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Nirmal Bang Report
We revise our earnings estimates on Dr. Reddy's Laboratories Ltd. to factor in the following developments:
adverse impact from the depreciation of ruble (high single digit),
incorporate the recently announced transaction to promote and distribute Novartis India brands in India,
change estimates for the U.S. complex generic pipeline (adding Vasopressin, moderating gVelcade and gAlimita contribution and push out bRItuxan) and
we have tweaked our cost estimates upwards to account for the inflationary trends.
Despite future uncertainty in Dr. Reddy's Russian operations, we remain bullish on the company as we see future complex generic launches in the U.S. market driving significant revenue growth and margin expansion.
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