Dr Reddy's Laboratories has posted net income of 1.92 billion rupees, about $39 million, for its fiscal third quarter, up from the like, year-earlier loss of 1.21 billion rupees, boosted by the launch of a generic version of GlaxoSmithKline’s migraine drug Imitrex.

Revenues shot up 49% to 18.40 billion rupees, driven by a 71% rise in its generics business to 13.7 billion rupees. That rise was boosted by the launch at the end of November of the Indian drugmaker’s copycat version of Imitrex (sumatriptan) and strong performances in the key markets of the USA and Russia.

Dr Reddy’s performed less well in Europe and revenues there were pretty much flat at 2.5 billion rupees. Sales at the firm’s German unit Betapharm were down 2% to 2.0 billion rupees on account of destocking due to the recent tender by the country’s largest health insurer Allgemeine Ortskrankenkasse (AOK) and the withdrawal of the antipsychotic olanzapine from the market.

Domestic sales were flat at 2.0 billion rupees, and Dr Reddy’s said that “the temporary slowdown” in India is due to delays in the launches of new products “and a change in our supply chain model to a replenishment-based model”.