Dr. Reddy's Laboratories Ltd. has received an establishment inspection report from the US Food and Drug Administration for its facility in Hyderabad's Bollaram
The FDA has classified the inspection as voluntary action indicated and concluded that the inspection is "closed". The EIR was issued post the last inspection of its API manufacturing facility in Bollaram on Nov. 19, according to an exchange filing on Tuesday.
The VAI means objectionable conditions or practices were found, but the agency is not prepared to take or recommend any administrative or regulatory action, according to the FDA website.
Dr. Reddy's profit rose 2% in the third quarter of the current financial year, but missed analysts' estimates. The pharmaceutical company posted a bottom line of Rs 1,413.7 crore in the quarter ended December.
Shares of Dr Reddy's closed 3.10% lower at Rs 1,128.50 apiece on the National Stock Exchange, compared to a 0.03% decline in the benchmark Nifty. The stock has fallen 12.41% in the last 12 months.
Fifteen out of 40 analysts tracking the company have a 'buy' rating on the stock, 11 recommend 'hold' and 14 suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 20.2%.
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