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Prabhudas Lilladher Report
We reduced Dr. Reddy's Laboratories Ltd.'s earnings estimates by 20% and 10% in FY22E and FY23E respectively, due to steep price erosion in molecules launched in last 12 months and higher overhead costs (mainly promotional expenses of oil-to-chemical and new brands from Wockhardt).
However, we maintained our earnings estimates for key molecules in pipeline (gCopaxone, gVascepa and gNuvaring) along with option value of gRevlimid in FY22E-23E.
We expect Dr. Reddy's to launch gCopaxone now in Q4 FY22E (versus earlier expectation of H1 FY22E), and the launch of gNuvaring depends on faster resolution of pending complete response letter.
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