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Pharma major Dr Reddy’s Laboratories Ltd, the brand custodian of Russian Covid vaccine Sputnik V in India, will commence clinical trial of paediatric Sputnik V as well as booster dose in November.
“We will also submit the trials data of a single dose SputnikLight to the Drug Controller General of India (DCGI) next month,” Deepak Sapra, CEO, API & Services, Dr Reddy’s Laboratories, told newspersons at a press conference to announce the second quarter numbers on Friday.
The trials of SputnikLight vaccine, which the first component of the two-dose Sputnik V, have been completed. The company will also commence trials for a booster dose of Sputnik V, which is intended to be offered to all those who have taken two doses of any vaccine six months after the second dose.
For the paediatric vaccine, it is finalising the protocols to begin trials on two age groups – 2 to 12 and 12 to 18.
“The future lifecyle of Sputnik V in India will be a combination of Sputnik Light, booster and paediatric version,” said Sapra.
When asked about the shortage of Sputnik doses in the country, he said there was no mismatch between the supply of first dose and second dose, though there were challenges in July and August. The local production of the vaccine has begun, with a couple of manufacturers successfully completing technology induction of the second component of Sputnik V, he said, adding that Sputnik V has almost become a ‘Made in India’ vaccine. The company is also in talks with the government on supply-related issues and will also take a call on the pricing.
Apart from Sputnik, Dr Reddy’s is also conducting trials of 2DG (which it developed in collaboration with DRDO for patients with mild-to-moderate Covid) and also on Molnupiravir.
Net profit
Dr Reddy’s net profit increased 30 per cent at ₹992 crore in the second quarter ended September 30, 2021, against ₹763 crore in the corresponding quarter of the previous financial year.
The total revenue of the Hyderabad-based company increased 18 per cent at ₹5,763 crore compared to ₹4,897 crore in the year-ago period.
For the half-year ended September 30, the company posted a 16 per cent increase in net profit at ₹1,563 crore on a revenue of ₹10,683 crore, which showed a 15 per cent increase year on year.
“The second quarter has seen a strong performance with highest ever sales and profits in the history of the company,” said Parag Agarwal, Chief Financial Officer, adding that the drivers for robust performance were broad-based growth, new product launches as well as Covid portfolio.
The revenues from North America registered 3 per cent growth, while sales growth in Europe, India and emerging markets was at 10 per cent, 25 per cent and 50 per cent, respectively. “Thought there was a price erosion in North America, it was offset by new product launches, among others,” said the CFO.
For the full year, the Hyderabad-based company expects R&D expenditure to be at 9 per cent of sales and pegged capex at ₹1,500 crore.
Dr Reddy’s scrip gained 2.12 per cent on the Bombay Stock Exchange on Friday to end at ₹4,670.05.