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Dr. Reddy’s (REDY.BO; Rs1,578.35; 1L)
Takeaways from Mumbai — Dr. Reddy’s presented at the Citi India Investor
Conference in Mumbai. Below are key takeaways.
What’s New — Dr Reddy's indicated that reports of a Japanese tie-up are
premature at this stage, though it is looking at various options. On its US OTC
franchise, Omeprazole OTC is its largest product in the market, with no
significant competition expected in the next 1-2 years. Allegra OTC is ramping up
well and the Allegra D-24 OTC approval is expected soon (no other generic
player likely in the market for some time).
Fondaparinux Approval Awaited — REDY is awaiting final approval (>20
months after filing) and expects a 2QFY12 launch. The last response to any FDA
query was sent in March 2011 and has not received any further queries. The
approval has taken longer than expected, but the company is ready to launch as
soon as it gets it.
Other Key Takeaways — 1) REDY expects generic Lipitor to be a reasonably
attractive opportunity with 4-5 generic players in the market post 180d exclusivity.
2) Plans to launch another biosimilar in 1QFY13. 3) FY12 Capex at US$150m. 4)
Hopeful of stronger growth and better margins in Germany after recent AOK
tender wins.
Maintain Buy (1L) — We continue to remain positive on REDY given the niche
product portfolio lined up for the US and strong growth in India and other
emerging markets.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Dr. Reddy’s (REDY.BO; Rs1,578.35; 1L)
Takeaways from Mumbai — Dr. Reddy’s presented at the Citi India Investor
Conference in Mumbai. Below are key takeaways.
What’s New — Dr Reddy's indicated that reports of a Japanese tie-up are
premature at this stage, though it is looking at various options. On its US OTC
franchise, Omeprazole OTC is its largest product in the market, with no
significant competition expected in the next 1-2 years. Allegra OTC is ramping up
well and the Allegra D-24 OTC approval is expected soon (no other generic
player likely in the market for some time).
Fondaparinux Approval Awaited — REDY is awaiting final approval (>20
months after filing) and expects a 2QFY12 launch. The last response to any FDA
query was sent in March 2011 and has not received any further queries. The
approval has taken longer than expected, but the company is ready to launch as
soon as it gets it.
Other Key Takeaways — 1) REDY expects generic Lipitor to be a reasonably
attractive opportunity with 4-5 generic players in the market post 180d exclusivity.
2) Plans to launch another biosimilar in 1QFY13. 3) FY12 Capex at US$150m. 4)
Hopeful of stronger growth and better margins in Germany after recent AOK
tender wins.
Maintain Buy (1L) — We continue to remain positive on REDY given the niche
product portfolio lined up for the US and strong growth in India and other
emerging markets.
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