External broker reports(aggregated public sources), Sharekhan

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External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Dr. Reddy's Laboratories / Equity Bottom-Up

<ul><li>Sharekhan's research report onDr Reddy’s Laboratories We reiterate our Buy rating on Dr.</li><li>Reddy’s after interacting with the management of the company in our recent visit to Hyderabad where they are positive on growth momentum led by Horizon 1 and Horizon 2 strategy.</li><li>North America to clock a 7% CAGR from FY24-26E driven by 25 new product launches in the generics segment (either FTFs or in the 1st wave), gRevlimid and biosimilar launches.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sharekhan's research report onDr Reddy’s Laboratories We reiterate our Buy rating on Dr.Reddy’s after interacting with the management of the company in our recent visit to Hyderabad where they are positive on growth momentum led by Horizon 1 and Horizon 2 strategy.North America to clock a 7% CAGR from FY24-26E driven by 25 new product launches in the generics segment (either FTFs or in the 1st wave), gRevlimid and biosimilar launches.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dr Reddy’s Laboratories Ltd - Transition from Generic to Niche Company

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>In Q3FY24, <a href="https://www.smartkarma.com/entities/dr-reddy-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:16406:1" rel="noopener">Dr. Reddy's Laboratories (DRRD IN)</a> posted highest ever revenue of INR72B, led by U.S. and Europe generics businesses, with contribution from both base business and new product launches.</li>
<li>Underperformance in the domestic market continued in Q3FY24. However, the company’s initiatives regarding innovative and new generic drugs for Indian market should place it for long-term accelerated growth.</li>
<li>Last month, Dr. Reddy's acquired MenoLabs, a leading women’s health and dietary supplement branded portfolio of seven products designed to provide health support and address symptoms of perimenopause and menopause.  </li>
</ul>


In Q3FY24, Dr. Reddy's Laboratories (DRRD IN) posted highest ever revenue of INR72B, led by U.S. and Europe generics businesses, with contribution from both base business and new product launches.
Underperformance in the domestic market continued in Q3FY24. However, the company’s initiatives regarding innovative and new generic drugs for Indian market should place it for long-term accelerated growth.
Last month, Dr. Reddy's acquired MenoLabs, a leading women’s health and dietary supplement branded portfolio of seven products designed to provide health support and address symptoms of perimenopause and menopause.  


Dr. Reddy's Laboratories (DRRD IN): US and Europe Drive Highest Ever Sales in Q3; Profit Surges 11%

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>The US business reported sales of $410Mn (+5.5% QoQ), led by stable base business of ~$250 Mn QoQ, gRevlimid ~$120 Mn QoQ, and acquisition business of $30-$35 Mn QoQ.</li><li>Ex-gRevlimid base business is stable. Major molecules like gSuboxone, gVascepa, gCiprodex, and gToprol are showing stable MS on sequential business.</li><li>The company's North America generic business saw price erosion due to the competitive environment but benefited from the market share expansion in certain existing key products, revenue from new launches, and integration of the acquired portfolio.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The US business reported sales of $410Mn (+5.5% QoQ), led by stable base business of ~$250 Mn QoQ, gRevlimid ~$120 Mn QoQ, and acquisition business of $30-$35 Mn QoQ.Ex-gRevlimid base business is stable. Major molecules like gSuboxone, gVascepa, gCiprodex, and gToprol are showing stable MS on sequential business.The company's North America generic business saw price erosion due to the competitive environment but benefited from the market share expansion in certain existing key products, revenue from new launches, and integration of the acquired portfolio.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dr Reddy’s Laboratories Ltd - Stability in US and Indian Business

<ul>
<li>Global generics revenue increased 9% YoY to INR61 billion, mainly driven by double-digit growth in North America and Europe generic businesses, partly offset by muted growth in domestic market.</li>
<li>Revenue from North America generics increased 13% y/y to INR31.7 billion, driven by growing momentum in core portfolio, Mayne integration, and favorable Fx. Pricing environment remains stable.</li>
<li>Despite increase in SG&amp;A and R&amp;D expenses, EBITDA grew 13% YoY to INR 21.8 billion. Net profit increased 33% YoY to INR14.8 billion. Both EBITDA and net profit topped estimates.</li>
</ul>


Global generics revenue increased 9% YoY to INR61 billion, mainly driven by double-digit growth in North America and Europe generic businesses, partly offset by muted growth in domestic market.
Revenue from North America generics increased 13% y/y to INR31.7 billion, driven by growing momentum in core portfolio, Mayne integration, and favorable Fx. Pricing environment remains stable.
Despite increase in SG&amp;A and R&amp;D expenses, EBITDA grew 13% YoY to INR 21.8 billion. Net profit increased 33% YoY to INR14.8 billion. Both EBITDA and net profit topped estimates.


Dr. Reddy's Laboratories (DRRD IN): Highest Ever Sales and Profit in Q2; Good Show in Key Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-reddy-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:16406:1" rel="noopener">Dr. Reddy's Laboratories (DRRD IN)</a> started FY24 on a strong note, with Q1FY24 revenue and net profit growing 29% and 18%, YoY, respectively, driven by North America generics business.</li>
<li>Revenue from North America generics increased 79% y/y and 26% q/q to INR32 billion, driven by new product launches, continued momentum in existing products, and favorable forex rates movement.</li>
<li>During Q1FY24, the company has launched six new products in the U.S. With a rich ANDA pipeline of 85 ANDAs, launch momentum is expected to accelerate in the current fiscal.</li>
</ul>



Dr. Reddy's Laboratories (DRRD IN) started FY24 on a strong note, with Q1FY24 revenue and net profit growing 29% and 18%, YoY, respectively, driven by North America generics business.
Revenue from North America generics increased 79% y/y and 26% q/q to INR32 billion, driven by new product launches, continued momentum in existing products, and favorable forex rates movement.
During Q1FY24, the company has launched six new products in the U.S. With a rich ANDA pipeline of 85 ANDAs, launch momentum is expected to accelerate in the current fiscal.


Dr. Reddy's Laboratories (DRRD IN): Q1FY24 Result- US Business Shines; PAT Jumps 18%

India

Dr. Reddy's Laboratories Limited provides a complete range of pharmaceutical services. The Company manufactures bulk drugs and formulations including verapamil and cephalexin. The Company also manufactures and exports molecules such as norfloxacin, ciprofloxacin, and varieties of semi-synthetic penicillin. The Company markets its products in India and around the world.

Dr. Reddy's Laboratories (DRRD IN)

Dr Reddy’s Laboratories Ltd - Transition from Generic to Niche Company

North America to clock a 7% CAGR from FY24-26E driven by 25 new product launches in the generics segment (either FTFs or in the 1st wave),...

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