Dr Reddys Lab - Announces launch of Moxifloxacin HCL tablets in US - Angel Broking

Dr. Reddy's Laboratories announced that it has launched Moxifloxacin Hydrochloride Tablets, 400 mg, a therapeutic equivalent generic version of Avelox® (moxifloxacin HCl) tablets 400 mg in the US market on March 04, 2014, following the approval by the United States Food & Drug Administration (USFDA). The Avelox® (moxifloxacin HCl) tablets brand had U.S. sales of approximately US $195Mn for the most recent twelve months ending in December 2013 according to IMS Health. Currently the competition for the drug is low, with only two other generic players i.e Teva and Aurobindo Pharma with approvals. We expect the DRL, to post sales and net profit of US 20mn and US5mn respectively.

We maintain our accumulate rating on the stock with a target price of Rs. 3008.

Source : Equity Bulls

Keywords