A weakened economy, increased losses and generic competition has literally eaten away at Ranbaxy’s top and bottom line.

As a result, the company plans to trim down its European operations and layoff workers as it tries to cut costs and get profitable again. The company did not disclose any details about how many employees will go out the door, from where or when.

Ranbaxy reported a net loss of Rs 7.61B ($132M USD) during the quarter ended March. 31, 2009, against a net profit of Rs 1.53B ($30M USD) during the comparable quarter in 2008.

Ranbaxy`s revenues from Europe also declined 14% on a year-on-year basis during the 3 months ended March 31, 2009. The region recorded sales of 57M USD as compared to 83M USD during the January-March period in 2008.

Daiichi must be fuming.

Image from euroheat

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