DRREDDY / Q4-FY25 / claim-ledger

Audit the questions that mattered.

Dr. Reddy's Laboratories · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ4-FY25 · 2025-04-30Back to quarter ↗

Questions audited

12

Answered directly

71%

Numeric claims

5

Consistency

contradicted

Question ledger

What was answered, and how?

Neha Manpuria · Bank of America

evasive

Impact of potential US tariffs on generics and mitigation factors.

I wish I knew when and how much tariff will come. We are preparing ourselves for the scenarios... The main activity as we speak is to work closely with our customers and see what they need in terms of inventories...

Neha Manpuria · Bank of America

direct

Would customers absorb tariff impact?

My sense is nobody wants to absorb the tariff. Yeah. Decided not to find any player that said, 'Yeah, I would love to absorb.' No.

Neha Manpuria · Bank of America

partial

Cost flexibility after REVLIMID patent cliff to achieve 25% margins.

R&D and edge SG&A will be in the similar zone. I think edge SG&A now is like somewhere 28% of the sales. R&D, 18% would be in the similar zone.

Kunal Dhamesha · Macquarie Group

direct

Reason for QoQ gross margin decline despite revenue growth.

One-off cost... as part of the manufacturing overhead... our out-licensing income is lower. That will have a direct impact on the gross margin that's where like a 300 basis points is lower in this quarter.

Kunal Dhamesha · Macquarie Group

partial

Quantify severance cost one-time impact.

That is not—we will not give, but it's not a very small amount... Overall, it has impacted 0.8% out of 80 basis points out of 300 basis points.

Kunal Dhamesha · Macquarie Group

direct

Update on GLP-1 and abatacept products.

We are gearing up to launch it during calendar 2026 in all the markets that the IP landscape will allow us to launch... As for abatacept, so far so good. We are deep into the phase III...

Madhav Marda · Fidelity

direct

Sizing of generic semaglutide opportunity in Canada and other markets.

The market price is around $1.8 billion, which suggests that it's around, give or take, 10 million pens... The CAGR is big... somewhere between 28% to 39%.

Amey Chalke · JM Financial

partial

US price erosion and business performance excluding REVLIMID.

The price erosion is like on year-over-year basis. In the U.S., I think the price erosion is very stable... much lower as compared during FY 2025 compared to FY 2024.

Bino Pathiparampil · Elara Capital

direct

Confirmation of double-digit growth and margin maintenance in FY26.

Yes. That's what I heard.

Tushar Manudhane · Motilal Oswal

direct

Growth prospects for Europe ex-NRT.

Europe is a growing area for us. We are planning to grow by first of all, we are expanding to more countries. We are launching more products... biosimilars... NRT business.

Surya Patra · PhillipCapital

partial

Visibility on R&D spend growth and pipeline buildup.

R&D investments have been increasing in biosimilars, like abatacept is in phase III... GLP-1s... complex molecules and require a lot of investment.

Krishnendu Saha · Quantum Mutual Fund

partial

NRT revenue run-rate and REVLIMID quarterly distribution.

Yeah. It's supposed to. Yeah. Suddenly. Give or take. Give or take, that would be the range.