Ranbaxy announces rise in Q3 sales

Ranbaxy Laboratories has announced a rise in sales over the course of the third quarter (Q3), ending September 30th 2008.

The company reports that consolidated net sales were 18,884 million rupees (249.37 million pounds), accounting for a growth of 14 per cent.

Ranbaxy’s developed markets sales also grew by nine per cent to 7,089 million rupees, with earnings before interest, tax, depreciation and amortisation totalling 1,440 million rupees.

Chief executive officer and managing director of Ranbaxy, Mr Malvinder Mohan Singh, said: “We have been focusing on strengthening our emerging markets business which continued to deliver strong growth in Q3 2008. We have also achieved a significant milestone with Daiichi Sankyo acquiring a majority stake in Ranbaxy.”

The company also registered sales of 3,653 million rupees in Europe, a growth of 15 per cent, though revenues saw a downward trend in the UK, France and Germany, due to continuing competitive and pricing pressures.

Ranbaxy’s results follow a quashed Serious Fraud Office (SFO) prosecution of the company’s UK subsidiary by the English crown court.

The court also declined an application by the SFO for permission to appeal the decision.

Incorporated in 1961, before going public in 1973, the company employs over 1,200 scientists in its research and development.