Dr. Reddy’s Laboratories, which counts Russia and the CIS region among its key growth markets, is keeping a careful eye on developments as tensions between Ukraine and Russia escalate. “We have been closely monitoring developments and preparing accordingly, and we continue to do so,” a business representative said in response to a question on Dr. Reddy’s anticipated impact in the wake of Russia’s military operations against Ukraine.
“Ensuring the well-being of our team is the first and foremost priority, along with satisfying patient needs and ensuring business continuity,” the spokesman added, noting that Dr. Reddy’s has had a strong presence in the region for over three decades.
Dr Reddy’s has strong presence in Russia and Ukraine
Dr. Reddy’s has had a strong presence in the region for over three decades. “We have production capacity in India,” Dr. Reddy added of Sputnik vaccination supply. There is no impact because the drug ingredient [of the vaccination] is not imported.” Sputnik, the third COVID-19 vaccine to be licenced by India, is now available thanks to a collaboration between Russia’s sovereign wealth fund RDIF and Dr. Reddy’s. While the two-dose vaccination was first imported, Sputnik is now manufactured in India in collaboration with a number of vaccine manufacturers. The single-dose Sputnik Light vaccine was also recently licenced in India.
Company reported a 5% year-over-year increase in revenues from Russia to 470 crores in the December quarter, owing to new product launches, a favourable foreign exchange rate, and price increases for some of its products, which it said was partially offset by lower sales volumes in its core business. For the quarter, the company’s total revenue was 5,320 crores. For the quarter, revenue from other CIS nations and the Romanian market totaled 240 crore, up 11% year on year due to the introduction of new items, somewhat offset by reduced volumes in the core business.