USFDA issues four observations after inspecting Dr Reddy's Srikakulam facility

10 Jun 2024 , 12:08 PM

On June 7, Dr. Reddy’s Laboratories announced that the USFDA has issued a Form 483 with four observations after the inspection of its API manufacturing facility (CTO-6) in Srikakulam, Andhra Pradesh.

Dr. Reddy’s committed to addressing the issues within the specified timeline. On June 7, shares of Dr. Reddy’s closed 2.38% higher at ₹6,037.55 on the BSE. At the time of writing, shares of Dr. Reddy’s were trading at ₹6131, which is a 1.15% gain than the previous close. The stock has gained 31% in the last one year, and 5.3% since the beginning of the year.

Last month, the USFDA issued Form 483 with two observations after inspecting Dr. Reddy’s formulations manufacturing facilities (FTO-7 & FTO-9) in Duvvada, Visakhapatnam, Andhra Pradesh. In Q4 FY24, Dr. Reddy’s reported a consolidated net profit increase of 36.26% to ₹1,307 Crore, with revenues rising 12.49% to ₹7,083 Crore compared to Q4 FY23.

Dr. Reddy’s Laboratories specializes in providing medicines, operating in three segments: global generics, pharmaceutical services and active ingredients (PSAI), and proprietary products.

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