Dr Reddy's Q3 profit tumbles 38% as sales decline on US pricing pressure

Net profit was Rs 3.03 billion in the third quarter ended December 31

Indian generic drugmaker Dr Reddy's Laboratories Ltd posted a 38.5 per cent slump in quarterly net profit as sales declined due to pricing pressure in the United States, its biggest market.

Net profit was Rs 3.03 billion ($47.7 million) in the third quarter ended December 31, compared with Rs 4.92 billion a year earlier, the company said. 

That compares with an average estimate of Rs 3.4 billion rupees from 13 analysts polled by Thomson Reuters.