Dr. Reddy’s Laboratories Ltd. (RDY) has chosen an executive who joined the generic-pharmaceutical maker last year as its next chief executive.
The Indian firm said Monday that Erez Israeli will take over as CEO on Aug. 1. He joined the company in April 2018 as operations chief.
Dr. Reddy’s current CEO, GV Prasad, will step down from the job but continue serving as co-chairman, the company said.
For its fiscal first quarter, Dr. Reddy’s reported a profit of $96 million, or 58 cents a share, up from the $66 million, or 40 cents a share, a year earlier.
Revenue rose 3% compared with last year to $558 million. Analysts expected $585 million, according to FactSet.
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