Ranbaxy Laboratories fell 1.68% to Rs 436.35 at 10:49 IST on BSE, extending Wednesday's 2.78% decline triggered by the company's weak Q1 March 2013 results.
The company announced Q1 results during trading hours on Wednesday, 8 May 2013. Shares of Ranbaxy Laboratories fell 2.78% to Rs 443.80 on that day.
Meanwhile, the BSE Sensex was down 32.63 points, or 0.16%, to 19,957.55.
On BSE, 49,000 shares were traded in the counter compared with average volume of 94,000 shares over the past two weeks.
The stock hit a high of Rs 440.35 and a low of Rs 435.05 so far during the day.
Ranbaxy Laboratories' consolidated net profit declined 89.91% to Rs 125.75 crore on 34.2% decline in net sales to Rs 2439.82 crore in Q1 March 2013 over Q1 March 2012. The company said that the profitability in Q1 March 2013 was lower than in Q1 March 2012 primarily because of the base effect. The revenue and profitability in Q1 March 2012 was boosted by contribution from exclusivity drug launches.
Ranbaxy said that its global sales rose 10% on a like-to-like basis in Q1 March 2013 over Q1 March 2012.
During Q1 March 2013, the company launched Desevenlafaxine, an NDA for Pristiq in the United States. Ranbaxy Laboratories said that the gain in market share in Absorica, isotretenoin NDA has been promising. The exclusivity period for Pioglitazone hydrochloride authorised generic (AG) came to an end in mid February 2013, Ranbaxy Laboratories said in a statement.
During the quarter, the company has filed 3 abbreviated new drug applications (ANDA) for the US market (including 2 potential FTFs). The company also resumed supplies of Atorvastatin in the US market.
Ranbaxy Laboratories said it has gained over 50% market share in Cevimeline hydrochloride 30 mg capsules in the US. The drug is the authorised generic product of Daiichi Sankyo, marketed under the brand name Evoxac.
Under the Hybrid Business Model, Ranbaxy and Daiichi Sankyo worked on the collaboration of their businesses in Brazil to expand the business of both the companies, Ranbaxy Laboratories said in a statement.
Ranbaxy Laboratories is an integrated, research based, international pharmaceutical company producing a wide range of generic medicines. Ranbaxy serves its customers in over 150 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 43 countries and manufacturing operations in 8 countries. Ranbaxy is a member of the Daiichi Sankyo Group.
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