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Revenue
₹8,753 Cr
verified against source
Revenue YoY
4.4%
reported change
EBITDA
₹2,049 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Dr. Reddy's Q3 FY26 revenue grew 4.4% YoY to INR 8,727 crore, with base business (ex-lenalidomide) delivering double-digit growth. EBITDA margin of 23.5% (24.8% adjusted for one-time labor code provision) declined 401bps YoY due to lower lenalidomide sales and pricing pressure. PAT fell 14% to INR 1,210 crore. India business surged 19% YoY driven by innovative portfolio, while North America generics declined 16% due to lenalidomide erosion. Semaglutide launch in India on track for March 21, with Canada approval expected by May. Abatacept BLA filed on schedule. Key risk: regulatory delays for biosimilars (Denosumab CRL, Rituximab re-inspection) could push U.S. launches beyond FY27.
Colored figures show movement against the previous available record.
Guidance to track
- Dr. Reddy's will launch generic Ozempic (diabetes) in India on March 21, with all strengths including oral Rybelsus.
- Health Canada response expected between end-February and May 2026, with launch preparation underway for Q4 or Q1.
- IV presentation BLA filed December 2025; approval expected around end-2026, with sub-Q filing in July 2026 and launch by Jan/Feb 2028.
- From Q4 FY26 onwards, without lenalidomide, global generics and PSAI gross margin expected in 50%-55% range.
Risks flagged
- Denosumab received CRL from FDA due to partner Alvotech's facility issues; Rituximab requires re-inspection. Both face delays of at least 6-12 months.
- CEO advised to assume zero lenalidomide revenue from Q4 FY26, which will impact overall revenue and margins.
- Management expects eventual competition in Canada and other markets, with pricing likely settling at lower end of $20-$70 range.
- SG&A as % of revenue remains elevated at 30% (ex-one-off); management expects growth to moderate but absolute level may not decline.
Key quotes
- Our underlying base business delivered overall a double-digit growth this quarter.
- I still believe that if we will get the approval, we have a good chance to be alone or even with the low level of numbers of players that will compete.
- You should assume that the old arrangement from Q4 is zero. Doesn't mean that it will not sell, but let's say just for another generic molecule.
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