Dr.Reddy’s is among the top losers on the BSE since morning. The stock price slipped over 4.5% to Rs.2774; it has recovered a bit but remains firmly in the red at Rs.2804 levels. The stock’s 10% LC for today is at Rs.2614.95.
The company was supposed to get a head-start, be the first one to launch the generic version of a pregnancy preventive in USA but another company, Amneal Pharma beat it – becoming the first to launch the product.
The first mover always gets an advantage and that is what Dr.Reddy’s lost out on, which is why the stock price is pummeled today.
Amneal got the US FDA approval for its abbreviated new drug application (ANDA) for EluRyng (etonogestrel/ethinyl estradiol vaginal ring). The branded birth control product will become the first generic version of NuvaRing to launch on the market.
NuvaRing’s annual sales in the U.S. stood at nearly $976 million for the 12 months ended Oct. 31, according to IQVIA, a healthcare data and analytics provider.
Apart from Dr.Reddy’s, Teva Pharma and Mayne Pharma have also applied for an approval.