Dr. Reddy's Laboratories Ltd. (RDY - Analyst Report) recently announced that the launch of its bioequivalent generic version of Novartis AG’s (NVS - Analyst Report) Zometa (zoledronic acid 4 mg/5 mL) Injection in the US.
Zometa is indicated for the treatment for hypercalcemia of malignancy. It is also used to reduce and delay bone complications due to multiple myeloma and bone metastases from solid tumors. Zometa is used with anti-cancer medicines. Zometa sales in 2012 were $1.3 billion.
Dr. Reddy's had received tentative approval for the Abbreviated New Drug Application (ANDA) for the generic version of Zometa from the US FDA (Food and Drug Administration) in Sep 2011.
In Jan 2013, Dr. Reddy's launched its generic version of Merck & Co., Inc.’s (MRK - Analyst Report) Clarinex Reditabs (desloratadine 2.5 mg and 5 mg) in the US. Clarinex Reditabs is indicated for the treatment of seasonal allergic rhinitis, perennial allergic rhinitis and chronic idiopathic urticaria. According to IMS Health, Clarinex Reditabs generated US revenues of approximately $5.3 million for the 12 months ending Nov 2012.
Dr. Reddy’s has a robust generic product pipeline. Dr. Reddy’s has 65 ANDAs pending approval with the FDA, of which 35 are Para IV filings and 8 are first-to-file. Revenues of the Global Generics segment were up 24% year over year to $380 million in 2012. Strong sales in North America and in other market territories were primarily responsible for the growth displayed by the Global Generics division.
The stock carries a Zacks Rank #3 (Hold). Another generic player, Mylan Inc. (MYL - Analyst Report) carries a Zacks Rank #2 (Buy).