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Dolat Capital Report
Dr. Reddy's Laboratories Ltd. is refocusing on value-based products and ensuring the right product cost structures for the highly competitive U.S. market. Excluding Revlimid we expect a revenue compound annual growth rate of 7% in the U.S., and 11%/12% in India/Russia over FY22-24E.
Revenue growth in India would be supported by improving productivity and a focus on core therapies. Meanwhile, revenue growth in Russia would be supported by improved volume growth, in our view.
Concentration risk in the U.S. portfolio has come down largely with top 10 products contributing ~40-45% of sales.
Dr. Reddy's is focusing on timely product launches and increasing the market share of existing products. It will continue to focus on complex formulations (primarily injectable and oral solid dosage forms) and over the counter brands in the medium term, as well as 505(b)(2) generics, controlled substances, and non-substitutable generics in the longer term.
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