Dr. Reddy's Q4 Review - India Drives Growth, U.S. Remains Muted: Prabhudas Lilladher
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Prabhudas Lilladher Report
We marginally reduce our estimate by 1-2% for FY22E-23E, due to delay in launch of key molecules (gCopaxone, gVascepa and gNuvaring) along with increased overhead costs, higher freight costs and key clinical trials.
Dr. Reddys Laboratories Ltd. recently received another complete response letter for gCopaxone, which would delay the launch by four to six months, while new generic launches in gVescepa (by Hikma) and Nuvaring (by Teva) would further increase competitive intensity.
We expect the company to launch gCopaxone now in Q4 FY22E (versus earlier expectation of H1 FY22E), while price erosion in gNuvaring would be much steeper.
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