Dr. Reddy's Laboratories Healthy Performance
Hyderabad-based Dr Reddy’s Laboratories is a global pharmaceutical company committed to providing access to affordable and innovative medicines
Driven by the philosophy of ‘Good Health Can’t Wait’, Dr Reddy’s Laboratories offers a portfolio of products and services including active pharmaceutical ingredients (API), generics, branded generics, biosimilars and over the counter (OTC). It’s major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Dr Reddy’s Laboratories’ major markets are the US, India, Russia & the CIS countries, China, Brazil and Europe.
The company returns to the top 20 MRC list after a gap of a few years based on high scores across parameters like financial growth plan, trustworthy leadership, corporate social responsibility (CSR) and Environment, Social, Governance (ESG) initiatives, among others.
As a company with a history of deep science that has led to several industry firsts, it continues to plan ahead and invest in businesses of the future. As an early adopter of sustainability and ESG actions, the company had released its first Sustainability Report way back in 2004. The current ESG goals of the company aim to set the bar high in environmental stewardship, access and affordability for patients, diversity, and governance.
Healthy Growth
FY23 was an exciting year for the company, K. Satish Reddy, Chairman, Dr Reddy’s Laboratories told the shareholders. The company achieved significant growth in sales, profits and generated a healthy cash flow driven by the opportunity in the US, he added. Overall, the revenue for FY23 stood at Rs 24,588 crore ($2.99 billion), having grown 15 per cent over the previous year. The EBITDA margin for the year was at nearly
30 per cent of its revenue, much ahead of the company’s aspirational target of 25 per cent.
In FY23, company’s North America generics business as well as its branded generics (India and Emerging Markets) business became billion-dollar businesses for the second year in a row.
It also completed the integration of the cardiovascular brand Cidmus acquired from Novartis in India, besides acquiring Mayne Pharma’s generic prescription portfolio in the US and Eton Pharma’s branded and generic injectable products in the US. It also divested certain non-core brands in India to help the company consolidate and strengthen its core as it aims to be among the top five in India
