Dr. Reddy's Laboratories Clarifies Recall Of Morphine Sulfate Tablet In US
Dr. Reddy's Laboratories Ltd. has issued a clarification regarding the retail-level recall of Morphine Sulfate extended-release tablets in the US on Oct. 22. The recall of two lots of the 15mg and 30mg tablets was voluntarily undertaken by the company, out of an abundance of caution, according to an exchange filing on Monday.
The pharma company issued the clarification after the recall was reported by the Economic Times on Nov. 17, 2024.
The company does not believe this development is material as defined under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the filing said.
Dr. Reddy's Laboratories' profit fell in the second quarter of fiscal 2025, missing analysts' estimates. The bottom line of the pharmaceutical company declined 9% year-on-year to Rs 1,341.90 crore in the quarter ended Sept. 30, 2024, according to an exchange filing on Nov. 5. That compares with the Rs 1,427-crore estimate that analysts tracked by Bloomberg had projected.
"Dr. Reddy's Laboratories Ltd. sees its overall sales growing in double-digits and is working towards delivering both Ebitda and return-on-capital of 25% on a consistent basis," according to Chief Executive Officer of Branded Markets India and Emerging Markets, MV Ramana.
"We are in a pretty healthy space as far as the margins are concerned," Ramana told NDTV Profit's Sajeet Manghat in a post-earnings interview. "We would be able to work towards delivering an Ebitda of about 25% and an ROC of 25% on a consistent basis."
Shares of Dr. Reddy's Laboratories closed 2.70% lower to Rs 1,193.55 apiece, compared to a 0.34% decline at the benchmark NSE Nifty 50. It has risen 6.30% in the last 12 months and 2.88% on a year-to-date basis.
Thirteen of the 40 analysts tracking the company have a 'buy' rating on the stock, 12 recommend a 'hold' and 15 suggest a 'sell', according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 13.3%.
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