Benzinga | May 14, 2021 02:53PM EDT

Dr Reddy's Rolls Out Sputnik V COVID-19 Vaccine In India At $13.58/Dose

* Dr. Reddy's Laboratories Ltd (NYSE: RDY) said that it expects to get 36 million doses of Sputnik V COVID-19 vaccine in the next couple of months under its contract with Russia's sovereign wealth fund.

* "We are in discussions with the Russian Direct Investment Fund (RDIF) to import the vaccine towards the end of May," a senior Dr. Reddy's executive said at a post-earnings press conference.

* "Our total commitment contracted from RDIF is 250 million doses, of which the initial 15%-20% is expected through imports," the executive, M V Ramana, added.

* The company expects to use the doses to vaccinate 125 million people in the next 8-12 months.

* As of Friday, India had vaccinated just over 2.9% of its population of about 1.35 billion, according to government data.

* Earlier in the day, Dr. Reddy's said the first dose of Sputnik V was administered in Hyderabad as part of a limited pilot. The vaccine will be priced at 995 ($13.58) per dose.

* The company is also working with six local manufacturing partners to scale up production, with doses for commercial use expected from July.

* RDY posted a 28% drop in Q4 net profit, falling short of analysts' estimates.

* The drugmaker posted a 7% Y/Y increase in consolidated sales to 47.3 billion, falling short of Street expectations.

* The lackluster topline output was primarily attributed to a poor showing in the North American market, which accounts for most of the company's revenue.

* Sales in North America dropped 3% Y/Y to 17.5 billion. Sales increased by just 1% Q/Q.

* Price Action: RDY shares are down 0.88% at $71.91 during the market session on the last check Friday.