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Harith Ahamed

Research Analyst at Avendus Spark

Harith Ahamed is Director - Equity Research at Avendus Spark, specializing in pharmaceutical and healthcare equity research with deep coverage of leading Indian companies such as Dr. Reddy's Laboratories, Biocon Ltd, Granules India, and JB Chemicals & Pharmaceuticals. His analytical contributions have been central to performance discussions on earnings calls, and he is recognized for rigorous sector and company-specific analysis that highlights trends such as portfolio revenue growth and prescriber base expansion. With a career rooted at Avendus Spark—where he currently holds an advanced research post—Ahamed’s tenure has featured specialist insight into pharmaceutical portfolios, while his professional credentials include a direct affiliation with Avendus Spark and a verified analyst role on multiple investor relations platforms. Notable for his thoroughness and actionable insights, Ahamed is sought after by management teams for high-quality research input.

Harith Ahamed's questions to DR REDDYS LABORATORIES (RDY) leadership

Question · Q2 2026

Harith Ahamed questioned the specific challenges leading to the second unsuccessful PAI and CRL for Rituximab, the status of the Tocilizumab biosimilar program, and the extent to which cost reductions are reflected in the first half numbers.

Answer

CEO Erez Israeli stated Rituximab challenges are related to sterile plant design, are addressable, and an alternate line (FFM2) is available as backup, expressing confidence in eventual approval. He clarified Tocilizumab will be an India-only product. He confirmed cost reductions are already reflecting in numbers, helping maintain margins despite Revlimid decline, with full impact expected in coming quarters.

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Question · Q1 2026

Harith Ahamed of Avendus Spark inquired about the status of the generic liraglutide filing and the potential for patent-related hurdles for the semaglutide launch in Canada.

Answer

CEO Erez Israeli confirmed that liraglutide is in the pipeline and planned for launch in the coming quarters, noting they aim to be among the first to market for the Saxenda version. Regarding semaglutide in Canada, he clarified that there is no product patent; the key hurdles are the expiration of data exclusivity in January 2026 and securing regulatory approval. He did not foresee an IP situation in Canada that would prevent their launch.

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