BUZZ-India's Dr Reddy's Laboratories falls with key drug "nearing the cliff"

Reuters01-24 13:13
BUZZ-India's Dr Reddy's Laboratories falls with key drug "nearing the cliff"

** Shares of Dr. Reddy's Laboratories REDY.NS down 4.5% at 1,232 rupees, top loser on benchmark Nifty 50 .NSEI

** Co misses Q3 FY25 profit misses estimates and warns of drop in key product Lenalidomide's sales in H2 of FY26

** Lenalidomide is a generic of Bristol-Myers's cancer drug Revlimid

** Nuvama says "As gRevlimid is nearing the cliff, investor attention is focused on how DRL offsets the gRevlimid impact on earnings"; adds key product approvals is critical

** Already weak Lenalidomide sales of led to 11% sequential decline in REDY's Q3 North America sales

** Jefferies notes increased competition in North America

** Session's loss trims 12 month stock price gain to 5.07%

(Reporting by Ananta Agarwal in Bengaluru)

((Ananta.Agarwal@thomsonreuters.com))

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