At 11 am today, the shares of Dr Reddy’s Laboratories were trading at ₹1,231.50, down by ₹57.90 or 4.49 per cent on the NSE.
Dr Reddy’s Laboratories reported a 2 per cent increase in net profit to ₹1,413 crore for the third quarter ending December 2024. Total revenue also saw a 16 per cent rise to ₹8,358 crore.
The growth of the Hyderabad-based pharmaceutical company was credited to the newly acquired Nicotine Replacement Therapy (NRT) business, new product launches, and improved operational efficiencies. Despite a 9 per cent sequential decline in North American revenues to ₹3,380 crore due to price erosion and lower sales of products like Lenalidomide, overall revenues surged. European revenues experienced a significant increase of 143 per cent, driven by the NRT business. Emerging markets and the Indian market also saw growth of 12 per cent, with Russia contributing to a 19 per cent increase, and the Indian market expanding by 14 per cent.
Some key highlights included the launch of Toripalimab, an immuno-oncology drug for rare nasopharyngeal carcinoma, making India the third country after the US and China to have access to this treatment. Additionally, Dr Reddy’s entered into a voluntary licensing agreement with Gilead Sciences to manufacture an HIV treatment drug in over 120 countries.
The company continues to focus on strengthening its generics and API business, along with investing in strategic areas such as consumer health, digital therapeutics, and biosimilars. Moreover, it successfully completed a US FDA inspection at its Hyderabad API facility, receiving a Form 483 with seven observations that were promptly addressed.
Dr Reddy’s Laboratories also completed a share capital alteration by splitting existing ₹5 shares into five ₹1 shares. The company aims to continue its growth trajectory and solidify its position in the pharmaceutical industry.
