Ranbaxy reports flat earnings in Q2, outlook positive

Despite underperforming during the quarter, the company remains upbeat in its outlook. "Most striking has been our path-breaking deal with Daiichi Sankyo which I believe will substantially alter the rules of the game and re-define the global pharmaceutical landscape," said Malvinder Mohan Singh, managing director and CEO, Ranbaxy.

"We have the early mover advantage and are best placed to gain from the complementary strengths of both partners in capitalizing on the opportunities available across the entire pharmaceutical value spectrum. We expect performance to be stronger as we move through the rest of the year," Singh said.

In June, Ranbaxy said it has struck a binding agreement with Japanese drug maker Daiichi Sankyo pursuant to which Daiichi would acquire Ranbaxy's majority stake for around $4.6 billion (£2.3 billion).

During the quarter, the company said it struck a significant deal with Pfizer Inc. to settle most of the patent litigation worldwide, involving Atorvastatin (Lipitor), the world's most-prescribed cholesterol-lowering medicine.

The company also signed a strategic Product Development Agreement with Merck & Co. Inc. in the therapeutic area of anti-infectives, it said.

In a separate development, the company, which is under investigation in the US for allegedly selling substandard drugs in the US market, said it is cooperating with the US Food and Drugs Administration (US FDA), which has leveled the charges against the Indian drug maker and would provide the US investigators with all the documents required. "By Aug. 3 all the information that is needed will be provided," Singh said.