Dr. Reddy's Third-Quarter Results Show Continued Recovery Amid Price Erosion
Dr. Reddy's total revenue fell roughly 7% year over year during its fiscal third-quarter largely because of persistent U.S. market erosion and delayed product approvals, but a sequential improvement in revenue, gross margin, and cost containment led to a boost in results reported from earlier this fiscal year. In our view, Dr. Reddy's low-cost operations and branded international products should support management's expectations of keeping gross margins north of 55%, and we are keeping our fair ...Dr. Reddy's Laboratories is an integrated global pharmaceutical company committed to providing affordable and innovative medicines. Co. derives its revenues from the sale of finished dosage forms, active pharmaceutical ingredients and intermediates, development and manufacturing services provided to innovator pharmaceutical and biotechnology companies, and license fees from marketing authorizations for its products. Co.'s principal areas of operation are in global generics, pharmaceutical services and active ingredients, and proprietary products.
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