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Dr. Reddy's Laboratories Limited (RDY) is a leading multinational pharmaceutical company headquartered in Hyderabad, Telangana, India. Founded by Kallam Anji Reddy, the company has grown to become one of the largest generic drug manufacturers globally. Dr. Reddy's offers a diverse product portfolio that includes not only generic medications but also injectables and active pharmaceutical ingredients (APIs).
Dr. Reddy's has a substantial footprint in North America, which accounts for approximately 50% of its generics sales. The company also serves markets in India (22% of generics sales), Russia (12%), and various European and Latin American countries. In North America, injectables constitute 25% of its sales, showcasing the company’s ability to innovate and meet various healthcare needs.
Within branded generic markets, particularly in India, Dr. Reddy's has secured a top-five position in critical therapeutic areas such as oncology and gastroenterology. The company’s strong brand reputation has empowered it to achieve significant success in these sectors.
Furthermore, Dr. Reddy's operates a robust API business, manufacturing over 150 APIs and distributing them in more than 75 countries worldwide. This extensive network highlights the company's commitment to quality and global health.
Dr. Reddy's continues to advance its mission through ongoing projects and innovations. Recent achievements, partnerships, and financial health indicators demonstrate a stable and growing enterprise. Investors keen to stay informed about the latest developments in Dr. Reddy's Laboratories can find up-to-date news from various sources, ensuring they remain well-informed on company performance and growth trajectories.
Dr. Reddy’s Laboratories Ltd. has launched Febuxostat Tablets, a generic version of Uloric, approved by the USFDA. The Uloric brand and its generic had US sales of approximately $108 million for the 12 months ending October 2020, according to IQVIA Health. Febuxostat Tablets are available in two strengths: 40 mg and 80 mg, in bottles of 30 tablets. Warning: Gout patients with cardiovascular disease may face higher rates of cardiovascular death when treated with Febuxostat compared to allopurinol. Prescribers should consider risks and benefits before use.
Dr. Reddy's Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY) is set to announce its third-quarter financial results on January 29, 2021. Following the Board Meeting, results will be made available through various media outlets, including the company’s website and Business Wire.
An earnings call will be hosted at 5:30 PM IST on the same day to discuss the financial performance. Playback of the call will be accessible until February 5, 2021. The company focuses on providing affordable and innovative medicines across multiple therapeutic areas.
Dr. Reddy’s Laboratories announced the secondary listing of its American Depository Receipts (ADRs) on NSE IFSC Limited under the symbol 'DRREDDY' effective December 9, 2020. This initiative aims to facilitate overseas investors in trading Dr. Reddy’s ADRs, which are already issued by J.P. Morgan Chase Bank N.A. The listing does not involve any new capital raising or issuance of additional securities. The settlement of these ADRs will be managed by NSE IFSC Clearing Corporation through various domestic and international links.
Dr. Reddy's Laboratories (NYSE: RDY) and the Russian Direct Investment Fund (RDIF) have initiated adaptive phase 2/3 clinical trials for the Sputnik V vaccine in India, following approval from the Central Drugs Laboratory. The multicenter study will assess safety and immunogenicity, with JSS Medical Research as the clinical partner. Recent data from RDIF indicates a 91.4% efficacy on day 28 and over 95% efficacy after 42 days post-first dose. This partnership aims to expedite vaccine availability in India through import and local production.
Dr. Reddy’s Laboratories has entered a definitive agreement to acquire several brands from Glenmark Pharmaceuticals, including Momat Rino and Glenspray, across Russia, Kazakhstan, Uzbekistan, and Ukraine. This acquisition aims to enhance Dr. Reddy’s anti-allergy product portfolio, leveraging the recent OTC registration of Momat Rino in Russia to improve patient access. The deal is subject to completion of certain actions and marks a strategic move into core markets.
Dr. Reddy’s Laboratories (NYSE: RDY) has launched Succinylcholine Chloride Injection USP, a generic equivalent of Quelicin®, approved by the USFDA. The new product comes in multiple-dose vials, with a concentration of 20 mg/mL. The Quelicin® market recorded U.S. sales of approximately $74.8 million over the last twelve months ending September 2020. The press release also includes a significant warning regarding the risk of cardiac arrest from hyperkalemic rhabdomyolysis in pediatric patients.
Dr. Reddy’s Laboratories (NYSE: RDY) announced promising preclinical data for E7777, an engineered IL-2-diphtheria toxin fusion protein, at the SITC 35th Anniversary Annual Meeting. The study revealed that E7777 demonstrated significant anti-tumor activity and improved survival rates in combination with an anti-PD-1 agent in murine models, outperforming monotherapy treatments. The company plans to move forward with clinical trials for this combination therapy, indicating potential advancements in immunotherapy for solid tumors.
Dr. Reddy’s Laboratories (NYSE: RDY) announced a partnership with the Biotechnology Industry Research Assistance Council (BIRAC) and the Department of Biotechnology (DBT) of India for advisory support on the clinical trials of the Sputnik V vaccine. This collaboration allows access to BIRAC's clinical trial centers and Good Clinical Laboratory Practice (GCLP) labs for immunogenicity testing. The approval for conducting phase 2/3 trials in India was granted by the Drugs Controller General of India earlier this month, bolstering efforts to introduce the vaccine in the Indian market.
Dr. Reddy's Laboratories Ltd. (NYSE: RDY) has appointed Parag Agarwal as Chief Financial Officer (CFO), effective December 1, 2020. Agarwal brings over 33 years of experience, including an impactful tenure at Reckitt Benckiser as CFO-Health. He has expertise in financial strategy, M&A, and operational improvements. Saumen Chakraborty, the current CFO, will retire on the same date but will remain as an Advisor during the transition. Agarwal's leadership aims to enhance the company's value for customers and patients.
Dr. Reddy’s Laboratories reported consolidated revenue of Rs. 4,897 Cr for Q2 FY21, an 11% QoQ and 2% YoY increase, with gross margin at 53.9%. EBITDA stood at Rs. 12,673 Cr, a decrease of 12% YoY but up 9% QoQ. Profit after tax decreased by 30% YoY to Rs. 7,623 Cr, while profit before tax rose 12% YoY. R&D expenses were 8.9% of revenue. The company experienced a cyber attack in October but is actively recovering. The demand for COVID-19 drugs, Avigan, and Remdesivir, contributed to growth, albeit at a slower recovery pace compared to pre-COVID levels.
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