After a year of rough year-over-year comparisons, Dr. Reddy's Laboratories (NYSE:RDY) finally displayed revenue growth in its fiscal first quarter.

Growth was everywhere for the generic-drug maker. Sales in North America rose 62% year over year, and Germany and Russia also saw growth of 20% and 21%, respectively. The only area that's really slacking is Dr. Reddy's home country of India, where it saw just 9% growth year over year. The generic market in India is growing at closer to 14%, but management thinks it can beat that rate in coming quarters, as new product launches making up for older, more stagnant generics.

Unfortunately, the 25% growth in total revenue didn't make it to the bottom line. Operating income slipped 23%, and net income slid 26%. The big culprit was selling, general, & administrative costs, which rose 50% year over year thanks to the two manufacturing facilities Dr. Reddy's recently purchased. Hopefully, the company can leverage those plants with additional products, bringing down the costs relative to revenue.

Dr. Reddy's maintained its goal of increasing revenue by 25% this fiscal year. Some of that bump will come from the launch of an authorized generic of GlaxoSmithKline's (NYSE:GSK) Imitrex in the U.S. at the end of the year, but the company should continue to see growth in the other parts of the world as well.

With Teva Pharmaceuticals' (NASDAQ:TEVA) purchase of Barr Pharmaceuticals (NYSE:BRL), and fellow Indian generic-drug maker Ranbaxy Laboratories getting bought by Daiichi Sankyo, investors are wondering whether Dr. Reddy's might be next. It's always hard to know what other companies' management might be thinking, but I suspect Dr. Reddy's might be too small, and spread across too many countries, to make it onto a potential acquirer's short list.

That shouldn't stop you from considering Dr. Reddy's as an investment -- I did pick it as my black Friday bargain stock, after all. Just don't plan on an acquisition as your exit strategy.

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Fool contributor Brian Orelli, Ph.D., doesn't own shares of any company mentioned in this article. Glaxo is a selection of the Income Investor newsletter. The Fool's disclosure policy is far from generic.