Ranbaxy Laboratories, a second largest pharmaceutical company in India after Sun Pharmaceutical, has reduced its consolidated net loss during the first quarter ended June 2014 to Rs.186 crore from Rs.524 crore in the corresponding period of last year. The company has provided Rs.238 crore for on-going settlement discussions with certain Government authorities in USA. Its consolidated net sales declined by 8.2 per cent to Rs.2,372 crore from Rs.2,584 crore. Its EPS worked out to negative Rs.4.39 as compared to negative Rs 12.40 in the last period.

The branded and OTC category contributed Rs.1370 crore to total sales, contributing 58 per cent to aggregate net sales. Generics and others category recorded sales of Rs.1,000 crore. Its sales in US sales touched to Rs.760 crore and its domestic sales amounted to Rs.610 crore. East Europe & CIS registered sales of Rs.340 crore. Its West Europe sales improved by 10 per cent to Rs.240 crore.

Arun Sawhney, chief executive officer, and managing director, said, “We continue to work towards growing our base business with focus on emerging markets, while at the same time, restoring the business on growth trajectory in our traditional markets such s USA and Europe.”

The company maintained its strong market share in Absorica, isotretenoin NDA. And its market share was over 20 per cent. It received US FDA approval to manufacture and market Valsartan tablets on an exclusive basis. Valsartan is indicated for the treatment of high blood pressure and heart failure. Its domestic business improved by 12 per cent and it expects to continue the momentum in the months ahead.

A joint inspection by multiple European Agencies including UK, Ireland, Germany, Switzerland and TGA Australia was successfully completed at the Toansa API facility during March 2014 with no critical observations. As a consequence on June 5, 2014, the EU authorities reinstated the EU GMP certificate for the Toansa facility.

The company has received No Objection based on observations of the SEBI from the NSE and BSE regarding merger with Sun Pharmaceuticals and the company has now filed petition with High Court of Punjab & Haryana to convene meetings of shareholders.