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    Madhav Marda • Fidelity International

    Madhav Marda's questions to Dr Reddy's Laboratories Ltd (RDY) leadership

    Madhav Marda's questions to Dr Reddy's Laboratories Ltd (RDY) leadership • Q1 2026

    Question

    Madhav Marda from Fidelity International asked for an update on the biosimilar abatacept trial, the potential for cost savings, and the company's ability to sell its planned semaglutide capacity.

    Answer

    CEO Erez Israeli reported that the abatacept trial is progressing well, with a data readout expected in November 2025, targeting a launch in early calendar 2027. He explained that the company has 500-600 basis points of discretionary costs it can adjust post-lenalidomide. He also expressed high confidence in selling the entire 12 million pen capacity for semaglutide in FY27, citing the strategy to be first-to-market in many countries and the immense underlying demand for the product.

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    Madhav Marda's questions to Dr Reddy's Laboratories Ltd (RDY) leadership • Q4 2025

    Question

    Madhav Marda asked for an assessment of the generic semaglutide market opportunity in early-launch countries like Canada and Brazil, specifically focusing on how volumes might expand due to lower prices and increased supply.

    Answer

    CEO Erez Israeli sized the Canadian market at approximately $1.8 billion with high growth, noting significant room for volume expansion given the prevalence of the disease versus current usage. He confirmed Dr. Reddy's aims to be among the first to launch in Canada, India, and Brazil as IP permits, acknowledging the potential for the market to grow multiple times over.

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    Madhav Marda's questions to Dr Reddy's Laboratories Ltd (RDY) leadership • Q4 2024

    Question

    Madhav Marda asked for management's thoughts on potential long-term risks to the India business from the rise of organized pharmacy retail chains and a potential government push towards generic-generic drugs.

    Answer

    An unnamed executive and CEO Erez Israeli responded, expressing confidence that the branded generics business will remain dominant for the foreseeable future due to persistent concerns about quality and gaps in regulatory enforcement. They noted that organized retail is still a small part of the market. To counter these long-term trends, Dr. Reddy's strategy is increasingly focused on bringing true, patent-protected innovation to the Indian market.

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