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Ranbaxy Laboratories , India's largest drugmaker by sales, reported a 90% drop in first quarter net profit compared to the same year-ago period, when it had exclusive rights to a generic version of cholesterol lowering drug Lipitor in the United States.
Ranbaxy said consolidated net profit fell to 1.26 billion rupees in the fiscal first quarter ended March, from 12.47 billion rupees last year. Sales fell 34.2 % to 24.4 billion rupees.
Analysts, on an average, had estimated a net profit of 1.41 billion rupees on net sales of 26.48 billion rupees, according to I/B/E/S.
Shares in Ranbaxy were down 1% at 2:02 p.m.. The stock is down nearly 11 % this year as compared to 2.4% rise in Mumbai market.
