Dr. Reddy's Laboratories
) recently launched its generic version of
) pulmonary arterial hypertension (PAH) drug, Revatio
(sildenafil) tablets. We note that Dr. Reddy's is not the only
company to launch a generic version of Revatio. Earlier this
) had launched its generic version of the drug.
Apart from Mylan and Dr. Reddy's,
) also gained approval for its generic version of Revatio. Watson
Pharma intends to launch its product shortly.
According to IMS Health, US sales of Revatio tablets in the 12
months ending September 30, 2012, were $338.7 million. While
Revatio tablets lost exclusivity in September 2012, Revatio
intravenous injection is slated to lose exclusivity in May
During the second quarter of fiscal 2013, Dr. Reddy's launched
4 new generic products and filed 4 abbreviated new drug
applications (ANDAs) with the US Food and Drug Administration
Dr. Reddy's generics division delivered a strong performance
in North America (47%) in the second quarter of fiscal 2013.
Generics revenues were driven by limited competition for the
company's generic versions of Pfizer's Geodon (ziprasidone),
Astellas Pharma's Prograf (tacrolimus),
) Arixtra (fondaparinux) and
) Plavix (clopidogrel). Revenues were also boosted by products
from the Shreveport facility and the ramp-up in the antibiotics
We currently have an Outperform recommendation on Dr. Reddy's,
which carries a Zacks #1 Rank (short term 'Strong Buy' rating).
We are pleased with Dr. Reddy's geographic reach and product
depth along with the robust generic product pipeline. We expect
the US generics business to continue performing well in the
coming quarters. Other generic companies like Mylan and Watson
Pharma currently carry a Zacks #2 Rank (short-term 'Buy' rating).
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