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Target: ₹4,750
CMP: ₹4,248.65
Dr Reddy’s Laboratories (DRRD) is a global pharmaceutical company committed to providing access to affordable and innovative medicines.
DRRD’s TRx volumes, gRevlimid, on an average, are up 1.5x MoM in November 2022 and DRRD’s market share reached about 23 per cent in November 2022. The innovator’s volumes are down 24 per cent month-on-month in November 2022, whereas its market share stood at about 57 per cent. DRRD’s market share has marginally improved in the Suboxone market, whereas volumes have remained flattish. DRRD’s share in Vascepa has been hovering at about 18 per cent with weekly volumes up 2 per cent this quarter.
Vasostrict sales have taken a hit (-42 per cent m-o-m in November 2022; down 86 per cent in November 2022 vs. June 2022) with more generic players (Amneal, Aurobindo) capturing higher market share and Endo holding on to its share.
DRRD’s average weekly volumes of Ciprodex are also down 25 per cent q-o-q, in line with the market. DRRD’s market share has marginally declined in Ciprodex due to Sun Pharma entering the market.
DRRD is currently investing in various businesses that may provide growth in the long term. While high inflation and price erosion may reduce margins, the company is proactively building a global pipeline of biosimilars, developing NCE for Immuno-oncology, and building up a Neutraceuticals portfolio, vaccines, CDMO, and digital healthcare platforms.
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