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Dr. Reddy's Laboratories tries to cure US regulatory woes

MUMBAI -- Stiffer competition and launch delays following warning letters from the U.S. Food and Drug Administration (FDA) pulled down earnings for Dr. Reddy's Laboratories in the first quarter of its financial year, which began in April.

India's second largest drugmaker's quarterly consolidated revenue slid 14% year on year to 32.3 billion rupees ($479 million). Sales of global generics fell 14% to 26.6 billion rupees on account of lower sales in North America, its largest market, and continued difficulties in Europe. The company makes 82% of its revenue from global generics.

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