Dr. Reddy's stock rises when the US dismisses Revelimid lawsuits
Revlimid, also known as lenalidomide, is an oral medication used to treat multiple myeloma and blood cancer.
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Dr Reddy's stock began higher on December 29 after all claims against the business in the Revlimid generic case were dropped in the United States.
The stock was trading at Rs 4,338.75 on the National Stock Exchange at 9:20 a.m., up 2%. The stock is down 11% for the year.
Dr. Reddy's, Celgene, Bristol-Myers Squibb, and numerous other generic pharmaceutical companies were accused of stifling competition and sharing a monopoly in the sale of generic Revlimid in the United States.
The plaintiffs "voluntarily removed Dr. Reddy's Laboratories Ltd. and Dr. Reddy's Laboratories, Inc. from the case on December 22 and December 27, respectively," according to the exchange filing.
Revlimid, commonly known as lenalidomide, is an oral cancer therapy used to treat multiple myeloma. According to IQVIA, Revlimid capsules generated roughly $2.58 billion in sales in the United States for the 12-month period ending June 2022.
Dr Reddy's reported a better-than-expected 12 percent year-on-year (YoY) improvement in consolidated net profit of Rs 1,113 crore in Q2FY23. The Hyderabad-based pharmaceutical company also reported a 9% growth in consolidated sales to Rs 6,306 crore from Rs 5,763 crore the previous year.
According to GV Prasad, Co-Chairman and Managing Director, the good financial performance in the current quarter was driven by the launch of Lenalidomide capsules in the US market.
