Dr Reddy’s shares gain after Phase I study of antirheumatic biosimilar ends

The share touched a 52-week high of Rs 4,987 and a 52-week low of Rs 3,996.10 on 05 May, 2023 and 19 September, 2022, respectively.

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Dr Reddy’s Laboratories share price gained 1 percent intraday on June 5 after the company successfully completed Phase I study (IV route) of DRL_TC, a proposed biosimilar of tocilizumab.

Dr Reddy’s Laboratories announced that its tocilizumab biosimilar candidate, DRL_TC, successfully met its primary and secondary endpoints in a Phase I study.

This Phase I study used an intravenous (IV) formulation to evaluate the pharmacokinetic equivalence, safety and immunogenicity of Dr. Reddy’s tocilizumab biosimilar candidate in comparison to reference products, company said.

The clinical trial also confirmed the similarity between DRL_TC and the EU and US reference products in terms of pharmacodynamic parameters and found no noteworthy differences in safety and immunogenicity across these three treatment groups.

The company is developing the proposed tocilizumab biosimilar as both intravenous and subcutaneous formulations.

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“Tocilizumab is an important antirheumatic agent that has a unique place in treating patients with rheumatoid arthritis and other diseases. By developing the formulation in both subcutaneous and intravenous formulations, we aim to reach more patients around the world,” said Dr Jayanth Sridhar, Global Head of Biologics at Dr Reddy’s.

“With our recent milestones in our proposed biosimilars of tocilizumab and rituximab, our partner’s launch of Pegfilgrastim in the US and Europe, we look forward to maintaining our momentum as part of our goal to serve over 1.5 billion patients by 2030,” he said.

Financials

Dr Reddy’s Laboratories recorded a manifold rise in its net profit to Rs 959.2 crore for the fourth quarter that ended March 31, from Rs 87.5 crore last year. Revenue surged 15.81 percent year-on-year to Rs 6,296.8 crore, up from Rs 5,436.8 crore in Q4 of FY22.

The board of the company recommended a final dividend of Rs 40 per share.

At 10:11am, Dr Reddy’s Laboratories was quoting at Rs 4,631.10, up Rs 22.05, or 0.48 percent on the BSE.

The share touched a 52-week high of Rs 4,987 and a 52-week low of Rs 3,996.10 on May 5, 2023 and September 19, 2022. It is trading 7.14 percent below its 52-week high and 15.89 percent above its 52-week low.