Declaring the second quarter results for the period of April-June 2008, Ranbaxy Laboratories Ltd (RLL) MD and CEO, Malvinder Mohan Singh today said that the motion filed by the US Food and Drug Association (FDA) will be withdrawn following the submission of certain documents to the US regulators. The Gurgaon based pharmaceutical company says it has received a communication to this effect from the US authorities. Ranbaxy will be filing the documents on August 3. Ranbaxy has been under the purview of the US FDA and the Department of Justice (DoJ) for alleged filing of false papers and on fraudulent manufacturing practices. The US FDA had filed a motion against the Indian pharmaceutical company in the court of Maryland, US.Meanwhile, results for the Rs 7,426 crore RLL has shown an 11 per cent growth in sales. The pharmaceutical company has declared operating profits at Rs 161 crore for Q2, a flat growth as compared to the same period last year. The consolidated sales for the quarter ending June 2008 was shown at Rs 1,829 crore as compared to Rs 1,642 crore for the same period last year. The company has excluded the losses it has incurred from foreign exchange (Forex) translations that amounts to Rs 193 crore. Commenting on the consistent performance of Ranbaxy, Singh said, "The balance maintained by the company in its approach for the developed and emerging markets coupled with the robust flow of products in the North American market has been the driving force for the good show this quarter."The release of new products and settlement of its 5th litigation seems to have provided Ranbaxy a certain amount of visibility for its growth till 2014. Singh expects the new products revenue to start kicking in from now and will result in an even better performance of the company in quarter three. The litigation settlements market value adds up to $16 billion of the pharmaceutical market he said. Speaking to reporters on the controversy that has shrouded Ranbaxy, as the US FDA faces a congressional investigation in America for handling of allegations against the company for selling potentially adulterated drugs, Singh said that he did not wish to speculate on the topic. “If and when they require any information about the company they will let us know,” he said.Lipitor generic set for US launchRanbaxy on Tuesday has decided to launch the generic for Lipitor, the drug that was the reason for a legal feud between Pfizer and Ranbaxy for a long time, on November 30 this year in the US market. “It is a win-win situation for Pfizer, Ranbaxy and for the people of the US,” Singh said.
