MUMBAI May 8 Ranbaxy Laboratories,
India's largest drugmaker by sales, reported a 90 percent 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 ($23.29 million) in the fiscal first quarter ended March,
from 12.47 billion rupees last year. Sales fell 34.2 percent 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
Shares in Ranbaxy were down 2.6 percent at 444.6 rupees by
0819 GMT. The stock is down nearly 11 percent this year as
compared to 2.4 percent rise in Mumbai market.
($1 = 54.09 rupees)
(Reporting by Kaustubh Kulkarni; editing by Miral Fahmy)