Dr Reddy's Labs gets 1 observation from USFDA for formulation plant

Dr Reddy's Laboratories fell 0.68% to Rs 2893.50 after the US health regulator issued a Form 483 with one observation after inspecting one of its formulation plants in Hyderabad.

The drug major during market hours on Friday (28 February) said the US health regulator issued a Form 483 with two observations after inspecting one of its formulations manufacturing plant - 3 at Bachupally, Hyderabad.

The company later clarified post market hours on Friday (28 February) that the USFDA issued a revised Form 483 with 1 (one) observation only, in place of 2 (two) observations intimated earlier. The company said it will address the said observation comprehensively within the stipulated timeline.

On a consolidated basis, Dr Reddy's Laboratories reported net loss of Rs 538.40 crore in Q3 December 2019 compared with net profit of Rs 500.30 crore in Q3 December 2018. Net sales rose 13.9% to Rs 4,383.80 crore in Q3 December 2019 over Q3 December 2018.

Dr Reddy's Laboratories is engaged in providing medicines. The firm operates in three segments: global generics, pharmaceutical services and active ingredients (PSAI) and proprietary products.

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