So much for the Ranbaxy slump. Shares in the generic drug maker surged on Thursday, up over 30 per cent by mid-afternoon in Mumbai, after overnight results.
The company had been expected to post a decent set of figures. As it turned out, that wasn’t the case and Ranbaxy suffered hefty charges on the back of a weakening rupee. But investors still gave the stock a big jump. Why? Continue reading »
News about Ranbaxy this quarter has been generally iffy: guilty verdicts and drops in share price.
But poor figures for the quarter ended this June may come as a surprise for any investors who have assumed the Indian generics manufacturer, which exports much of its produce, would benefit from a depreciating rupee.
After markets closed on Wednesday, the Indian pharmaceutical company announced it made a net loss of Rs5.2bn ($85.8m) in the three months to June 30. Continue reading »
Last week Ranbaxy Laboratories, India’s biggest pharmaceuticals company, must have thought it had at last settled an eight-year dispute when it paid $500m in fines and compensation and pleaded guilty to felony charges related to production and distribution of adulterated drugs in the US.
But it isn’t over yet. Daiichi Sankyo – the Tokyo based drugmaker that paid quite a premium for a controlling stake in Ranbaxy back in 2008 – has taken the row to a new front. Continue reading »
The US subsidiary of Ranbaxy Laboratories, India’s biggest pharmaceuticals group, has pleaded guilty to felony charges related to drug safety and will pay $500m in what the US Department of Justice called the largest such settlement to date with a generic drug manufacturer.
It lifts a cloud hanging over Ranbaxy for the past eight years. But it is still not clear when the company will be able to resume exports to the US from its two factories at the centre of the scandal, which have been at a virtual standstill since 2008. Continue reading »
Shares in Indian generic drugs group Ranbaxy Laboratories dropped 4.2 per cent on Wednesday to Rs399.20, having lost 4 per cent in the previous session, after the company posted disappointing financial results.
The numbers caused analysts to question the company’s expenses and launch of new drugs, given the performance. Continue reading »
With the Wednesday launch of Synriam, an anti-malarial, Ranbaxy Laboratories became the first Indian pharmaceutical company to produce a fully-indigenously developed drug.
India’s largest pharma company hailed Synriam – developed in coordination with the Indian government and part of the company’s corporate social responsibility initiatives – as a milestone for the Indian pharmaceutical industry and a vital new therapy in the fight against malaria. Continue reading »
Shares of India’s biggest pharmaceutical company, Ranbaxy Laboratories, opened up 10.4 per cent on Thursday, following news that it had received FDA-approval to market its generic version of Pfizer’s anti-cholesterol drug, Lipitor.
The approvals on Wednesday came at the last moment, just one day before Ranbaxy would be legally allowed to sell the drug, which is expected to generate $500m-$600m in sales for the company in the next six months. Continue reading »
Wednesday should have been a great day for India’s largest pharmaceutical company, Ranbaxy Laboratories. After all, it is one of two companies that, come Thursday, will be allowed to sell a generic version of Lipitor, Pfizer’s blockbuster anti-cholesterol drug.
Instead, shares in Ranbaxy, which had global sales of nearly $1.9bn last year, fell 3.88 per cent on news that the FDA had yet to award the company approval to market Lipitor, the best-selling drug in the pharma industry’s history, in the US. Continue reading »
Some top executives enjoy enormous longevity at the helm of Indian companies. That can’t be said these days of those at Ranbaxy Laboratories, a once family-owned pharmaceutical company that was bought by Japan’s Daiichi Sankyo two years ago.
Since the Japanese took control of India’s largest generic drugs producer, the company will have had three chief executives in little more than two years. That’s not a good sign.
First, Malvinder Singh (pictured here), the former family owner, quit. Now his replacement, Atul Sobti, has done the same. Continue reading »
Atul Sobti, chief executive and managing director of India’s top drugmaker is to step down on August 18. Sobti has been in the job just over a year.
The company also released forecast-beating Q3 earnings today. Shares are down 0.5 per cent in late trading. More to follow.
Indian drugmaker Piramal appears to have hit a sweetspot with the sale of its generic drugs business to Abbott Laboratories of the US for $3.7bn last week. The deal gives Piramal the money to pursue its big ambition – to develop a drug of its own. Even for a company with this much cash in the bank that will be a tall order. Continue reading »