Hyderabad: Dr Reddy's Laboratories Ltd expects the locally manufactured Russia's COVID-19 vaccine Sputnik V to be available from September-October period, a senior official of the city-based drug maker said on Tuesday. M V Ramana, CEO of Branded Markets (India and Emerging Markets), Dr Reddy’s, said due to the sudden spike of COVID-19 cases in Russia, the arrival of Sputnik V doses is getting delayed and the situation may ease by August end.
"The local manufacturers are currently in the process of Technology absorption and scale up. And we expect and from the October-September timeframe we are likely to have locally manufactured sputnik available," Ramana told reporters. Dr Reddy's, which has tied up with Russian Direct Investment Fund for Sputnik V in India, soft launched the vaccine in India in May 2021 after receiving Emergency Use Authorization (EUA) in April 2021.
Ramana said the company is in discussions with RDIF for ramping up supplies. RDIF has tied up with six Indian drug makers to manufacture Sputnik V. Dr Reddy's is in a pact with Russian Direct Investment Fund to sell the first 125 million people doses (250 million vials) of COVID-19 vaccine Sputnik V in India. The official said the vaccine was launched in 80 cities and over 2.5 lakh people have been administered the jab.
Replying to a query, he said the trials of Sputnik V in adolescents have commenced in Russia and they are expected to be completed by October. On the arrival of more Sputnik V stock from RDIF, Ramana said "What we wait for now is the balance of the second dose and we are in discussions with RDIF. We do expect to hear back from them by the end of July. The indications are that in the month of August we should start seeing a bit of floor of the imported product."
Meanwhile, Dr Reddy's, in a press release, said SVAAS Wellness Limited, a wholly-owned subsidiary of the drug maker, tied up with ICICI Lombard General Insurance Company Limited for a pilot launch of a first-of-its-kind cashless outpatient offering in India. The partnership marks the launch of Dr.Reddy’s digital health solution 'SVAAS' and demonstrates ICICI Lombards deeper foray into the wellness space.
Dr Reddy's shares tumble over 10% post earnings announcement
Shares of Dr Reddy's Laboratories on Tuesday tumbled over 10 per cent after the company reported a 36 per cent decline in consolidated net profit for the quarter ended June 30, 2021. The company's stock plummeted 10.44 per cent to close at Rs 4,844.35 on the BSE. During the day, it tumbled 11.61 per cent to Rs 4,781.
On the NSE, it plunged 10.31 per cent to close at Rs 4,853.20. Dr Reddy's Laboratories on Tuesday reported a 36 per cent decline in consolidated net profit at Rs 380.4 crore for the quarter ended June 30, 2021, on account of higher expenses. The pharma major had posted a net profit of Rs 594.6 crore in the corresponding period a year ago. Total income during the June quarter of the current fiscal stood at Rs 5,053 crore, up 12 per cent as against Rs 4,513.6 crore in the year-ago period, Dr Reddy's Laboratories said in a filing to BSE. (PTI)
