Dr. Reddy's (RDY) Q3 Earnings And Revenues Increase Y/Y
Zacks Investment Research | Jan 27, 2020 10:20PM ET
Dr. Reddy's Laboratories Ltd. (NYSE:RDY) reported third-quarter fiscal 2020 loss of 48 cents per share, per American Depositary Share (ADS). However, the loss includes an impairment charge of $156.5 million related to the generic launch and an authorized generic launch of the product-Nuvaring, which led to considerable erosion in the value of this product for the company. Excluding the impairment charge, earnings were 63 cents per ADS compared with 41 cents in the year-ago quarter.
Moreover, revenues grew 14% year over year to $614 million. In the second quarter of fiscal 2020, the company out-licensed two neuro products from the proprietary products business and recognized revenues of $7.2 billion. Adjusting for this, the sequential growth in the quarter was 7% — the highest-ever quarterly sales from operations, without any one-off item.
In the past year, shares of the company have gained 18.7% against the Zacks Investment Research
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