Dr. Reddy's Laboratories rose 2.37% to Rs 5143.45 after the drug major announced the launch of Dexmedetomidine Hydrochloride Sodium Chloride Injection on US markets.
The injection is a therapeutic equivalent generic version of Precedex approved by the U.S. Food and Drug Administration (USFDA). It is an anxiety reducing, sedative, and pain medication.According to IQVIA Health, the Precedex in 0.9% Sodium Chloride Injection brand and generic market had US sales of approximately $210 million for the most recent twelve months ending in June 2020.
Commenting on the launch, Marc Kikuchi, CEO North America Generics of Dr. Reddy's Laboratories said, We are pleased to bring this important generic product to market, making it affordable and readily available for patients. Our ability to adequately supply Dexmedetomidine is important for patients as it is on the FDA's Drug Shortage list.
In last one month, Dr. Reddy's Laboratories has gained 16.23% as compared to a 1.19% rise in Nifty Pharma index.
Dr. Reddy's Laboratories is an integrated pharmaceutical company.
The drug major's consolidated net profit skid 12.11% to Rs 594.60 crore on 14.93% jump in revenue from operations to Rs 4,417.50 crore in Q1 June 2020 over Q1 June 2019.
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