[May 12, 2017] |
|
Dr. Reddy's Q4 and FY17 Financial Results
Dr. Reddy's Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY)
today announced its consolidated financial results for the fourth
quarter and full year ended March 31, 2017 under International Financial
Reporting Standards (IFRS).
FY17: Key Highlights
-
Revenues at Rs. 140.8 billion: YoY decline: 9%
-
Gross Profit Margin at 55.6%
-
Research & Development (R&D) spend at Rs. 19.6 billion [13.9% of
Revenues]
-
Selling, general & administrative (SG&A) expenses at Rs. 46.4 billion
[YoY increase: 1%]
-
EBITDA at Rs. 25.5 billion [18.1% of Revenues]
-
Profit after tax at Rs. 12.0 billion [8.5% of Revenues]
Q4 FY17: Key Highlights
-
Revenues at Rs. 35.5 billion: QoQ decline: 4%; YoY decline: 5%
-
Gross Profit Margin at 51.2%
-
R&D spend at Rs. 4.6 billion [12.9% of Revenues]
-
SG&A expenses at Rs. 11.0 billion [YoY decline: 6%]
-
EBITDA at Rs. 6.3 billion [17.7% of Revenues]
-
Profit after tax at Rs. 3.1 billion [8.8% of Revenues]
Commenting on the results, Co-chairman and CEO, G V Prasad said, "FY17
has been a challenging year due to lack of new product approvals for the
US market. However, our other geographies delivered good
performances, with several new product launches. We are also
seeing expanded global access to our Biosimilars, as a result of
successful registrations in Emerging Markets. We will continue our focus
on rationalisation of cost structures and building a sustainable quality
culture across the organisation."
All amounts in millions, except EPS All US dollar amounts
based on convenience translation rate of I USD = Rs. 64.85
|
Dr. Reddy's Laboratories Limited and Subsidiaries
|
Consolidated Income Statement for Q4 FY 17
|
|
|
|
|
|
Q4 FY17
|
|
Q4 FY16
|
|
|
Particulars
|
|
|
|
($)
|
|
(Rs.)
|
|
%
|
|
($)
|
|
(Rs.)
|
|
%
|
|
Growth %
|
Revenues
|
|
|
|
548
|
|
|
35,542
|
|
|
100.0
|
|
|
579
|
|
|
37,562
|
|
|
100.0
|
|
|
(5
|
)
|
Cost of revenues
|
|
|
|
268
|
|
|
17,360
|
|
|
48.8
|
|
|
251
|
|
|
16,286
|
|
|
43.4
|
|
|
7
|
|
Gross profit
|
|
|
|
280
|
|
|
18,182
|
|
|
51.2
|
|
|
328
|
|
|
21,276
|
|
|
56.6
|
|
|
(15
|
)
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general & administrative expenses
|
|
|
|
169
|
|
|
10,973
|
|
|
30.9
|
|
|
179
|
|
|
11,632
|
|
|
31.0
|
|
|
(6
|
)
|
Research and development expenses
|
|
|
|
71
|
|
|
4,579
|
|
|
12.9
|
|
|
75
|
|
|
4,879
|
|
|
13.0
|
|
|
(6
|
)
|
Other operating (income) / expense
|
|
|
|
(8
|
)
|
|
(505
|
)
|
|
(1.4
|
)
|
|
(5
|
)
|
|
(307
|
)
|
|
(0.8
|
)
|
|
64
|
|
Results from operating activities
|
|
|
|
48
|
|
|
3,135
|
|
|
8.8
|
|
|
78
|
|
|
5,072
|
|
|
13.5
|
|
|
(38
|
)
|
Net finance expense
|
|
|
|
1
|
|
|
48
|
|
|
0.1
|
|
|
41
|
|
|
2,646
|
|
|
7.0
|
|
|
(98
|
)
|
Share of (profit) / loss of equity accounted investees
|
|
|
|
(2
|
)
|
|
(102
|
)
|
|
(0.3
|
)
|
|
(1
|
)
|
|
(59
|
)
|
|
(0.2
|
)
|
|
72
|
|
Profit before income tax
|
|
|
|
49
|
|
|
3,189
|
|
|
9.0
|
|
|
38
|
|
|
2,485
|
|
|
6.6
|
|
|
28
|
|
Income tax expense
|
|
|
|
1
|
|
|
64
|
|
|
0.2
|
|
|
27
|
|
|
1,739
|
|
|
4.6
|
|
|
(96
|
)
|
Profit for the period
|
|
|
|
48
|
|
|
3,125
|
|
|
8.8
|
|
|
11
|
|
|
746
|
|
|
2.0
|
|
|
319
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
|
Diluted EPS
|
|
|
|
0.29
|
|
|
18.83
|
|
|
|
|
0.07
|
|
|
4.36
|
|
|
|
|
332
|
|
|
EBITDA Computation
|
|
Particulars
|
|
|
|
Q4 FY 17
|
|
Q4 FY 16
|
|
|
|
$
|
|
Rs.
|
|
$
|
|
Rs.
|
Profit before income tax
|
|
|
|
49
|
|
|
3,189
|
|
|
38
|
|
|
2,485
|
|
Interest income, net*
|
|
|
|
(1
|
)
|
|
(90
|
)
|
|
(11
|
)
|
|
(713
|
)
|
Depreciation#
|
|
|
|
36
|
|
|
2,338
|
|
|
32
|
|
|
2,062
|
|
Amortization
|
|
|
|
13
|
|
|
866
|
|
|
15
|
|
|
970
|
|
EBITDA
|
|
|
|
97
|
|
|
6,303
|
|
|
74
|
|
|
4,804
|
|
EBITDA% to Revenues
|
|
|
|
|
|
17.7
|
%
|
|
|
|
12.8
|
%
|
* Includes income from Investments; # Includes
Impairment charge
|
|
Key Balance Sheet Items
|
|
Particulars
|
|
|
|
As on 31st Mar 17
|
|
|
|
As on 31st Dec 16
|
|
|
|
($)
|
|
(Rs.)
|
|
|
|
($)
|
|
(Rs.)
|
Cash and cash equivalents and Other current Investments
|
|
|
|
280
|
|
|
18,136
|
|
|
|
311
|
|
|
20,145
|
Trade Receivables
|
|
|
|
587
|
|
|
38,065
|
|
|
|
634
|
|
|
41,119
|
Inventories
|
|
|
|
440
|
|
|
28,529
|
|
|
|
463
|
|
|
30,052
|
Property, plant and equipment
|
|
|
|
881
|
|
|
57,160
|
|
|
|
882
|
|
|
57,209
|
Goodwill and Other Intangible assets
|
|
|
|
751
|
|
|
48,677
|
|
|
|
771
|
|
|
49,977
|
Loans and borrowings (current & non-current)
|
|
|
|
758
|
|
|
49,185
|
|
|
|
894
|
|
|
57,999
|
Trade & other payables
|
|
|
|
207
|
|
|
13,417
|
|
|
|
205
|
|
|
13,308
|
Equity
|
|
|
|
1,913
|
|
|
1,24,044
|
|
|
|
1,866
|
|
|
121,040
|
|
Dr. Reddy's Laboratories Limited and Subsidiaries
|
Consolidated Income Statement for FY 17
|
|
|
|
|
|
FY17
|
|
FY16
|
|
|
Particulars
|
|
|
|
($)
|
|
(Rs.)
|
|
%
|
|
|
($)
|
|
(Rs.)
|
|
%
|
|
|
Growth %
|
Revenues
|
|
|
|
2,171
|
|
|
1,40,809
|
|
|
100.0
|
|
|
2,386
|
|
|
1,54,708
|
|
|
100.0
|
|
|
(9
|
)
|
Cost of revenues
|
|
|
|
963
|
|
|
62,453
|
|
|
44.4
|
|
|
963
|
|
|
62,427
|
|
|
40.4
|
|
|
0
|
|
Gross profit
|
|
|
|
1,208
|
|
|
78,356
|
|
|
55.6
|
|
|
1,423
|
|
|
92,281
|
|
|
59.6
|
|
|
(15
|
)
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general & administrative expenses
|
|
|
|
715
|
|
|
46,372
|
|
|
32.9
|
|
|
705
|
|
|
45,702
|
|
|
29.5
|
|
|
1
|
|
Research and development expenses
|
|
|
|
301
|
|
|
19,551
|
|
|
13.9
|
|
|
275
|
|
|
17,834
|
|
|
11.5
|
|
|
10
|
|
Other operating (income) / expense
|
|
|
|
(16
|
)
|
|
(1,065
|
)
|
|
(0.8
|
)
|
|
(13
|
)
|
|
(874
|
)
|
|
(0.6
|
)
|
|
22
|
|
Results from operating activities
|
|
|
|
208
|
|
|
13,498
|
|
|
9.6
|
|
|
457
|
|
|
29,619
|
|
|
19.1
|
|
|
(54
|
)
|
Net finance (income) / expense
|
|
|
|
(12
|
)
|
|
(806
|
)
|
|
(0.6
|
)
|
|
42
|
|
|
2,708
|
|
|
1.8
|
|
|
(130
|
)
|
Share of (profit) / loss of equity accounted investees
|
|
|
|
(5
|
)
|
|
(349
|
)
|
|
(0.2
|
)
|
|
(4
|
)
|
|
(229
|
)
|
|
(0.1
|
)
|
|
52
|
|
Profit / (loss) before income tax
|
|
|
|
226
|
|
|
14,653
|
|
|
10.4
|
|
|
418
|
|
|
27,140
|
|
|
17.5
|
|
|
(46
|
)
|
Income tax (benefit) / expense
|
|
|
|
40
|
|
|
2,614
|
|
|
1.9
|
|
|
110
|
|
|
7,127
|
|
|
4.6
|
|
|
(63
|
)
|
Profit / (loss) for the period
|
|
|
|
186
|
|
|
12,039
|
|
|
8.5
|
|
|
309
|
|
|
20,013
|
|
|
12.9
|
|
|
(40
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
Diluted EPS
|
|
|
|
1.11
|
|
|
72.09
|
|
|
|
|
1.80
|
|
|
116.98
|
|
|
|
|
(38
|
)
|
|
EBITDA Computation
|
|
Particulars
|
|
|
|
FY 17
|
|
FY 16
|
|
|
|
$
|
|
Rs.
|
|
$
|
|
Rs.
|
Profit before income tax
|
|
|
|
226
|
|
|
14,653
|
|
|
418
|
|
|
27,140
|
|
Interest income, net*
|
|
|
|
(14
|
)
|
|
(880
|
)
|
|
(22
|
)
|
|
(1,425
|
)
|
Depreciation#
|
|
|
|
122
|
|
|
7,931
|
|
|
106
|
|
|
6,874
|
|
Amortization#
|
|
|
|
59
|
|
|
3,791
|
|
|
56
|
|
|
3,663
|
|
EBITDA
|
|
|
|
393
|
|
|
25,495
|
|
|
559
|
|
|
36,252
|
|
EBITDA% to Revenues
|
|
|
|
|
|
18.1
|
%
|
|
|
|
23.4
|
%
|
* Includes income from Investments; # Includes
Impairment charge
|
|
Key Balance Sheet Items
|
|
Particulars
|
|
|
|
As on 31st Mar 17
|
|
|
|
As on 31st Mar 16
|
|
|
|
($)
|
|
(Rs.)
|
|
|
|
($)
|
|
(Rs.)
|
Cash and cash equivalents and Other current Investments
|
|
|
|
280
|
|
|
18,136
|
|
|
|
616
|
|
|
39,955
|
Trade Receivables
|
|
|
|
587
|
|
|
38,065
|
|
|
|
637
|
|
|
41,306
|
Inventories
|
|
|
|
440
|
|
|
28,529
|
|
|
|
394
|
|
|
25,578
|
Property, plant and equipment
|
|
|
|
881
|
|
|
57,160
|
|
|
|
832
|
|
|
53,961
|
Goodwill and Other Intangible assets
|
|
|
|
751
|
|
|
48,677
|
|
|
|
380
|
|
|
24,644
|
Loans and borrowings (current & non-current)
|
|
|
|
758
|
|
|
49,185
|
|
|
|
517
|
|
|
33,513
|
Trade & other payables
|
|
|
|
207
|
|
|
13,417
|
|
|
|
190
|
|
|
12,300
|
Equity
|
|
|
|
1,913
|
|
|
1,24,044
|
|
|
|
1,979
|
|
|
1,28,336
|
|
Revenue Mix by Segment [FY 17 vs FY 16]
|
|
Particulars
|
|
|
|
FY 17
|
|
FY 16
|
|
Growth %
|
|
|
|
($)
|
|
(Rs.)
|
|
%
|
|
($)
|
|
(Rs.)
|
|
%
|
|
Global Generics
|
|
|
|
1,780
|
|
|
1,15,409
|
|
82
|
|
1,975
|
|
|
1,28,062
|
|
83
|
|
(10
|
)
|
North America
|
|
|
|
|
|
63,601
|
|
|
|
|
|
75,445
|
|
|
|
(16
|
)
|
Europe*
|
|
|
|
|
|
7,606
|
|
|
|
|
|
7,732
|
|
|
|
(2
|
)
|
India
|
|
|
|
|
|
23,131
|
|
|
|
|
|
21,293
|
|
|
|
9
|
|
Emerging Markets#
|
|
|
|
|
|
21,071
|
|
|
|
|
|
23,592
|
|
|
|
(11
|
)
|
PSAI
|
|
|
|
328
|
|
|
21,277
|
|
15
|
|
345
|
|
|
22,379
|
|
14
|
|
(5
|
)
|
North America
|
|
|
|
|
|
3,569
|
|
|
|
|
|
3,052
|
|
|
|
17
|
|
Europe
|
|
|
|
|
|
8,410
|
|
|
|
|
|
9,313
|
|
|
|
(10
|
)
|
India
|
|
|
|
|
|
1,750
|
|
|
|
|
|
2,618
|
|
|
|
(33
|
)
|
Rest of World
|
|
|
|
|
|
7,548
|
|
|
|
|
|
7,396
|
|
|
|
2
|
|
Proprietary Products & Others
|
|
|
|
64
|
|
|
4,123
|
|
3
|
|
66
|
|
|
4,267
|
|
3
|
|
(3
|
)
|
Total
|
|
|
|
2,171
|
|
|
1,40,809
|
|
100
|
|
2,386
|
|
|
1,54,708
|
|
100
|
|
(9
|
)
|
|
Revenue Mix by Segment [Q4 FY 17 vs Q3 FY 17]
|
|
Particulars
|
|
|
|
Q4 FY 17
|
|
Q3 FY 17
|
|
Growth %
|
|
|
|
($)
|
|
(Rs.)
|
|
%
|
|
($)
|
|
(Rs.)
|
|
%
|
|
Global Generics
|
|
|
|
449
|
|
|
29,138
|
|
82
|
|
472
|
|
|
30,638
|
|
83
|
|
(5
|
)
|
North America
|
|
|
|
|
|
15,349
|
|
|
|
|
|
16,595
|
|
|
|
(8
|
)
|
Europe*
|
|
|
|
|
|
2,066
|
|
|
|
|
|
2,148
|
|
|
|
(4
|
)
|
India
|
|
|
|
|
|
5,711
|
|
|
|
|
|
5,947
|
|
|
|
(4
|
)
|
Emerging Markets#
|
|
|
|
|
|
6,012
|
|
|
|
|
|
5,948
|
|
|
|
1
|
|
PSAI
|
|
|
|
83
|
|
|
5,401
|
|
15
|
|
83
|
|
|
5,400
|
|
14
|
|
-
|
|
North America
|
|
|
|
|
|
532
|
|
|
|
|
|
1,259
|
|
|
|
(58
|
)
|
Europe
|
|
|
|
|
|
2,539
|
|
|
|
|
|
1,828
|
|
|
|
39
|
|
India
|
|
|
|
|
|
395
|
|
|
|
|
|
409
|
|
|
|
(3
|
)
|
Rest of World
|
|
|
|
|
|
1,935
|
|
|
|
|
|
1,904
|
|
|
|
2
|
|
Proprietary Products & Others
|
|
|
|
15
|
|
|
1,003
|
|
3
|
|
16
|
|
|
1,027
|
|
3
|
|
(2
|
)
|
Total
|
|
|
|
548
|
|
|
35,542
|
|
100
|
|
572
|
|
|
37,065
|
|
100
|
|
(4
|
)
|
|
Revenue Mix by Segment [Q4 FY 17 vs Q4 FY 16]
|
|
Particulars
|
|
|
|
Q4 FY17
|
|
Q4 FY16
|
|
Growth %
|
|
|
|
($)
|
|
(Rs.)
|
|
%
|
|
($)
|
|
(Rs.)
|
|
%
|
|
Global Generics
|
|
|
|
449
|
|
|
29,138
|
|
82
|
|
475
|
|
|
30,774
|
|
82
|
|
(5
|
)
|
North America
|
|
|
|
|
|
15,349
|
|
|
|
|
|
18,950
|
|
|
|
(19
|
)
|
Europe*
|
|
|
|
|
|
2,066
|
|
|
|
|
|
1,759
|
|
|
|
17
|
|
India
|
|
|
|
|
|
5,711
|
|
|
|
|
|
5,267
|
|
|
|
8
|
|
Emerging Markets#
|
|
|
|
|
|
6,012
|
|
|
|
|
|
4,798
|
|
|
|
25
|
|
PSAI
|
|
|
|
83
|
|
|
5,401
|
|
15
|
|
89
|
|
|
5,766
|
|
15
|
|
(6
|
)
|
North America
|
|
|
|
|
|
532
|
|
|
|
|
|
742
|
|
|
|
(28
|
)
|
Europe
|
|
|
|
|
|
2,539
|
|
|
|
|
|
2,586
|
|
|
|
(2
|
)
|
India
|
|
|
|
|
|
395
|
|
|
|
|
|
603
|
|
|
|
(35
|
)
|
Rest of World
|
|
|
|
|
|
1,935
|
|
|
|
|
|
1,835
|
|
|
|
5
|
|
Proprietary Products & Others
|
|
|
|
15
|
|
|
1,003
|
|
3
|
|
16
|
|
|
1,022
|
|
3
|
|
(2
|
)
|
Total
|
|
|
|
548
|
|
|
35,542
|
|
100
|
|
579
|
|
|
37,562
|
|
100
|
|
(5
|
)
|
* Europe primarily includes Germany, UK and out licensing sales
business # Emerging Markets refers to Russia, other CIS countries,
Romania and Rest of the World markets including Venezuela
Segmental Analysis
Global Generics (GG)
Revenues from GG segment for FY 17 at Rs. 115.4 billion,
year-on-year decline of 10%; primarily on account of lower contribution
from North America and Emerging Markets. Revenues for fourth quarter
declined by 5% on a year-on-year basis.
-
Revenues from North America for FY 17 at Rs. 63.6 billion,
year-on-year decline of 16%. This is primarily on account of increased
competition in our key products namely valganciclovir, decitabine,
azacitidine etc. coupled with discontinuation of the McNeil business.
Revenues for fourth quarter at Rs. 15.3 billion.
During the
year, we filed 26 ANDAs with USFDA. Of these 13 ANDAs filed in the
fourth quarter.
As of 31st March, 2017,
cumulatively 101 generic filings are pending for approval with the
USFDA (99 ANDAs and 2 NDAs under 505(b)(2) route). Of these 99 ANDAs,
62 are Para IVs out of which we believe 21 have 'First to File' status.
-
Revenues from Emerging Markets for FY 17 at Rs. 21.1 billion,
year-on-year decline of 11%, primarily on account of constrained
operations in Venezuela. Revenues for fourth quarter at Rs. 6 billion.
Gradual sequential improvement through the year is backed by improving
macro economic environment across geographies coupled with focused
foray into the institutional business in some countries.
-
Revenues from Russia for FY 17 at Rs. 11.5 billion,
year-on-year growth of 9%. In constant currency it has grown by
8%. Revenues the fourth quarter at Rs. 3.4 billion and grew 26%
year-on-year in constant currency.
-
Revenues from other CIS countries and Romania for FY 17 at
Rs. 3.7 billion, year-on-year growth of 4%.
-
Revenues from Rest of World (RoW) territories for FY 17 at
Rs. 5.8 billion, year-on-year decline of 38%. This is primarily on
account of constrained operations in Venezuela.
-
Revenues from India at Rs. 23.1 billion, year-on-year
growth of 9%. Revenues for fourth quarter at Rs. 5.7 billion and grew
8% year-on-year.
-
Revenues from Europe at Rs. 7.6 billion, year-on-year decline
of 2%, impacted due to weak GBP.
Pharmaceutical Services and Active Ingredients (PSAI)
-
Revenues from PSAI at Rs. 21.3 billion, year-on-year decline of
5%. Revenues for fourth quarter at Rs. 5.4 billion declined by 6%.
-
During the year, 82 DMFs were filed globally of which 9 were in the
US. Cumulative number of DMF filings as of 31st March, 2017
was 754.
Proprietary Products (PP)
Zembrace™Sym Touch ™(Suma 3 mg) injection and Sernivo™ (betamethasone
dipropionate) Spray, 0.05% are gradually gaining traction, with an
improvement in the sales volumes.
Income Statement Highlights:
-
Gross profit margin for FY 17 is at 55.6% and declined ~400 bps over
that of previous year. This decline is primarily on account of high
price erosion in our North America Generics Business, impairment
charge taken at our Bristol plant, provision towards new product
inventory and higher manufacturing overheads. Gross profit margin for
GG and PSAI business segments are at 61.6% and 21.0% respectively.
Gross profit margin for the fourth quarter at 51.2%.
-
SG&A expenses for FY 17 at Rs. 46.4 billion. Marginal increase of 1%.
SG&A expenses for fourth quarter at Rs. 11 billion.
-
R&D expenses for FY 17 at Rs. 19.6 billion, 13.9% of Revenues, against
11.5% in FY 16. R&D expense for the fourth quarter at Rs. 4.6 billion,
12.9% of Revenues. Focus continues to build a sustainable revenue
stream through a mix of simple and complex generics, biosimilars and
differentiated products pipeline.
-
Net finance income for FY 17 is Rs. 806 million compared to net
finance expense of Rs. 2,708 million in FY 16. This is on account of:
-
Net foreign exchange loss of Rs. 74 million in the current year vs
net foreign exchange loss of Rs. 4,133 million in the previous
year primarily related to the Venezuela adjustment.
-
Increase in profit on sales of investments by Rs. 105 million;
offset by
-
Net decrease in interest income of Rs. 650 million.
-
Profit after Tax for FY 17 at Rs. 12.0 billion. PAT for fourth quarter
at Rs. 3.1 billion.
-
Diluted earnings per share for FY 17 is at Rs. 72.1 and Rs. 18.8 for
fourth quarter.
-
Capital expenditure for FY 17 is at Rs. 11.7 billion and Rs. 2.4
billion for fourth quarter.
The Board has recommended payment of a dividend of Rs. 20 per equity
share of face value Rs 5/- each (400% of face value) for the year ended
March 31, 2017 subject to approval of members
Earnings Call Details (06:00 pm IST, 08:30 am EDT, May 12, 2017)
The Company will host an earnings call to discuss the performance and
answer any questions from participants. This call will be accessible
through an audio dial-in and a web-cast.
Audio conference Participants can dial-in on the numbers below
|
Primary number:
|
|
|
|
|
|
91 22 3960 0616
|
International Toll Free Number
|
|
USA
|
|
|
|
18667462133
|
|
|
|
|
|
|
UK
|
|
|
|
08081011573
|
|
|
|
|
|
|
Singapore
|
|
|
|
8001012045
|
|
|
|
|
|
|
Hong Kong
|
|
|
|
800964448
|
Playback of call:
|
|
|
|
91 22 3065 2322, 91 22 6181 3322
|
Conference ID:
|
|
|
|
375#
|
Web-cast
|
|
|
|
More details will be provided through our website, www.drreddys.com
|
|
Transcript of the event will be available at www.drreddys.com.
Playback will be available for a few days.
|
|
About Dr. Reddy's: Dr. Reddy's Laboratories Ltd. (BSE: 500124,
NSE: DRREDDY, NYSE: RDY) is an integrated pharmaceutical company,
committed to providing affordable and innovative medicines for healthier
lives. Through its three businesses - Pharmaceutical Services & Active
Ingredients, Global Generics and Proprietary Products - Dr. Reddy's
offers a portfolio of products and services including APIs, custom
pharmaceutical services, generics, biosimilars and differentiated
formulations. Our major therapeutic areas of focus are
gastro-intestinal, cardiovascular, diabetology, oncology, pain
management and dermatology. Dr. Reddy's operates in markets across the
globe. Our major markets include - USA, India, Russia and other CIS
countries. For more information, log on to: www.drreddys.com
Disclaimer: This press release may include statements of future
expectations and other forward-looking statements that are based on the
management's current views and assumptions and involve known or unknown
risks and uncertainties that could cause actual results, performance or
events to differ materially from those expressed or implied in such
statements. In addition to statements which are forward-looking by
reason of context, the words "may", "will", "should", "expects",
"plans", "intends", "anticipates", "believes", "estimates", "predicts",
"potential", or "continue" and similar expressions identify
forward-looking statements. Actual results, performance or events may
differ materially from those in such statements due to without
limitation, (i) general economic conditions such as performance of
financial markets, credit defaults , currency exchange rates , interest
rates , persistency levels and frequency / severity of insured loss
events (ii) mortality and morbidity levels and trends, (iii) changing
levels of competition and general competitive factors, (iv) changes in
laws and regulations and in the policies of central banks and/or
governments, (v) the impact of acquisitions or reorganisation ,
including related integration issues.
The company assumes no obligation to update any information contained
herein.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170512005358/en/
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