Welcome to our dedicated page for Dr Reddys Labs news (Ticker: RDY), a resource for investors and traders seeking the latest updates and insights on Dr Reddys Labs stock.
Dr. Reddy's Laboratories Limited reports news on its global pharmaceutical business, including APIs, generics, branded generics, biosimilars and OTC medicines. Company updates cover product approvals and launches in regulated markets, such as generic semaglutide in Canada and OTC ophthalmic products in the U.S., as well as biosimilar development, regulatory submissions and strategic partnerships.
Recurring coverage also includes IFRS financial results, segment trends across Global Generics and Pharmaceutical Services and Active Ingredients, and market activity in the USA, India, Russia and CIS countries, China, Brazil and Europe. Related research releases include Aurigene Oncology updates on oncology programs and targeted protein degradation platforms.
Dr. Reddy’s Laboratories has entered a definitive agreement to acquire several brands from Glenmark Pharmaceuticals, including Momat Rino and Glenspray, across Russia, Kazakhstan, Uzbekistan, and Ukraine. This acquisition aims to enhance Dr. Reddy’s anti-allergy product portfolio, leveraging the recent OTC registration of Momat Rino in Russia to improve patient access. The deal is subject to completion of certain actions and marks a strategic move into core markets.
Dr. Reddy’s Laboratories (NYSE: RDY) has launched Succinylcholine Chloride Injection USP, a generic equivalent of Quelicin®, approved by the USFDA. The new product comes in multiple-dose vials, with a concentration of 20 mg/mL. The Quelicin® market recorded U.S. sales of approximately $74.8 million over the last twelve months ending September 2020. The press release also includes a significant warning regarding the risk of cardiac arrest from hyperkalemic rhabdomyolysis in pediatric patients.
Dr. Reddy’s Laboratories (NYSE: RDY) announced promising preclinical data for E7777, an engineered IL-2-diphtheria toxin fusion protein, at the SITC 35th Anniversary Annual Meeting. The study revealed that E7777 demonstrated significant anti-tumor activity and improved survival rates in combination with an anti-PD-1 agent in murine models, outperforming monotherapy treatments. The company plans to move forward with clinical trials for this combination therapy, indicating potential advancements in immunotherapy for solid tumors.
Dr. Reddy’s Laboratories (NYSE: RDY) announced a partnership with the Biotechnology Industry Research Assistance Council (BIRAC) and the Department of Biotechnology (DBT) of India for advisory support on the clinical trials of the Sputnik V vaccine. This collaboration allows access to BIRAC's clinical trial centers and Good Clinical Laboratory Practice (GCLP) labs for immunogenicity testing. The approval for conducting phase 2/3 trials in India was granted by the Drugs Controller General of India earlier this month, bolstering efforts to introduce the vaccine in the Indian market.
Dr. Reddy's Laboratories Ltd. (NYSE: RDY) has appointed Parag Agarwal as Chief Financial Officer (CFO), effective December 1, 2020. Agarwal brings over 33 years of experience, including an impactful tenure at Reckitt Benckiser as CFO-Health. He has expertise in financial strategy, M&A, and operational improvements. Saumen Chakraborty, the current CFO, will retire on the same date but will remain as an Advisor during the transition. Agarwal's leadership aims to enhance the company's value for customers and patients.
Dr. Reddy’s Laboratories reported consolidated revenue of Rs. 4,897 Cr for Q2 FY21, an 11% QoQ and 2% YoY increase, with gross margin at 53.9%. EBITDA stood at Rs. 12,673 Cr, a decrease of 12% YoY but up 9% QoQ. Profit after tax decreased by 30% YoY to Rs. 7,623 Cr, while profit before tax rose 12% YoY. R&D expenses were 8.9% of revenue. The company experienced a cyber attack in October but is actively recovering. The demand for COVID-19 drugs, Avigan, and Remdesivir, contributed to growth, albeit at a slower recovery pace compared to pre-COVID levels.
Dr. Reddy’s Laboratories has re-launched OTC Famotidine Tablets USP, 10 mg and 20 mg, in the U.S. market after receiving USFDA approval. These tablets serve as generic equivalents of Pepcid AC®, helping to fill a therapy gap created by the withdrawal of Ranitidine. The Pepcid AC® brand generated approximately $211 million in U.S. sales in the twelve months ending August 2020. Available in various pack sizes, this move expands Dr. Reddy’s OTC Antacid portfolio, catering to customer needs and providing relief from heartburn and acid indigestion.
Dr. Reddy’s Laboratories Ltd. and the Russian Direct Investment Fund (RDIF) have received approval from the Drug Control General of India (DCGI) to conduct an adaptive phase 2/3 clinical trial for the Sputnik V vaccine in India. This multi-center study will focus on safety and immunogenicity. Dr. Reddy’s, in partnership with RDIF, is set to distribute 100 million doses of the vaccine upon regulatory approval. The trial aims to contribute to the global effort in combating COVID-19 and is part of a broader collaboration involving data from Russian clinical trials.
Dr. Reddy's Laboratories Ltd. (NYSE: RDY) will announce its second-quarter results for the period ending September 30, 2020, on October 28, 2020, following a board meeting. An earnings call will take place on the same day at 5:30 PM IST (8:00 AM EDT), with playback available until November 4, 2020. Details regarding the earnings call, including dial-in numbers and a link for pre-registration, have been provided. Dr. Reddy's operates in various therapeutic areas and markets worldwide, emphasizing innovation and affordability in pharmaceuticals.
Dr. Reddy’s Laboratories Ltd. (NYSE: RDY) has achieved a significant milestone by joining the Science Based Targets initiative (SBTi) to commit to a 55% reduction in Scope 1 and 2 greenhouse gas emissions by 2030, based on FY2017-18 metrics. This positions Dr. Reddy's as the first Indian and third Asian pharmaceutical company to adopt such ambitious environmental goals. The company has already reduced its Scope 1 emissions by 8.6% and Scope 2 emissions by 20.7% as of FY 2019-20, moving towards its climate targets.