Integrated Annual Report FY2025
Awaiting price reaction for this filing.
Dr. Reddy's Laboratories filed its Integrated Annual Report for FY2024-25. The company reported revenue of ₹325,535 Mn (up ~17% YoY), EBITDA of ₹92,133 Mn with a 28.3% margin, and profit after tax of ₹56,544 Mn. ROCE stood at 27.7% and the company remained net cash positive at ₹24.6 Bn. Growth was broad-based across the US, Europe, Emerging Markets, India, and PSAI segments, supported by 165 new product launches. Key strategic moves included the acquisition of Nicotinell NRT brands from Haleon, a nutraceutical venture with Nestlé India, and in-licensing deals for Toripalimab and Galvus. Management flagged that one key US product will face increased competition from February 2026, leading to an expected decline in sales and profits, which the company is preparing for through organic and inorganic measures. R&D spend was ₹27.4 Bn (8.4% of sales) with 73 ANDAs and 3 NDAs pending USFDA approval.
The annual report shows solid FY25 execution with strong margins and growth, but the explicit flag about a key US product losing exclusivity in Feb 2026 is a near-term headwind investors should watch. Overall, the diversified pipeline, ongoing acquisitions in consumer healthcare, and biosimilars progress support a medium-term growth story despite the upcoming US pricing pressure.