Dr. Reddy's Profit Rises

Dr. Reddy's Laboratories(RDY Quote) sank 2% early Monday despite hitting a third-quarter earnings triple.

The generic drugmaker earned 1.88 billion rupees, or $43 million. The company earned $14 million a year ago.

Revenue reached $350 million, up from $134 million a year ago.

Revenue from generic drugs was 7.68 billion rupees in the company's fiscal third quarter, compared with 831 million rupees a year ago, thanks to strong sales in North America and Europe. International sales of the company's branded drugs were 1.6 billion rupees, up 18% from a year ago thanks to sales in Russia and Central and Eastern Europe.

"For the first time in the history of Dr. Reddy's, we have crossed USD 1 billion in revenues," said Dr. Reddy's. "Dr. Reddy's has grown into a vertically integrated global pharmaceutical company with activities spanning the entire pharmaceutical value chain."

The stock fell 39 cents to $18.19.