Dr Reddy's Labs gains after launching generic dementia treatment tablets in US

Dr Reddy's Laboratories rose 1.23% to Rs 3,804.95 at 9:17 IST on BSE after the company said it launched in the US market the generic Memantine hydrochloride tablets used for treatment of dementia of the Alzheimer's type.

The announcement was made after market hours yesterday, 13 July 2015.

Meanwhile, the BSE Sensex was down 36.78 points, or 0.13%, to 27,924.41.

On BSE, so far 1,613 shares were traded in the counter, compared with an average volume of 24,008 shares in the past one quarter.

The stock hit a high of Rs 3,814 and a low of Rs 3,785.35 so far during the day. The stock hit a record high of Rs 3,808.75 on 10 April 2015. The stock hit a 52-week low of Rs 2,610 on 15 July 2014.

The stock had outperformed the market over the past one month till 13 July 2015, rising 13.31% compared with 5.81% rise in the Sensex. The scrip had also outperformed the market in past one quarter, falling 0.85% as against Sensex's 3.73% fall.

The large-cap company has an equity capital of Rs 85.28 crore. Face value per share is Rs 5.

Dr Reddy's Laboratories (DRL) announced after trading hours yesterday, 13 July 2015, that it launched Memantine hydrochloride tablets USP, 5 mg and 10 mg, a therapeutic equivalent version of NAMENDA tablets (mamentine HCI) in the United States on 12 July 2015. The drug is used for treatment of dementia of the Alzheimer's type. The NAMENDA (mamentine HCI) tablets brand had US sales of approximately $1.4 billion for twelve months upto May 2015, as per IMS Health data.

Dr Reddy's Laboratories' consolidated net profit rose 7.7% to Rs 518.84 crore on 10.8% growth in total income to Rs 3887.34 crore in Q4 March 2015 over Q4 March 2014.

Dr Reddy's Laboratories is an integrated global pharmaceutical company. Through its three businesses - Pharmaceutical Services & Active Ingredients, Global Generics and Proprietary Products - Dr. Reddy's offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars and differentiated formulations.

Powered by Capital Market - Live News