Monday, November 17, 2008

>Dr Reddy (JP Morgan)

We recently hosted the management of Dr Reddy’s as part of our India
Conference 2008. Key takeaways from the various investor meetings are
as follows:
• Generics pipeline remains strong; CIS business robust: Dr Reddy’s
reiterated a strong growth pipeline in the US as demonstrated by the
ANDA pipeline. The company had 66 ANDAs waiting approval from
the US FDA as of October 2008. The company maintained that the CIS
business remains robust with receivables under control from that
particular region.
• AOK tender results expected some time in November end; market
to become more competitive: The company expects the AOK tender
results to come out some time in November end. The AOK tender
addresses around 60 molecules and approximately 40% of the German
market. While management remains hopeful of some wins in the AOK
tender, the company expects price competition to remain severe in
Germany. The company did not give any guidance for Betapharm
profitability for next year.

Read the full report here Dr Reddy (JP Morgan)