U.S. market share gains and a large emerging-market presence should uphold Dr. Reddy's growth.
After recent greater-than-expected competition and price erosion in the generic drug industry, we’ve downgraded our moat rating for generic manufacturers under our coverage to none--including Teva, Mylan, Perrigo, Dr. Reddy, and Hikma--after reviewing our assumptions. We already had no-moat ratings for Endo and Mallinckrodt. The changes lead to small fair value estimate reductions for Perrigo, Dr. Reddy, and Hikma, but the change did not materially affect our valuations for Teva, Mylan, or Akorn...
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