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Dr Reddys Laboratories Results: Latest Quarterly Results & Analysis

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Dr. Reddy's Laboratories Ltd. 12 May 2026 17:32 PM
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Q4FY26 & FY26 Result Announced for Dr. Reddy's Laboratories Ltd.

Pharmaceuticals company Dr. Reddy's Laboratories announced Q4FY26 & FY26 results

Consolidated Financial Highlights:

  • Revenues for Q4FY26 stood at Rs 75,162 million, representing a decline of 13.87% QoQ from Rs 87,268 million and a decrease of 11.64% YoY from Rs 85,060 million.
  • Gross Profit for Q4FY26 was Rs 33,691 million, a decrease of 28.02% QoQ from Rs 46,806 million and a decline of 28.72% YoY from Rs 47,263 million.
  • Profit Before Tax for Q4FY26 was Rs 1,991 million, a significant decline of 87.10% QoQ from Rs 15,429 million and 90.07% YoY from Rs 20,054 million.
  • Profit for the period (Net Profit) in Q4FY26 was Rs 2,205 million, reflecting a decrease of 81.46% QoQ from Rs 11,896 million and 86.11% YoY from Rs 15,873 million.
  • EBITDA for Q4FY26 stood at Rs 9,807 million, a decline of 52.14% QoQ from Rs 20,493 million and 60.37% YoY from Rs 24,749 million.
  • For FY26, Consolidated Revenues were Rs 3,35,933 million, a growth of 3.20% YoY compared to Rs 3,25,535 million in FY25.
  • Annual Consolidated Profit for the year FY26 was Rs 42,466 million, a decrease of 25.82% YoY from Rs 57,245 million in FY25.
  • Consolidated EBITDA For FY26 was Rs 76,595 million, a decrease of 16.86% YoY from Rs 92,133 million in FY25.

Standalone Financial Highlights:

  • Total Income for Q4FY26 was Rs 43,892 million, reflecting a decline of 5.47% QoQ from Rs 46,430 million and 26.57% YoY from Rs 59,773 million.
  • Revenue from Operations for Q4FY26 stood at Rs 38,220 million, down 10.76% QoQ from Rs 42,827 million and 31.30% YoY from Rs 55,629 million.
  • The company reported a Net Loss of Rs 2,194 million for Q4FY26, compared to a profit of Rs 906 million in Q3FY26 and a profit of Rs 12,007 million in Q4FY25.
  • For FY26, Standalone Total Income reached Rs 2,22,224 million, a decline of 7.86% YoY compared to Rs 2,41,188 million in FY25.
  • Annual Standalone Profit After Tax for FY26 was Rs 32,197 million, a decrease of 39.81% YoY from Rs 53,494 million in FY25.

Business Highlights:

  • Segment Performance:
    • Global Generics: This segment reported revenues of Rs 2,99,460 million for FY26, a growth of 3% YoY.
    • Pharmaceutical Services and Active Ingredients (PSAI): This segment reported revenues of Rs 42,672 million for FY26.
    • Others: This segment reported revenues of Rs 2,140 million for FY26.
  • Geographical Performance:
    • North America: Revenues were Rs 1,13,737 million, a decline of 22% YoY, impacted by lower Lenalidomide sales and a one-time Shelf Stock Adjustment (SSA).
    • Emerging Markets: Revenues reached Rs 67,608 million, a growth of 23% YoY. Within this, Russia revenues grew 34% YoY to Rs 34,800 million.
    • India: Revenues stood at Rs 62,186 million, a growth of 16% YoY.
    • Europe: Revenues reached Rs 55,501 million, reflecting a significant growth of 55% YoY.
  • Dividend: The Board of Directors recommended a final dividend of Rs 8 per equity share of face value Rs 1 each (800% of face value) for the year ended March 31, 2026.
  • Significant One-offs:
    • Recorded a Shelf Stock Adjustment (SSA) related to Lenalidomide of Rs 4,530 million as a reduction of revenue.
    • Recognized an impairment of CAR-T assets and Eftilagimod Alfa totaling Rs 2,277 million.
    • Provisions related to a VAT liability of Rs 1,141 million were recognized.
  • Labour Codes Impact: The company assessed the implications of the New Labour Codes and recognized an incremental cost of Rs 1,170 million towards employee benefits during FY26.
  • Launches: Launched generic Semaglutide Injection in India under the brand name ‘Obeda’ on the first day of market formation.

G V Prasad, Co-Chairman & MD, said: "Our performance this year reflects the impact of lower lenalidomide sales and several one-offs. The resilience of our branded businesses and currency tailwinds helped partially mitigate this impact. We remain focused on strengthening our base business and improving margins, through cost efficiencies and portfolio optimization. In parallel, we continue to build long-term franchises in biosimilars, consumer health and innovation to deliver sustainable value."

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Pharmaceuticals company Dr. Reddy's Laboratories announced Q3FY26 results

  • Revenue: Q3FY26 came in at Rs 87,268, rising 4.4% YoY but easing 0.9% QoQ.
  • Gross Margin: Q3FY26 gross margin was 53.6% (Rs 46,806), 510 bps lower YoY mainly due to lower Lenalidomide sales and an adverse mix.
  • EBITDA: Quarterly EBITDA reached Rs 20,493 (23.5% of sales), down 11% YoY.
  • Profit Before Tax (PBT): Q3FY26 PBT was Rs 15,429, translating to a 17.7% margin (-18% YoY; ?16% QoQ).
  • Profit After Tax (PAT): Q3FY26 PAT was Rs 12,098, equal to 13.9% of revenue.
  • Diluted Earnings per Share: Q3FY26 EPS: Rs 14.52 (not annualised).

G V Prasad, Co-Chairman & Managing Director, said: “Our growth in Q3FY26 was supported by continued momentum in our branded businesses; aided by favourable forex, thus offsetting the impact of lower Lenalidomide sales. We continue to focus on disciplined execution of our strategic priorities of base business growth, pipeline advancement, operational efficiencies, and select inorganic opportunities, to create long-term value for our stakeholders.”

Result PDF

Pharmaceuticals company Dr. Reddy's Laboratories announced Q2FY26 results

  • Revenue: Rs 88,051 million, change 9.8% YoY; 3% QoQ.
  • EBITDA: Rs 23,511 million for Q2FY26.
  • EBITDA Margin: 26.7% for Q2FY26.
  • PBT: Rs 18,350 million, change -4% YoY; -4% QoQ.
  • PAT: Rs 14,372 million, change 14% YoY; 1% QoQ.

G V Prasad, Co-Chairman & MD, said: "Growth in Q2 was driven by momentum in branded markets and steady contributions from the Nicotine Replacement Therapy (NRT) portfolio, which helped offset the decline in U.S. Lenalidomide sales. We remain focused on strengthening our core business, advancing key pipeline assets, driving productivity and Pursuing business development initiatives."

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Pharmaceuticals company Dr. Reddy's Laboratories announced Q1FY26 results

  • Revenues: Rs 85,452 million, change Up  by 11 % YoY.
  • EBITDA: Rs 22,784 million, with Margin of 26.7% of Revenues.
  • Profit before Tax: Rs 19,047 million, change Up by 1 % YoY; Down by 5% QoQ.
  • Profit after Tax: Rs 14,178 million attributable to Equity Holders, Up: 2% YoY; Down 11 % QoQ.

G V Prasad, Co-Chairman & MD, said: "We delivered double-digit growth this quarter over the same period last year, reflecting our strength in branded markets and positive momentum in the Nicotine Replacement Therapy portfolio. The pricing pressure on Lenalidomide is expected to intensify in the U.S. generics market. We remain focused on strengthening our base business by delivery of our pipeline assets, improving overall productivity and business development."

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Pharmaceuticals company Dr. Reddy's Laboratories announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenues rose 20% YoY to Rs 85,060 million in Q4FY25.
  • Gross margin declined to 55.6% vs 58.6% in Q4FY24.
  • SG&A expenses increased 17% YoY to Rs 24,055 million, flat QoQ.
  • R&D expenses stood at Rs 7,258 million (8.5% of revenues).
  • EBITDA reached Rs 24,749 million, at 29.1% of revenues.
  • Profit before tax rose 25% YoY to Rs 20,054 million.
  • PAT (attributable to equity holders) grew 22% YoY to Rs 15,939 million.

FY25 Financial Highlights:

  • Revenues grew 17% YoY to Rs 3,25,535 million in FY25.
  • Gross margin remained steady at 58.5% vs 58.6% in FY24.
  • SG&A expenses rose 22% YoY to Rs 93,870 million.
  • R&D expenses were Rs 27,380 million, forming 8.4% of revenues.
  • EBITDA stood at Rs 92,133 million, or 28.3% of revenues.
  • Profit before tax increased 7% YoY to Rs 76,784 million.
  • PAT (attributable to equity holders) rose 2% YoY to Rs 56,544 million.

G V Prasad, Co-Chairman & MD, said: "We achieved double-digit growth across our businesses, driven by successful product launches, increased revenues from key products in the U.S. and the integration of the acquired NRT business. We will continue to strengthen and grow our core businesses through portfolio management and operational excellence, while pursuing strategic partnerships and inorganic growth opportunities."

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Pharmaceuticals company Dr. Reddy's Laboratories announced Q3FY25 results

  • Revenue: Rs 83,586 million, change Up: 16% YoY, 4% QoQ.
  • Gross Margin: 58.7%for Q3FY25, compared to Q3FY24: 58.5% & Q2FY25: 59.6%.
  • EBITDA: Rs 22,982 million 27.5% of Revenues.
  • Profit before Tax: Rs 18,742 million Up: 3% YoY & Down: 2% QoQ.
  • Profit after Tax: Rs 14,133 million Up: 2% YoY & 13% QoQ.

G V Prasad, Co-Chairman & MD, Dr. Reddy's Laboratories, said: "We delivered double digit growth aided by our newly acquired NRT business, new launches and improved operational efficiencies. We remain committed to addressing patient needs by advancing healthcare through access, affordability and innovation."

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Pharmaceuticals company Dr. Reddy's Laboratories announced H1FY25 & Q2FY25 results

Q2FY25 Financial Highlights:

  • Revenues: Rs 80,162 million, change 17% YoY & 4% QoQ.
  • Gross Margin: 59.6%, Q2FY24: 58.7% & Q1FY25: 60.4%.
  • EBITDA: Rs 22,803 million, 28.4% of Revenues.
  • Profit before Tax: Rs 19,167 million, change 2% QoQ.
  • Profit after Tax: Rs 12,553 million, change -15% YoY & 10% QoQ.

H1FY25 Financial Highlights:

  • Revenues: Rs 156,889 million, change 15% YoY.
  • Gross Margin: 60.0%, H1FY24: 58.7%.
  • EBITDA: Rs 44,402 million, 2s.3% of Revenues.
  • Profit before Tax: Rs 37,988 million, change 1% YoY.
  • Profit after Tax: Rs 26,473 million, change -8% YoY.

Business Highlights:

  • Completed acquisition of the Nicotine Replacement Therapy ('NRT') portfolio outside of the United States and paid upfront cash consideration of GBP 458 million.
  • Operationalized, Dr. Reddy's and Nestle Health Science, in August 2024 to undertake the business of nutraceutical products and supplements in India and Nepal. 49% of the shares in the subsidiary were transferred to Nestle India.
  • Secured Marketing Authorization from the European Commission for our rituximab biosimilar, following a positive opinion from the C_HMP of the European Medicines Agency.
  • Received approval from the USFDA for Investigational New Drug (IND) application for AUR-112, a highly differentiated potent and selective inhibitor of MAL Tl, being developed for the treatment of lymphoid malignancies.
  • Entered into a non-exclusive patent licensing agreement with Takeda to commercialise Vonoprazan, a novel gastrointestinal drug, in India.

G V Prasad, Co-Chairman & MD, Dr. Reddy's Laboratories, said: "We delivered another good quarter and maintained the growth momentum across businesses. We made progress on our future growth drivers, operationalized our venture with Nestle, and completed the acquisition of Nicotinell® and related brands. We will continue to drive efficiency, strengthen our core businesses, and positively impact patient lives through science and innovation."

Result PDF

Pharmaceuticals company Dr. Reddy's Laboratories announced Q1FY25 results:

  • Revenues: Rs 76,727 million [Up: 14% YoY; 8% QoQ]
  • Gross Margin: 60.4% [Q1FY24: 58.7%; Q4FY24: 58.6%]
  • SG&A Expenses: Rs 22,691 million [Up: 28% YoY; 11% QoQ]
  • R&D Expenses: Rs 6,193 million [8.1% of Revenues]
  • EBITDA: Rs 21,599 million [28.2% of Revenues]
  • Profit before Tax: Rs 18,821 million [Up: 2% YoY; 18% QoQ]
  • Profit after Tax: Rs 13,920 million- [Down: 1% YoY; Up: 7% QoQ)

Commenting on the results, Co-Chairman & MD, G V Prasad said: "We had a good start to the new fiscal year and our growth & profitability was mainly driven by our generics business. We continue to strengthen our core businesses and have made strategic investments in biologics, consumer healthcare and innovation to drive patient impact and value creation."

Result PDF

Pharmaceuticals company Dr. Reddy's Laboratories announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Q4FY24 consolidated revenues at Rs 70.8 billion, YoY growth of 12%, and QoQ decline of 2%.
  • Gross Margin in Q4FY24 was at 58.6% (GG: 62.0%, PSAI: 28.6%), an increase of 140 basis points (bps) over the previous year and 7 bps sequentially. 
  • Selling, General & Administrative (SG&A) Expenses in Q4FY24 were Rs 20.5 billion, YoY increase of 14% and by 1 % QoQ
  • Research & Development (R&D) Expenses Q4FY24 were at Rs 6.9 billion. As % to Revenues - Q4FY24: 9.7% I Q3FY24: 7.7% I Q4FY23: 8.5%.
  • PBT: Q4FY24 at Rs 16.0 billion, YoY growth of 21 %, QoQ decline of 12%.
  • PAT: Q4FY24 at Rs 13.1 billion, YoY growth of 36%, QoQ decline of 5%
  • Diluted Earnings per Share (EPS): Q4FY24 is Rs 78.4
  • Earnings before Interest, Tax, Depreciation and Amortization (EBITDA): Q4FY24 at Rs 18.7 billion, YoY growth of 15% and QoQ decline of 11%. EBITDA margin is 26.4%.

FY24 Financial Highlights:

  • FY24 consolidated revenues at Rs 279.2 billion, YoY growth of 14%.
  • Gross Margin in FY24 was at FY24 at 58.6% (GG: 62.9%, PSAI: 23.2%). Gross margin increased by 193 bps YoY. 
  • Selling, General & Administrative (SG&A) Expenses in FY24 were Rs 77.2 billion, YoY increase of 13%.
  • Research & Development (R&D) Expenses FY24 were at Rs 22.9 billion. As % to Revenues - FY24: 8.2% I FY23: 7.9%.
  • PBT: FY24 at Rs 71.9 billion, an increase of 19%. As % to Revenues - FY24: 25. 7% I FY23: 24.6%.
  • PAT: FY24 at Rs 55.7 billion, a growth of 24%. As % to Revenues - FY24: 19.9% I FY23: 18.3%.
  • Diluted Earnings per Share (EPS): FY24 is Rs 334.0
  • Earnings before Interest, Tax, Depreciation and Amortization (EBITDA): FY24 at Rs 83.0 billion, a YoY growth of 14%. EBITDA margin is 29.7%.

Commenting on the results, Co-Chairman & MD, G V Prasad said: "Our growth and profitability in FY2024 has been driven by our performance in the US. We have also made significant progress on future growth drivers through licensing, collaboration and pipeline building. We will continue to strengthen our core businesses through superior execution as we invest and build the future growth drivers."

Result PDF

Pharmaceuticals company Dr. Reddy's Laboratories announced Q2FY24 results:

  • Revenues of Rs 68,802 million, up 9% YoY and 2% QoQ.
  • Gross Margin of 58.7%, compared to 59.1% in Q2FY23 and 57% in Q1FY24.
  • SG&A Expenses of Rs 18,795 million, up 13% YoY and 6% QoQ.
  • R&D Expenses of Rs 5,447 million, representing 7.9% of revenues.
  • EBITDA of Rs 21,813 million, accounting for 31.7% of revenues.
  • Profit before Tax of Rs 19,134 million, up 19% YoY and 4% QoQ.
  • Profit after Tax of Rs 14,800 million, up 33% YoY and 6% QoQ.

Commenting on the results, Co-Chairman & MD, G V Prasad said, "We delivered another quarter of strong results with highest ever sales and profits, driven by market share gains & momentum in our US generics business and robust growth in Europe. We are continuing to strengthen our pipeline both organically and through business development to drive growth and create differentiation."

 

Result PDF

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