Dr Reddy's Laboratories jumped 5.74% to Rs 4,600 after the company announced that the Drugs Controller General of India (DCGI) has granted approval to the single-shot Sputnik Light vaccine for restricted use in emergency situation in India.
Sputnik Light is a one-dose vaccine and the same as the first component - recombinant human adenovirus serotype number 26 (rAd26) - of the two-dose Sputnik V vaccine. Following its Phase III clinical trial of the single-shot Sputnik Light vaccine in India, Dr Reddy's Laboratories submitted its application for approval to the DCGI in December 2021, in addition to data from clinical trial in Russia.
The standalone Sputnik Light vaccine is the latest vaccine to be approved by the DCGI as part of India's national inoculation effort against COVID-19. Sputnik Light is the second COVID-19 vaccine to be made available in India by Dr Reddy's Laboratories. Sputnik Light has been approved in over 30 countries around the world including Argentina, UAE, Philippines and Russia.
In September 2020, Dr Reddy's Laboratories partnered with the Russian Direct Investment Fund (RDIF) to conduct clinical trials of Sputnik V and distribute the vaccine in India. In April 2021, the DCGI granted approval to the two-dose Sputnik V vaccine for restricted use in emergency situation in India.
The drug maker reported a consolidated net profit of Rs 706.50 crore in Q3 December 2021, steeply higher than 19.80 crore in Q3 December 2020. On a consolidated basis, the company's revenue from operations rose 7.91% to Rs 5,319.70 crore in in Q3 December 2021 over Q3 December 2020.
Dr Reddy's Laboratories is an integrated pharmaceutical company. It offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars and differentiated formulations.
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