Dr Reddy's Lab nudges higher after launch of generic drug in US

Dr Reddy's Laboratories rose 0.52% to Rs 3,139 at 9:58 IST on BSE after the company said it has launched Bupropion HCI extended-release tablets, USP (SR) in three strengths in the United States market.

The announcement was made after market hours on Friday, 2 September 2016. The stock market was closed yesterday, 5 September 2016, on account of Ganesh Chaturthi.

Meanwhile, the S&P BSE Sensex was up 258.96 points or 0.91% at 28,791.07.

On BSE, so far 1,992 shares were traded in the counter as against average daily volume of 39,263 shares in the past one quarter. The stock hit a high of Rs 3,142.85 and a low of Rs 3,123 so far during the day. The stock had hit a a record high of Rs 4,382.95 on 20 October 2015. The stock had hit a 52-week low of Rs 2,750 on 21 January 2016. The stock had outperformed the market over the past one month till 2 September 2016, gaining 4.88% compared with Sensex's 1.97% rise. The scrip had, however, underperformed the market in past one quarter, declining 1.7% as against Sensex's 6.29% rise.

The large-cap company has equity capital of Rs 85.39 crore. Face value per share is Rs 5.

Dr Reddy's Laboratorie (DRL) announced that it has launched Bupropion HCI extended-release tablets, USP (SR) in 100mg, 150mg and 200mg, a therapeutic equivalent generic version of Wellbutrin SR (bupropion HCI) sustained-release tablets in the United States market approved by the US Food and Drug Administration (USFDA). The Wellbutrin SR brand and generic had US sales of about $109.6 million for the recent twelve months ended July 2016 according to IMS Health data. DRL's Bupropion SR tablets are available in 100mg, 150mg and 200mg, in bottle count sizes of 60, 100 and 500.

Dr Reddy's Laboratories' consolidated net profit fell 76.3% to Rs 153.50 crore on 14.1% decline in total income to Rs 3289.50 crore in Q1 June 2016 over Q1 June 2015.

Dr Reddy's Laboratories is an integrated global pharmaceutical company. It offers a portfolio of products and services including active pharmaceutical ingredients (APIs), custom pharmaceutical services, generics, biosimilars and differentiated formulations.

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