Ranbaxy sales exceed $500 million for the first time

GURGAON, India Ranbaxy Labs had net sales of $542 million and profits of $210 million in first quarter 2010, according to financial results announced Tuesday.

The Indian generic drug maker, a subsidiary of Japan-based Daiichi-Sankyo, said the results marked the first time ever sales were greater than $500 million.

“Solid growth in key geographies, along with optimal delivery value from first-to-file opportunities in the U.S.A., ensured that we achieved yet another quarter of strong operational performance,” Ranbaxy CEO and managing director Atul Sobti said.

The company said highlights included the fourth quarter 2009 launch of valacyclovir, a generic version of GlaxoSmithKline’s genital herpes drug Valtrex, and authorized generic oxycodone extended-release tablets, as well as a patent settlement with Takeda Pharmaceutical Co. that will allow it to launch a generic version of the diabetes drug Actos (pioglitazone hydrochloride) in August 2012.