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Dr Reddys Labs spurts on launching OTC eye allergy drop in US

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Dr Reddys Laboratories jumped 3.24% to Rs 4,781.40 after the drug major announced the launch of over-the-counter Olopatadine Hydrochloride Ophthalmic Solution in the US market.

Dr. Reddy's Laboratories on Thursday announced the launch of over-the-counter (OTC) Olopatadine Hydrochloride Ophthalmic Solution USP, 0.2% and 0.1%, the store-brand equivalents of Pataday Once Daily Relief and Pataday Twice Daily Relief, in the US market.

The solution is indicated for the temporary relief of itchy eyes due to pollen, ragweed, grass, animal hair and dander. It is also indicated for the temporary relief of red eyes.

The Pataday brand had US sales of approximately $31 million since the launch in March 2020 according to IRi.

Shares of Dr Reddys Laboratories jumped 4.24% on Wednesday after the drug major said it will co-operate with Russia's sovereign wealth fund on clinical trials and distribution of the Sputnik V vaccine in India. Deliveries could potentially begin in late 2020 subject to completion of successful trials and registration of the vaccine by regulatory authorities in India.

The stock hit an all-time high of Rs 4,783.90 today. It has surged 91.43% from its 52-week low of Rs 2,497.60 hit on 19 March 2020.

The drug major's consolidated net profit skid 12.1% to Rs 594.60 crore on 14.9% jump in net sales to Rs 4,417.50 crore in Q1 June 2020 over Q1 June 2019.

Dr Reddy's Laboratories is a pharmaceutical company. 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.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, September 17 2020. 11:41 IST