Ranbaxy Laboratories, India's top drug maker by sales, said its base business would grow a modest 10 per cent this year after reporting a surprise quarterly loss on product recall charges.
Controlled by Japan's Daiichi Sankyo, Ranbaxy reported a quarterly net loss of 4.92 billion rupees (Dh332.8 million) after setting aside 1.86bn rupees towards recall costs. Analysts on average had estimated consolidated net profit at 1.44bn rupees on net sales of 26.96bn rupees, according to Thomson Reuters estimates.
The drug maker in November voluntarily recalled its cholesterol-lowering generic of Lipitor from the US market after it discovered contamination with tiny glass particles in certain doses of the drug.
"This is really bad. This raises serious questions about transparency," said Daljeet Kohli, the head of research at brokerage IndiaNivesh.
"The company has been saying that this recall was voluntary and now it has made a huge provision for costs, which is not a good thing for any company to do."
After the product recall, Ranbaxy's market share of generic Lipitor fell to less than 3 per cent.
Ranbaxy launched the first generic version of Pfizer's Lipitor in 2011 and during its first six months on the market the company generated sales of nearly US$600 million (Dh220.4m), according to analysts estimates.
The company said it expects to achieve sales of more than 120bn rupees in the current fiscal year ending in December, compared with 124.6bn rupees reported last year.
Valued at $3.2bn, shares in Ranbaxy fell 3.95 per cent to close at 416.70 rupees yesterday. The shares have fallen 17.6 per cent this year compared to a 3.2 per cent drop in the BSE healthcare index.
* Reuters
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
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Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
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Essentials
The flights
Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours.
The package
Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.
If you go
The flights
Emirates flies from Dubai to Funchal via Lisbon, with a connecting flight with Air Portugal. Economy class returns cost from Dh3,845 return including taxes.
The trip
The WalkMe app can be downloaded from the usual sources. If you don’t fancy doing the trip yourself, then Explore offers an eight-day levada trails tour from Dh3,050, not including flights.
The hotel
There isn’t another hotel anywhere in Madeira that matches the history and luxury of the Belmond Reid's Palace in Funchal. Doubles from Dh1,400 per night including taxes.