Dr. Reddy's open to manufacturing in the U.S. to sidestep tariff
Generic drugmaker Dr. Reddy's Laboratories is open to manufacturing in the U.S., including through acquisitions, if such a need remains, CEO Erez Israeli said on Friday.
'It is a very important market for us... we are ready for any option,' he said to media queries on whether local manufacturing will be evaluated as a measure to avoid the reciprocal tariff on pharma the U.S. is considering.
Underscoring the need for clarity, with India and the U.S. discussing the tariffs, Mr.Israeli said Dr. Reddy's on the back of its strong balance sheet is always looking for opportunity to grow inorganically. 'But at this stage we do not see a viable opportunity,' he said, adding the company decided to shut down its Shreveport manufacturing unit in Louisiana as the facility did not serve the needs in terms of products and activities.
'We will love to make products in United States but not in that specific site,' he said. Dr. Reddy's has one more facility in the New York area, which is a niche plant for hormones. Future investment will depend on how the tariffs issue evolve. For now the priority of the company is to work closely with the customers and create relevant inventory, service orders and everything required to give a good service.
Q4 net up 22%
The Hyderabad-headquartered pharma major reported March quarter net profit rose 22% to ₹1,593.3 crore (₹1,309.8 crore). Revenue from operations increased 19.88% to ₹8,528.4 crore (₹7,113.8 crore) on all round performance.
For 2024-25, net profit increased 1.38% to ₹5,655.1 crore (₹5,577.9 crore). Revenue from Operations increased to ₹32,643.9 crore (₹28,011.1 crore).
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