Indian drugmaker Dr. Reddy's Laboratories Ltd. said Friday that its fiscal third-quarter earnings soared 87 percent, as its generic version of Eli Lilly and Co.'s Zyprexa boosted sales in North America.
The company said Friday it earned $97 million, or 60 cents per share, in the three months that ended Dec. 31. That compares to earnings of $52 million, or 30 cents per share, a year earlier.
Revenue rose 46 percent to $522 million.
The company said North American sales more than doubled to $242 million in the quarter due to the "high value" launch of Zyprexa's generic equivalent, olanzapine.
Lilly lost patent protection for the anti-psychotic, its top-selling drug of all-time, in October. Zyprexa generated $4.62 billion in revenue last year.
Dr. Reddy's and Israeli-based Teva Pharmaceutical Industries announced shortly after the U.S. patent expired that they had launched generic versions. The companies have six months of marketing exclusivity.
Dr. Reddy's also said Friday its fiscal third-quarter selling, general and administrative expenses climbed 21 percent in the quarter to $145 million due to higher manpower and freight costs and the effect of rupee depreciation against several currencies.
The company's results were reported under International Financial Reporting Standards.
