Ranbaxy losses widen; but sales on rise

Ranbaxy Laboratories today said its consolidated net loss widened to Rs 2,982.7 crore in the fourth quarter ended 31 December 2011, over the same period previous year.

The company had posted a net loss (after tax and minority interest) of Rs 97.4 crore in the same period of previous year while its losses in the previous quarter were to the tune of Rs 464.6 crore.

Net sales of the company, however, rose to Rs 3,792.3 crore for the fourth quarter ended 31 December 2011, against Rs 2,128.51 crore in the same period previous year.

 Ranbaxy losses widen; but sales on rise

ales in North America grew by 230 percent. Reuters

For the year ended 31 December 2011, the company posted a net loss of Rs 2,899.7 crore against a net profit of Rs 1,496.7 crore in 2010.

The company in its press release has said that it is negotiating a settlement with Department of Justice (DoJ) of the USA for which it has provided for Rs 2,648 crore, thus leading to higher loss during the quarter.

Sales in North America grew by 230 percent, thanks to the launch of generic version of Lipitor to Rs 1,966.6 crore, however sales from Europe were flat at Rs 380.7 crore.

The company has redeemed it $440 million FCCB (Foreign Currency Convertible Bonds) during the year.

The company has given a guidance of $2.2 billion for 2012 without taking into account any benefits resulting from an upside from any first to file molecules.

The stock closed the day at Rs 439.30 a gain of 0.4 percent.

Updated Date: Dec 20, 2014 06:39:15 IST