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Dr Reddy's Q4 profit misses estimates, stumbles on U.S. regulatory hurdles
May 12, 2017 / 8:03 AM / 7 months ago

Dr Reddy's Q4 profit misses estimates, stumbles on U.S. regulatory hurdles

MUMBAI, May 12 (Reuters) - India’s Dr Reddy’s Laboratories Ltd reported a quarterly profit below analysts’ estimates, hurt by increasing regulatory hurdles in its largest market, the United States.

India’s second-largest drugmaker by sales posted a net income of 3.38 billion rupees ($52.56 million), missing forecasts of 4.27 billion rupees, according to Thomson Reuters I/B/E/S.

The quarterly profit was significantly higher than the 1.23 billion rupee net profit of the same year ago period, which was hit by a one-off payments problem in Venezuela.

“FY17 has been a challenging year due to lack of new product approvals for the U.S. market,” Chief Executive G.V. Prasad said in a statement to exchanges. ($1 = 64.3050 Indian rupees) (Reporting by Zeba Siddiqui; Editing by Miral Fahmy)

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