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Dr Reddy receives final approval for gNuvaring

News: Dr Reddy's has received USFDA approval for VeraRing (generic for Merck's female contraceptive Nuvaring) for the US market. Dr Reddy's had received a complete response letter (CRL) from USFDA in 2019. Dr. Reddy's is the fourth company to launch generic for Nuvaring in US.

Views: The market size for gNuvaring in US is ~ US$800 million and offers a substantial peak sales opportunity for Dr Reddy's. US contributed 37% of total sales for Dr Reddy's in FY21. We estimate US will grow at CAGR of 7.7% over FY21-23E.

Impact: Positive