The drug major on Wednesday (9 September) announced the launch of Remdesivir, under a brand name Redyx in India.
The launch is part of the licensing agreement with Gilead Sciences, Inc. that grants Dr. Reddy's the right to register, manufacture and sell Remdesivir, a potential treatment for Covid-19, in 127 countries including India.Remdesivir is approved by Drug Controller General of India (DCGI) for restricted emergency use in India for the treatment of Covid-19 patients hospitalized with severe symptoms. Dr. Reddy's Redyx is available in strength of 100 mg vial.
M V Ramana, chief executive officer, branded markets (India and emerging markets), Dr. Reddy's Laboratories, said "We will continue our efforts to develop products that address significant unmet needs of patients. The launch of Redyx reaffirms our commitment to bringing in critical medicine for patients suffering from Covid-19 in India.
Further, Dr. Reddy's Laboratories also announced the launch of over-the-counter Diclofenac Sodium Topical Gel 1%, the store brand version of Voltaren Arthritis Pain in the US market. The solution is used for the temporary relief of arthritis pain in upper and lower body areas.
Voltaren Arthritis Pain brand had total US retail sales of approximately $44 million since launch in May 2020 according to IRI.
Shares of Dr. Reddy's Laboratories were up 0.38% at 4364.40. The stock has surged 74.74% from it 52-week low of Rs 2497.60 hit on 19 March 2020. It hit a 52-week high of Rs 4754.30 on 10 August 2020.
Dr. Reddy's Laboratories is an India-based pharmaceutical company. Through its three businesses - pharmaceutical services and active ingredients, global generics and proprietary products - the company offers a portfolio of products and services, including active pharmaceutical ingredients (API), custom pharmaceutical services (CPI), generics, biosimilars, differentiated formulations and new chemical entities.
The drug major's consolidated net profit skid 12.11% to Rs 594.60 crore on 14.93% jump in revenue from operations to Rs 4,417.50 crore in Q1 June 2020 over Q1 June 2019.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
