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Investing.com - Jefferies has raised the price target on Dr. Reddy’s Laboratories Ltd. (DRRD:IN) (NYSE:RDY) to INR1,100.00 from INR1,010.00 while maintaining an Underperform rating on the stock.
The price target adjustment follows Dr. Reddy’s first-quarter results, which Jefferies reports missed estimates due to lower U.S. sales. The firm notes the performance was impacted by a quarter-over-quarter decline in gRevlimid and base business.
While other markets performed in line with expectations, Jefferies points out that SG&A costs and R&D spending remained elevated during the quarter.
The firm identifies two important upcoming events for Dr. Reddy’s: gOzempic approval in Canada expected in October 2025 and U.S. filing for Abatacept by the end of 2025.
Jefferies acknowledges it has built timely launch and meaningful sales projections for both gOzempic and Abatacept into its models, while noting these assumptions carry execution risks for the future.
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