GURGAON, India Ranbaxy Labs released its financial results for third quarter 2008 Friday, reporting growth in emerging and developing markets.
The Gurgaon, India-based generic drug maker reported consolidated net sales of $431 million for the quarter, with sales in developed countries growing by 9 percent over third quarter 2007, to $162 million, and accounting for 38 percent of total sales. Sales for North America grew by 9.2 percent, to $102.4 million.
Sales in emerging markets grew by 20 percent, accounting for 56 percent of total sales, at $243 million.
The report highlighted developments such as Daiichi SankyoIs purchase of a majority stake in the company and the Food and Drug AdministrationIs two warning letters and import alert concerning manufacturing problems at RanbaxyIs plants in Dewas and Poanta Sahib, India.
The company also said it had made ngood progressi in its research on development of branded drug compounds, including the Drug Controller General of IndiaIs approval of phase 3 clinical trials of arterolane maleate and piperaquine phosphate, a malaria treatment. Ranbaxy will conduct the trials in Africa and Asia, pending regulatory approval.