Dr. Reddy labs reported a revenue of $1.5 billion

Hyderabad, May 18-2007: Emerging as the largest pharmaceuticals company by sales in India, Dr Reddy’s Laboratories Ltd., on Friday reported a revenue of $1.5 billion (Rs 6,509 crore) in 2006-07, an increase of 168 per cent over the previous year’s $563 million (Rs 2,400 crore). The NYSE-listed Dr Reddy’s posted a net profit of $216 million in 2006-07, against the $38 million in the previous-year.

The quantum jump in sales was driven by the authorised generics segment, which contributed 24 per cent of the total revenues. The Hyderabad-based company launched two authorised generics — of Merck’s Proscar and Zocor—in the US market during the year.

"Dr Reddy’s has just emerged as the largest pharmaceuticals company in India, and we expect revenues to be over $1 billion in 2007-08, and again become the largest in 2008-09," Dr Reddy said. "It is a very humble achievement. I believe that the greatest contribution this company has made is that it is rooted in this country. We helped in making medicine affordable to a lot of Indians. We prevented people from profiteering on essential drugs," Dr Reddy said.