Full Transcript: Dr Reddy's Laboratories Q4 2026 Earnings Call

Dr Reddy's Laboratories (NYSE: RDY ) released fourth-quarter financial results and hosted an earnings call on Tuesday.

Read the complete transcript below.

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The full earnings call is available at Summary Dr.

Reddy's Laboratories Ltd reported resilient operating performance for FY26 with record annual revenues, despite product-specific challenges and one-time impacts.

The company faced a sales stock adjustment related to Lenalidomide, impacting revenues by 453 crores, and incurred additional provisions and impairments totaling over 300 crores.

Excluding these adjustments, the adjusted revenue for the quarter was 7,969 crores, showing a year-over-year decline of 6%, mainly due to lower Lenalidomide sales.

The gross margin was affected by price erosion in unbranded generics, but the company expects margins to improve over 50% in FY27 with ongoing cost efficiencies.

Strategic progress was made with regulatory approval of Semaglutide in Canada and India, and the US FDA acceptance of a biosimilar candidate for review.

The company launched 25 new products in North America and 49 in emerging markets during the quarter.

Dr.

Reddy's remains focused on strengthening its core business while driving future growth in biosimilars, peptides, and consumer health.

Management is optimistic about maintaining growth momentum in its base business and achieving a 24-25% effective tax rate for FY27.

Full Transcript Aishwarya Sita Ram, Head of Investor Relations Good day everyone and welcome to the quarter four full year FY26 earnings call of Dr.

Reddy's Laboratories Ltd.

I'm Aishwarya Sita Ram, Head of Investor Relations at Dr.

Reddy's.

Joining us today are members of the leadership team, Mr.

Erez Israeli, our Chief Executive Officer, and Mr.

M.V.

Narasim, our Chief Financial Officer.

Our quarterly financial results have been published earlier today and are available on our website.

For your reference, we will start today's call with MVN providing an overview of our financial performance for the quarter as well as the year.

Following that, Erez will share his insights on key business highlights as well as the company's strategic outlook.

We will then open the floor for questions.

All commentary and analysis during this call are based on our IFRS consolidated financial statements.

Please note that certain non-GAAP financial measures may also be discussed, including reconciliations to the corresponding GAAP measures are included in our press release.

I would like to remind everyone that the safe harbor provisions outlined in today's press release apply to all forward-looking statements made during this call.

Before we proceed, I would like to call on a few housekeeping points.

All participants will be in the listen-only mode during the opening remarks.

Should you need any technical assistance during the call, please use the chat function in your Zoom application.

The chat, however, will not be monitored for any questions to the management.

The session is being recorded and both the audio and transcript will be made available on our website.

Please note that this call is the proprietary material of Dr.

Reddy's Laboratories Ltd. and may not be rebroadcasted or quoted in any media or public forum without prior written consent from the company.