Dr. Reddy’s Q3 Review: Muted Growth In India, U.S. Generics Disappoints: Prabhudas Lilladher 

Dr. Reddy’s Q3 Review: Muted Growth In India, U.S. Generics Disappoints: Prabhudas Lilladher 

People chat in the lobby of Innovation Plaza building, on Dr. Reddy’s Laboratories Ltd. campus in Hyderabad. (Photographer: Prashanth Vishwanathan/Bloomberg)

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Prabhudas Lilladher Report

We reduce our estimate by 2-5% for FY21-23E due to delay in launch of key molecules (gCopaxone, gVascepa and gNuvaring) and also reduce benefit from gRevlimid to Rs 194 per share (earlier Rs 262) over FY23E-26E on possibility of BMS entering into settlement agreement with few more generic players for FY23E launch.

The company recently received another complete response letter for gCopaxone, which would delay the launch by four to six months, while a new generic (Teva) launch of Nuvaring increases further competitive intensity.

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Prabhudas Lilladher Dr. Reddys Q3FY21 Result Update.pdf
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