Agence France-PresseFebruary 5, 2014 09:38
Ranbaxy Laboratories, India's biggest generic drugmaker by sales, reported a narrower quarterly loss on Wednesday thanks to rising sales in key markets and currency gains.
But Ranbaxy, majority-owned by Japan's Daiichi Sankyo, faces an uphill battle to repeat the performance next quarter after the US Food and Drug Administration slapped another import ban on the company's products.
The FDA announced the ban last month, citing concerns about "good manufacturing practice" at a plant in northern India. The move is expected to put severe pressure on future earnings.