Dr Reddy's in pink of health after launching drug

Dr Reddy's Laboratories rose 0.92% to Rs 2,354.55 at 14:27 IST on BSE after the company announced the launch of Melphalan Hydrochloride for Injection in the US market.

The announcement was made during market hours today, 26 December 2017.

Meanwhile, the S&P BSE Sensex was down 10.56 points, or 0.03% to 33,928.53.

On the BSE, 16,601 shares were traded in the counter so far, compared with average daily volumes of 55,982 shares in the past two weeks. The stock had hit a high of Rs 2,359 and a low of Rs 2,320.10 so far during the day. The stock had hit a 52-week high of Rs 3,203.95 on 6 January 2017. The stock hit a 52-week low of Rs 1,901.65 on 11 August 2017.

The stock had underperformed the market over the past one month till 22 December 2017, falling 1.2% compared with the Sensex's 1.13% gains. The stock had also underperformed the market over the past one quarter, dropping 5.03% as against the Sensex's 6.32% rise. The scrip had also underperformed the market over the past one year, declining 22.69% as against the Sensex's 30.64% rise.

The large-cap company has equity capital of Rs 82.94 crore. Face value per share is Rs 5.

Dr Reddy's Laboratories said that it has launched Melphalan Hydrochloride for Injection, a therapeutic equivalent generic version of Alkeran (Melphalan Hydrochloride) for Injection in the US market. The drug was approved by the United States Food & Drug Administration (USFDA).

The Alkeran brand and generic had US sales of around $107 million MAT for the most recent twelve months ended October 2017, according to IMS Health.

On a consolidated basis, Dr Reddy's Laboratories' net profit fell 1.1% to Rs 305.40 crore on 1.1% decline in net sales to Rs 3546 crore in Q2 September 2017 over Q2 September 2016.

Dr Reddy's Laboratories is an integrated global pharmaceutical company.

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