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Dr. Reddy’s Laboratories (DRREDDY) investor relations material

Dr. Reddy’s Laboratories Q1 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 25/26 earnings summary23 Jul, 2025

Executive summary

  • Achieved 11% year-over-year revenue growth in Q1FY26, with broad-based performance and strong cash position, offset by softness and price erosion in the US generics segment.

  • Advanced key pipeline assets, expanded biosimilars through collaborations, and completed NRT business integration in Europe.

  • Underwent USFDA inspections at multiple sites, with Form 483 observations and a 'VAI' outcome for Middleburg.

  • Maintained leadership in ESG, being the only pharma company with a CDP Climate rating of 'A'.

  • Profit after tax attributable to equity holders was ₹14.2 billion, up 2% year-over-year.

Financial highlights

  • Consolidated revenue reached $997M/₹85.5B, up 11% year-over-year, flat sequentially; EBITDA margin at 26.7%.

  • Gross margin was 56.9%, down 350 bps YoY but up 134 bps sequentially; net income at $166M/₹14.2B, up 2% YoY.

  • SG&A expenses rose 13% YoY, mainly due to investments in consumer health and JV businesses.

  • R&D spend was $73M/₹6.2B, 7.3% of sales, flat YoY, down sequentially.

  • Free cash flow for the quarter was $51M/₹4.5B; net cash surplus at $341M/₹29.2B as of June 30, 2025.

Outlook and guidance

  • US generics expected to be flat to low single-digit growth, with recovery dependent on new launches and pricing pressure on Lenalidomide.

  • Semaglutide launch in Canada targeted for early 2026, with other markets following post-March.

  • Gross margins expected to remain at current levels for FY26; SG&A to be in the 28–30% range of sales.

  • R&D investments guided at 7–7.5% of sales for the full year.

  • Focus on strengthening core businesses, innovation, and operational efficiency.

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Q2 25/2624 Oct, 2025
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Frequently asked questions

Dr. Reddy’s Laboratories, an integrated pharmaceutical company worldwide, discovers, develops, manufactures and markets innovative branded generic pharmaceuticals and formulations in specialty areas primarily neurology and psychiatry. The company also markets and distributes products, including pharmaceutical intermediates and active pharmaceutical ingredients (APIs); animal health-related products; nutraceuticals/food supplements; and chemicals. The company offers a range of products comprising of tablets, capsules, fine granules, liquids and injectable pharmaceuticals, transdermal patches, ointments, creams, sprays and others. It markets its products through wholesalers and distributors to pharmacies, pharmacists and hospitals; chain drug stores; mass market retailers; e-commerce websites; government institutions; missionary organizations; etc.

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