Dr. Reddy's Labs gains after launching Geodon generic in US

Dr. Reddy's Laboratories rose 2.67% to Rs 2902 after the company on Tuesday (17 March 2020) announced the launch of Ziprasidone Mesylate for injection in the US market.

The drug major announced the launch of Ziprasidone Mesylate for injection, 20 mg (base)/ml single-dose vials, the therapeutic generic equivalent of Geodon (ziprasidone mesylate) injection, 20 mg/ml, approved by the US Food and Drug Administration (USFDA).

Ziprasidone injection is used to treat occurrences of severe agitation in patients with schizophrenia. It works by helping to restore the balance of certain natural substances (neurotransmitters) in the brain.

The Geodon brand had US sales of approximately $21.8 million MAT for the most recent twelve months ending in January 2020 according to IQVIA Health.

Dr. Reddy's Laboratories is an India-based pharmaceutical company with headquarters and registered office in Hyderabad, Telangana, India. Through its three businesses - pharmaceutical services and active ingredients, global generics and proprietary products - the company offers a portfolio of products and services, including active pharmaceutical ingredients (API), custom pharmaceutical services (CPI), generics, biosimilars, differentiated formulations and new chemical entities.

On a consolidated basis, the drug major recorded net loss of Rs 569.70 crore in Q3 December 2019 compared with net profit of Rs 485.20 crore in Q3 December 2018. Consolidated revenues rose 14% to 4383.80 crore in Q3 December 2019 over Q3 December 2018.

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