India's largest pharmaceutical company Ranbaxy Laboratories has suffered a 25.3% plunge in net income for the second quarter, though the decline was not as much as analysts expected.
The company posted profits of 2.43 billion rupees ($54 million) for the period ended June 30, well above analyst estimates. Sales came in at 20.59 billion rupees, down 1.7% on the like, year-earlier period.
Emerging markets contributed $261 million, while turnover from Europe grew 15% to $79 million. The Asia Pacific region enjoyed growth of 24% to $23 million, while India revenues came in at $108 million, up 11%.
Arun Sawhney, Ranbaxy's managing director, said that "we have consciously worked towards strengthening our base business on the one hand and successfully delivering on multiple first to file opportunities on the other.”
The company said that it had continued to co-operate with the US Food and Drug Administration and the Department of Justice "for a comprehensive solution to its regulatory issues", which involves an import ban on many of the firm's generics over manufacturing violations.
Ranbaxy added that "negotiations with the regulators are progressing well", noting that ten regulatory agencies from across the globe inspected its facilities during the quarter.