Ranbaxy announces financial results for third quarter

Ranbaxy has posted its third-quarter financial results for 2009, revealing consolidated net sales of $356 million (217 million pounds).

This represents a fall of 18 per cent compared to the third quarter of 2008.

Ranbaxy’s profit before tax for the period stood at $33 million (20.1 million pounds) and its consolidated net sales were $1.037 million.

Among its ventures during the quarter was an agreement with Validus Pharmaceuticals for the marketing and distribution of an authorised generic version of Rocaltrol.

Atul Sobti, chief executive officer and managing director of Ranbaxy, stated: “We are pleased with the consistent quarter-on-quarter improvement in financial performance this year, in spite of continuing challenges in some key markets.”

He added that a stronger future may be on the horizon for the firm, especially as it has formed a partnership with Daiichi Sankyo.

This joint agreement was announced earlier this month, as the two organisations aim to create a new subsidiary to operate in the generic drugs market.