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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Australia’s Mayne Pharma has announced another complete response letter for its proposed generic version of Organon’s NuvaRing (etonogestrel/ethinylestradiol) contraceptive device, marking a trio of setbacks for the ANDA product.
In October, Dr Reddy’s Laboratories and ANI Pharmaceuticals are among companies expecting to hear from the US Food and Drug Administration for key applications, as the annual joint conference of Medicines for Europe and the International Generic and Biosimilar medicines Association takes place in Athens, Greece.
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.