Dr Reddy’s surges as Revlimid generic helps drug maker sprint past estimates

Sales from the North American market, nearly 50 percent of overall sales, grew 48 percent at Rs 2,800 crore for September quarter

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Share price of Dr Reddy’s Laboratories opened 2.5 percent higher on October 31 after the company reported 12 percent growth in consolidated post-tax profit at Rs 1,113 crore during the September quarter defying analysts who had expected a drop in the bottomline.

At 9:30 am, the stock quoting at Rs 4,570 was among top Nifty gainers. In the past six months, it has gained 10.8 percent but is down over 5.5 percent this year so far.

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The drug firm reported a growth of 9 percent in consolidated revenues at Rs 6,306 crore in the September quarter. Sales from the North American market, nearly 50 percent of overall sales, grew 48 percent to Rs 2,800 crore during the quarter under review.

This was largely on the back of Lenalidomide capsules launch, which was announced on September 7. Lenalidomide is the therapeutic equivalent generic version of Revlimid, used to treat various types of cancers.

With an outperform call on the stock, global brokerage Macquarie said, “Revlimid generic is living up to the expectations as September quarter numbers were better than expected. Management expects continued contribution from Revlimid in upcoming quarters.” It has a target price of Rs 4,915 per share.

Nomura has a buy call on the stock with a target price of Rs 5,552. “Revlimid contribution will be material in the near term but can fluctuate quarter-on-quarter. The company is putting in place the foundation to diversify its presence in multiple markets,” it noted.

Morgan Stanley, too, is bullish on the stock with an overweight call and target price of Rs 5,099. Its analysts believe that Dr Reddy’s core business is stabilising with results largely driven by Revlimid. Potential Suboxone generic competition is a key business risk, the brokerage noted.

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