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Nirmal Bang Report
We hosted the management of Dr. Reddy's Laboratories Ltd. to gain insights into the current business outlook. New launches in the U.S. and the Europe are expected to drive growth.
Growth in the U.S. is being led by both base business as well as limited volume products, with a mix of complex and non-complex filings. Emerging markets strategy focuses on brand building and leveraging products developed for the U.S. and Europe.
In India, emphasis is on core business and innovation in three areas: innovative assets, consumer health and digital. Strong growth is expected in the Gx segment in the near term on the back of Revlimid, stable base business performance and key launches in the developed markets. The company is actively spending on complex products, Biosimilars and Horizon II.
We maintain 'Accumulate' on Dr. Reddy's with a revised target price of Rs 6,553, valuing it at 24 times price-to-earning on Dec-25E base earnings per share of Rs 264 and net present value of Rs 212 for the Revlimid opportunity.
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