Dr Reddy's climbs 3% as API plant receives no USFDA observation

NEW DELHI: Shares of Dr Reddy's Laboratories climbed over 3 per cent in Monday's trade after the drug maker said that the USFDA audit of the company's API Srikakulam plant in Andhra Pradesh has been completed with no observations.

The stock rose 3.48 per cent to hit a high of Rs 2,009.05 on BSE. The company made the announcement on Saturday.

The company, which launched three products in the US during March quarter of 2017-18, has over 100 abbreviated new drug applications (ANDAs) lined up for approval with the US Food and Drug Administration (USFDA).


The company is expecting to launch over 15 products in the US market in 2018-19, a top company official told PTI. The Hyderabad-based drug major also remains optimistic for a double digit growth in the domestic market in the ongoing financial year, PTI reported.

"Normally every year, based on our portfolio and R&D investments, we prepare for 10 to 15 launches. But this year (2018-19), it could be 15 plus," the company's CFO Saumen Chakraborty told analysts in a call.