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Dr. Reddy's Laboratories (DRRD IN): New Launch Aided Q2 Result; Rich Pipeline Lends Visibility
364 Views05 Nov 2022 10:00
SUMMARY
- Dr. Reddy's Laboratories (DRRD IN) reported strong Q2FY23 results, with revenue growing 9% y/y, mainly driven by North America business due to launch of gRevlimid in the US market.
- GRevlimid is not a one-off opportunity and will contribute meaningfully over the next few quarters as well. Price erosion in the base business continues to be within normal range.
- Adjusted for the covid product sales during Q2 FY22, and the brand divestment income in Q1 FY23, Indian business has grown in mid-teens year-over-year and mid-single digit sequentially.
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