Ranbaxy has reported net income of 1.17 billion rupees, or around $24 million, for the third quarter, up from a 3.90 billion rupee loss in the like, year-earlier period, helped by cost-cutting.

However, sales declined 18% to 17.21 billion rupees, and turnover in the USA fell 53% to 2.14 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. The decline was also due to the discontinuation of an authorised generic version of AstraZeneca's Prilosec (omeprazole),

Sales in Europe were down 10% to 3.27 billion rupees, while emerging markets, which accounted for 62% of global sales, were flat at 10.68 billion rupees. In India, revenues were up 2% to 3.62 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 the firm is pleased with “the consistent quarter-on-quarter improvement in financial performance this year, in spite of continuing challenges in some key markets”. He added that revenue growth “in some strategic geographical markets, and a sharp focus on cost efficiency have been the underlying themes this quarter” and with “good achievements on these fronts, we are confident that we are on the path to recovery”.

Ranbaxy, which is majority-owned by Daiichi Sankyo, added that it has made 72 filings worldwide in the quarter and received 117 green lights, bringing the total number of filings so far this year to 244, with 310 approvals.