* Net profit 7.5 bln rupees vs estimate 2.92 bln rupees
* North America sales rise 60 pct, India up 13 pct
* Foreign exchange gains at 3.93 billion rupees
MUMBAI, Nov 8 Ranbaxy Laboratories Ltd
, India's top drugmaker by sales, beat estimates with a
7.5 billion rupee ($140 million) quarterly net profit on
stronger demand for its generic drugs in its key North American
market while foreign exchange gains ballooned.
Demand for cheaper generic medicines from Ranbaxy and its
local rivals such as Dr. Reddy's Laboratories Ltd,
Cipla Ltd and Sun Pharmaceutical Industries Ltd
is booming as developed nations battle rising
Indian drugmakers, which, on average, draw half of their
sales from the United States, account for about a third of
applications to sell generic drugs in that country.
They, however, face intense competition, as well as an
increase in lawsuits from rival drugmakers and a stricter U.S.
Ranbaxy, controlled by Japan's Daiichi Sankyo Co,
said on Thursday sales grew to 26.5 billion rupees in the fiscal
third quarter ended September from 20.2 billion rupees a year
earlier. The company gained 3.93 billion rupees in forex gains.
Analysts, on average, estimated the net profit at 2.92
billion rupees on net sales of 26.91 billion rupees, according
to Thomson Reuters I/B/E/S. Ranbaxy had posted a loss of 4.65
billion in the year-ago quarter.
Last year it launched the first copy-cat version of Lipitor,
the world's top-selling drug owned by Pfizer Inc, in the
United States and enjoyed exclusive marketing rights with Watson
Pharmaceuticals Inc for six months that ended in May
It also launched generic Actos, a diabetes drug by Takeda
Pharmaceutical Co, in August and shares marketing
exclusivity with Mylan Inc in the United States.
Sales in North America jumped 60 percent to 9.2 billion
rupees during July-September while formulations business in
India grew 13 percent to 5.83 billion rupees, it said.
Shares in Ranbaxy, valued about $4.2 billion, were up down
0.6 percent at 547.3 rupees by 0947 GMT. The stock is up nearly
35 percent this year compared with a near 20 percent rise in