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Axis Securities Report
Lupin - Buy/ target price- Rs 2600
Recommendation Rationale
Lupin Ltd.'s strong pipeline of niche products is expected to drive double-digit growth in the U.S. market. Injectable products like Glucagon and Dalbavancin, each with a market opportunity of $500 million, are expected to launch within the next six months.
Liraglutide and Risperidone could contribute to revenue in FY27E. Lupin is also exploring biosimilar opportunities, including Ranibizumab and Aflibercept, with Tolvaptan expected to drive growth in the generic segment.
Dr Reddy's Laboratories - Buy / target price- Rs 1,535
Several levers are expected to drive future growth. The biosimilar segment holds promise, with two biosimilars planned for launch in Europe, each with a sales potential of $40– $50 million in FY26E.
Denosumab, slated for FY27E, could contribute $50 million in revenue. The GLP-1 segment, currently a $10 billion opportunity, is anticipated to grow 5x over the next five–six years, offering significant upside potential.
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