launches this year.
Mayne Pharma has received a further setback in its attempt to bring a generic version of NuvaRing to the US market after the FDA issued the firm with another complete response letter.
Dr Reddy’s enjoyed a strong showing in Europe in the fiscal fourth quarter amid a string of launches and a ramp-up in France, Italy and Spain, with the Indian firm anticipating continued momentum in the region by leveraging its global portfolio. The firm’s China growth strategy is 'still valid', management maintains.