ICICI Direct's research report on Dr Reddys Laboratories
Dr Reddy’s (DRL) portfolio includes pharmaceutical generics, APIs, custom pharmaceutical services, biosimilar and complex formulations. Revenue breakup: US (37%), India (18%), Russia and CIS (12%), Europe (8%), RoW (6%) and API (17%) It has 13 formulation facilities, nine API manufacturing facilities, one biologics facility and several R&D centres across the globe
Outlook
We value Dr Reddy’s at Rs 5160 i.e. 21x FY24E EPS of Rs 238.4 + NPV of Rs 154.1 for gRevlimid.
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