Reeling from Regulatory Hit, Ranbaxy Takes Q4 Loss
Indian drug manufacturer Ranbaxy Laboratories, still reeling from a $500 million fine paid for regulatory violations, announced on 24 February that it would suffer a $607 million loss despite increased sales.
Ranbaxy had announced on 26 January that it would settle with the US Department of Justice after US regulators found manufacturing and data integrity deficiencies at numerous Ranbaxy facilities located in India and the US.The settlement required them to pay a fine of $500 million, conduct internal reviews of all negligent facilities using a third-party expert, and take steps to ensure data integrity.
The settlement cleared the way for the company to begin the process of allowing products manufactured at the sanctioned plants to eventually be imported into the US.
Read more: Bloomberg - Ranbaxy Reports Record Quarterly Loss After U.S. Settlement
Regulatory Focus - DOJ Files 'Groundbreaking' Consent Decree Against Ranbaxy, Company Agrees to 'Remedy Deviations'