Dr. Reddy's Laboratories Limited has informed the Exchange about Transcript
DRREDDY · price
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Dr. Reddy's reported Q1FY26 consolidated revenue of ₹8,545 crores ($997M), up 11% year-on-year but flat sequentially, with EBITDA margin of 26.7% (down 149 bps YoY) and PAT of ₹1,419 crores. North America generics disappointed at $400M (-17% YoY) due to Lenalidomide price erosion, while Europe surged 124% YoY to €131M, helped by the NRT acquisition. India grew 11% YoY to ₹1,471 crores, outpacing the IPM. Management guided that margins will remain under pressure until the Semaglutide launch (targeting Jan 2026 in Canada, broader rollout in 87 markets in calendar 2026) and Abatacept biosimilar (Phase III readout Nov 2025, IV launch end-2026/early-2027). The company ended the quarter with a net cash surplus of ₹2,922 crores ($341M) and flagged up to $2-2.5B in financial firepower for business development.
Near-term sentiment may be cautious as management explicitly flagged margin pressure once Lenalidomide tapers (Q3 onwards) and ahead of Semaglutide commercialization, but the long-term pipeline (Semaglutide, Abatacept, 26-product GLP-1 portfolio, Pembrolizumab biosimilar) and BD optionality remain key upside catalysts. Investors should watch the Oct/Nov 2025 Semaglutide approval decision and the Nov 2025 Abatacept Phase III readout as near-term triggers.