Dr Reddy’s Pleased With Fiscal 2015 Performance

India-based generics producer Dr Reddy's Laboratories is pleased with its performance in fiscal 2015 (March 31) achieved despite currency volatility in some emerging market geographies.

Overall, said chief executive G. V. Prasad, the results '"demonstrate our commitment to execute on our strategy, across businesses, as we constantly strengthen our focus on patients and providing them access to affordable medicines.

"Our commitment to R&D continues to show results, with the filings of new drug applications," the CEO added.

Full-year figures show consolidated revenues up 12% to $2.4 billion, with global sales of generics ahead by 81% to $1.9 billion. Global sales of the Pharmaceutical Services and Active Ingredients (PSAI) business segment increased by 17% to $409 million. EBITDA improved by 9% to $580 million.

The Indian company has confirmed plans to enter the Japanese market through partnerships for specific products. Prasad said Dr Reddy's is developing products for Japan, but does not intend to have a direct presence in the country.

Some years ago the Indian drugmaker and Japan's Fujifilm Corporation of Japan signed a memorandum of understanding for an exclusive partnership in the Japanese generic drugs market, but the project never got off the ground.

Prasad revealed also at the 2015 results conference that the company may launch its first biosimilar drug in 2018.