Ranbaxy has reported net income of 6.93 billion rupees, or $139 million, for the second quarter, up from 229 million rupees in the like, year-earlier period, helped by “close management of costs”.

However, sales declined 2% to 17.95 billion rupees, and turnover in the USA fell 41% to 3.03 billion rupees. The latter figures reflect the effects of a US import ban placed on 30 of Ranbaxy’s generics by the Food and Drug Administration over "ongoing procedural violations in manufacturing" at the Gurgaon-based firm’s Dewas and Paonta Sahib facilities.

Sales in Europe were down 12% to 3.14 billion rupees, while emerging markets, which accounted for 57% of global sales, came in at 10.17 billion rupees, up 4%. Growth was led by strong performances in India, where revenues were up 21% to 3.96 billion rupees, and the company maintained its number two ranking in the Indian pharmaceutical sector with a 4.9% market share.

Chief executive Atul Sobti said that “challenges have continued this quarter for the global economy and the pharmaceutical industry, affecting liquidity and demand across geographies”. As such, “our balanced market mix with a clear focus on emerging markets has helped us mitigate these pressures” and “we have improved operationally over the last quarter despite ongoing challenges”.

He added that we are now “focused on delivering synergies” through the relationship with Daiichi Sankyo, which recently acquired a 63.9% stake in the firm “to build lasting value”. Ranbaxy added that it has made 80 filings worldwide and received 55 green lights, bringing the total number of filings so far this year to 172, with 133 approvals.