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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Dr. Reddy's Laboratories / Equity Bottom-Up

<ul>
<li>Dr Reddy’s (DRRD) is going to acquire Haleon’s global portfolio of consumer healthcare brands (Northstar Switzerland) in the Nicotine Replacement Therapy (NRT) category outside of the US</li>
<li>The proposed acquisition will be inclusive of all formats such as lozenge, patch, and gum as well as pipeline products</li>
<li>The total consideration of GBP 500 mn (upfront cash of GBP 458 mn and performance-based contingent payments of ~GBP 42 mn) implies 2.3x EV/sales for CY23 (reported sales of GBP 217 mn in CY23 and ~4% CAGR over CY21-23)</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Dr Reddy’s (DRRD) is going to acquire Haleon’s global portfolio of consumer healthcare brands (Northstar Switzerland) in the Nicotine Replacement Therapy (NRT) category outside of the US
The proposed acquisition will be inclusive of all formats such as lozenge, patch, and gum as well as pipeline products
The total consideration of GBP 500 mn (upfront cash of GBP 458 mn and performance-based contingent payments of ~GBP 42 mn) implies 2.3x EV/sales for CY23 (reported sales of GBP 217 mn in CY23 and ~4% CAGR over CY21-23)

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dr Reddy’s Laboratories: To Acquire Global OTC Portfolio for Ex-US Market.

Global Healthcare Analyst

Tina Banerjee

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-reddy-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:16406:1" rel="noopener">Dr. Reddy's Laboratories (DRRD IN)</a> has signed a definitive agreement with <a href="https://www.smartkarma.com/entities/haleon-plc" target="_blank" data-smartkarma-citation="entities:36122:1" rel="noopener">Haleon (HLN LN)</a> to acquire latter’s global portfolio of consumer healthcare brands in the nicotine replacement therapy outside US.</li>
<li>The company will acquire the portfolio for a total consideration of £500M ($633M). In 2023, the portfolio generated ~£217M ($274M) revenue. Purchase consideration values the business at EV/sales of 2.3x.</li>
<li>The acquisition will not stretch the balance sheet as Dr. Reddy’s has a cash balance of $990M as on March 31, 2024. The transaction is expected to complete in 4Q24.</li>
</ul>



Dr. Reddy's Laboratories (DRRD IN) has signed a definitive agreement with Haleon (HLN LN) to acquire latter’s global portfolio of consumer healthcare brands in the nicotine replacement therapy outside US.
The company will acquire the portfolio for a total consideration of £500M ($633M). In 2023, the portfolio generated ~£217M ($274M) revenue. Purchase consideration values the business at EV/sales of 2.3x.
The acquisition will not stretch the balance sheet as Dr. Reddy’s has a cash balance of $990M as on March 31, 2024. The transaction is expected to complete in 4Q24.


Dr. Reddy's Laboratories (DRRD IN): Nicotinell Acquisition to Fortify Consumer Healthcare Business

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Motilal Oswal's research report onDr Reddy’s Labs Dr. Reddy’s Lab (DRRD) delivered 4QFY24 revenue in line with our estimate.</li><li>However, EBITDA was lower than expected due to higher SGA expenses and R&amp;D spending.</li><li>In addition to US generics/branded generics segments, DRRD is enhancing its offering through JVs/partnerships/acquisitions in nutraceuticals, vaccine, women’s health and dietary supplement space. Outlook We maintain our earnings estimates for FY25/FY26.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Motilal Oswal's research report onDr Reddy’s Labs Dr. Reddy’s Lab (DRRD) delivered 4QFY24 revenue in line with our estimate.However, EBITDA was lower than expected due to higher SGA expenses and R&amp;D spending.In addition to US generics/branded generics segments, DRRD is enhancing its offering through JVs/partnerships/acquisitions in nutraceuticals, vaccine, women’s health and dietary supplement space. Outlook We maintain our earnings estimates for FY25/FY26.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dr Reddy’s Labs - US/India Drive Earnings Growth

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>The US business reported sales of $391Mn (-3.0% QoQ), led by a lower base business of ~$245 Mn QoQ, gRevlimid ~$115 Mn QoQ, and acquisition business of $30-$35 Mn QoQ.</li><li>Ex-gRevlimid base business is impacted by higher price erosion and low volume offtake seasonally.</li><li>Major molecules like gSuboxone, gVascepa, gCiprodex, and gToprol are showing slightly low volume MS on a sequential business. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The US business reported sales of $391Mn (-3.0% QoQ), led by a lower base business of ~$245 Mn QoQ, gRevlimid ~$115 Mn QoQ, and acquisition business of $30-$35 Mn QoQ.Ex-gRevlimid base business is impacted by higher price erosion and low volume offtake seasonally.Major molecules like gSuboxone, gVascepa, gCiprodex, and gToprol are showing slightly low volume MS on a sequential business. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dr Reddy’s Laboratories Ltd - GRevlimid Revenue Topped Out

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-reddy-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:16406:1" rel="noopener">Dr. Reddy's Laboratories (DRRD IN)</a> reported 13% revenue growth to INR71.1B in Q4FY24. EBITDA climbed 15% to INR18.7B, while net profit zoomed 36% to INR13.1B.</li>
<li>North America revenue grew 29% YoY to INR32.6B, driven by increase in volumes of base business, contribution from new launches, integration of Mayne portfolio, partly offset by price erosion.</li>
<li>After adjusting for brand divestment, revenue from India increased 11% YoY. Gross margin improved 140bps YoY and 10bps QoQ to 58.6%, due to better product mix and cost savings.</li>
</ul>



Dr. Reddy's Laboratories (DRRD IN) reported 13% revenue growth to INR71.1B in Q4FY24. EBITDA climbed 15% to INR18.7B, while net profit zoomed 36% to INR13.1B.
North America revenue grew 29% YoY to INR32.6B, driven by increase in volumes of base business, contribution from new launches, integration of Mayne portfolio, partly offset by price erosion.
After adjusting for brand divestment, revenue from India increased 11% YoY. Gross margin improved 140bps YoY and 10bps QoQ to 58.6%, due to better product mix and cost savings.


Dr. Reddy's Laboratories (DRRD IN): Q4 Result- Sequentially Weak Quarter; Time to Book Profit

India

Dr. Reddy's Laboratories Limited provides a complete range of pharmaceutical services. The Company manufactures bulk drugs and formulations including verapamil and cephalexin. The Company also manufactures and exports molecules such as norfloxacin, ciprofloxacin, and varieties of semi-synthetic penicillin. The Company markets its products in India and around the world.

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Dr. Reddy's Laboratories (DRRD IN)

Dr Reddy’s Laboratories: To Acquire Global OTC Portfolio for Ex-US Market.

Dr Reddy’s (DRRD) is going to acquire Haleon’s global portfolio of consumer healthcare brands (Northstar Switzerland) in the Nicotine Replacement...

HDFC Securities