印度制药商Dr Reddy’s Laboratories Ltd（德莱药业）周五公布，9月季度净利润同比下降36%至913.4亿卢比，上年同期为1426.8亿卢比。不过，净利润高于CNBC-TV18调查预估的650.8亿卢比。
Drugmaker Dr Reddy’s Laboratories Ltd on Friday reported a 36% year-on-year decline in net profit to ₹913.4 crore for the September quarter, compared with ₹1,426.8 crore a year ago. However, net profit was above the CNBC-TV18 poll estimate of ₹650.8 crore.
营收同比下降1.5%至8671亿卢比，上年同期为8805.1亿卢比，但环比增长7%。公司第二季度营收超过CNBC-TV18调查预估的8409亿卢比。2027财年上半年，合并营收同比增长3.5%至16740亿卢比。
Revenue declined 1.5% year-on-year to ₹8,671 crore from ₹8,805.1 crore, but rose 7% quarter-on-quarter . The company’s Q2 revenue exceeded the CNBC-TV18 poll estimate of ₹8,409 crore. For the first half of FY27, consolidated revenue grew 3.5% YoY to ₹16,740 crore.
营收增长受影响主要是因为北美地区来那度胺销售下降。除北美来那度胺外的基础核心业务持续在各业务板块实现两位数增长，欧洲和活性药物成分除外，有利的汇率变动提供了额外支撑。
Revenue growth was affected primarily by lower lenalidomide sales in North America. The underlying base business, excluding lenalidomide in North America, continued to deliver double-digit growth across businesses, except Europe and active pharmaceutical ingredients , with favourable currency movements providing additional support.
息税折旧摊销前利润（EBITDA）同比下降24.2%至1783亿卢比，上年同期为2351.1亿卢比。不过，该数字显著高于CNBC-TV18调查预估的1192.6亿卢比。
Earnings before interest, tax, depreciation and amortisation fell 24.2% YoY to ₹1,783 crore from ₹2,351.1 crore. However, the figure was significantly above the CNBC-TV18 poll estimate of ₹1,192.6 crore.
EBITDA利润率从上年同期的26.7%降至9月季度的20.6%，但高于CNBC-TV18调查预估的14.2%。全球仿制药全球仿制药营收在2027财年第二季度同比下降0.7%至779亿卢比，环比增长8%。该板块占季度合并营收的90%。2027财年上半年，全球仿制药营收同比下降2.7%至1499亿卢比，同样占合并营收的90%。
The EBITDA margin declined to 20.6% in the September quarter from 26.7% a year ago, but was higher than the CNBC-TV18 poll estimate of 14.2%.Global GenericsGlobal Generics revenue declined 0.7% YoY to ₹77.9 billion in Q2 FY27, while growing 8% QoQ. The segment accounted for 90% of consolidated revenue during the quarter. For H1 FY27, Global Generics revenue declined 2.7% YoY to ₹149.9 billion , also accounting for 90% of consolidated revenue.
品牌业务（包括印度、新兴市场以及收购的尼古丁替代疗法消费者健康产品组合）在2027财年第二季度占合并营收的53%，上半年占52%。北美北美营收在2027财年第二季度同比下降23%至249亿卢比，但环比增长13%。2027财年上半年，营收同比下降29%至469亿卢比。
Branded businesses, comprising India, Emerging Markets and the acquired consumer health portfolio in Nicotine Replacement Therapy , accounted for 53% of consolidated revenue in Q2 FY27 and 52% in H1 FY27. North AmericaNorth America revenue declined 23% YoY to ₹24.9 billion in Q2 FY27 but increased 13% QoQ. For H1 FY27, revenue fell 29% YoY to ₹46.9 billion .
降幅主要归因于来那度胺销售下滑。公司在本季度于北美推出了六款新产品，使2027财年上半年产品发布总数达到12款。本季度公司向美国食品药品监督管理局提交了五份新的简略新药申请，使2027财年上半年申请总数达到10份。截至2026年9月30日，共有80份申请待美国食品药品监督管理局批准。这些申请包括77份简略新药申请，其中46份为第四段申请，其中27份可能具有“首家申请”地位，以及三份根据第505条款提交的新药申请，其中包括一份第四段申请。
The decline was largely attributable to lower lenalidomide sales. The company launched six new products in North America during the quarter, taking the total to 12 product launches in H1 FY27. It filed five new Abbreviated New Drug Applications with the US Food and Drug Administration during Q2, bringing the H1 FY27 total to 10. As of September 30, 2026, 80 filings were pending USFDA approval. These comprised 77 ANDAs, including 46 Paragraph IV applications, of which 27 may have a “First to File” status, and three New Drug Applications filed under Section 505, including one Paragraph IV application.
新兴市场2027财年第二季度，新兴市场收入同比增长24%、环比增长12%至206亿卢比，占合并收入的24%。2027财年上半年，收入同比增长23%至389亿卢比，占合并收入的23%。增长主要得益于各市场的新产品发布及有利的汇率变动。
Emerging MarketsEmerging Markets revenue grew 24% YoY and 12% QoQ to ₹20.6 billion in Q2 FY27, accounting for 24% of consolidated revenue. For H1 FY27, revenue increased 23% YoY to ₹38.9 billion , representing 23% of consolidated revenue. Growth was largely driven by new product launches across markets and favourable foreign exchange movements.
2027财年第二季度，俄罗斯收入同比增长15%、环比增长12%至101亿卢比。2027财年上半年，收入同比增长21%至191亿卢比。增长得益于收购、涨价及有利的货币变动。
Russia revenue increased 15% YoY and 12% QoQ to ₹10.1 billion in Q2 FY27. For H1 FY27, revenue grew 21% YoY to ₹19.1 billion . Growth was supported by acquisitions, price increases and favourable currency movements.
其他独联体国家和罗马尼亚的收入在2027财年第二季度同比增长13%、环比增长21%至26亿卢比。2027财年上半年，收入同比增长12%至48亿卢比。有利的货币变动是主要增长驱动力。
Revenue from other Commonwealth of Independent States countries and Romania rose 13% YoY and 21% QoQ to ₹2.6 billion in Q2 FY27. For H1 FY27, revenue increased 12% YoY to ₹4.8 billion . Favourable currency movements were the key growth driver.
世界其他地区收入在2027财年第二季度同比增长44%、环比增长11%至79亿卢比。2027财年上半年，收入同比增长43%至150亿卢比。增长由各国新产品发布带动，并得到有利汇率变动的支持。红迪实验室在2027财年第二季度于新兴市场推出了27款新产品，使2027财年上半年新产品发布总数达到70款。印度2027财年第二季度，印度收入同比增长17%、环比增长8%至185亿卢比，占合并收入的21%。2027财年上半年，收入同比增长17%至357亿卢比，同样占合并收入的21%。
Rest of the World revenue rose 44% YoY and 11% QoQ to ₹7.9 billion in Q2 FY27. For H1 FY27, revenue increased 43% YoY to ₹15 billion . Growth was led by new product launches across countries, supported by favourable currency movements. Dr Reddy’s launched 27 new products across Emerging Markets during Q2 FY27, taking the H1 FY27 total to 70. IndiaIndia revenue increased 17% YoY and 8% QoQ to ₹18.5 billion in Q2 FY27, accounting for 21% of consolidated revenue. For H1 FY27, revenue rose 17% YoY to ₹35.7 billion , also accounting for 21% of consolidated revenue.
增长得益于新品牌上市、价格上调、销量增长以及近期收购的产品组合贡献。
Growth was driven by new brand launches, price increases, volume growth and contributions from recently acquired portfolios.
根据IQVIA发布的2026年9月数据，在移动季度总计（MQT）基础上，Dr Reddy's在印度制药市场排名第八；在移动年度总计（MAT）基础上排名第九。公司持续跑赢大盘，在MQT基础上，二级销售增长21%，而印度制药市场（IPM）增长14.7%。在MAT基础上，二级销售增长19.4%，而IPM增长13.2%。公司在2027财年第二季度在印度推出了四个新品牌，使2027财年上半年新品牌总数达到11个。
According to IQVIA data published for September 2026, Dr Reddy’s ranked eighth in the Indian Pharmaceutical Market on a Moving Quarterly Total basis and ninth on a Moving Annual Total basis. The company continued to outperform the market, with secondary sales growth of 21% against IPM growth of 14.7% on an MQT basis. On an MAT basis, secondary sales grew 19.4%, compared with IPM growth of 13.2%. The company launched four new brands in India during Q2 FY27, taking the total to 11 for H1 FY27.
欧洲欧洲收入同比增长1%，但环比下降3%，至139亿卢比，占合并收入的16%。2027财年上半年，收入同比增长7%至284亿卢比，占合并收入的17%。
EuropeEurope revenue increased 1% YoY but declined 3% QoQ to ₹13.9 billion in Q2 FY27, accounting for 16% of consolidated revenue. For H1 FY27, revenue grew 7% YoY to ₹28.4 billion , representing 17% of consolidated revenue.
新仿制药产品上市带来的收入和有利的汇率变动部分抵消了仿制药的定价压力。NRT收入下降，主要是由于整合后运营模式变更的持续影响，正如2027财年第一季度所报告的那样。
Revenue from new generic product launches and favourable currency movements partly offset pricing pressure in generics. NRT revenue declined primarily due to the continuing effect of an operating model change following integration, as reported in Q1 FY27.NRT revenue declined 6% YoY and was flat QoQ at ₹6.6 billion in Q2 FY27.
2027财年第二季度，NRT收入同比下降6%，环比持平，为66亿卢比。2027财年上半年，NRT收入同比下降4%至131亿卢比。
For H1 FY27, NRT revenue fell 4% YoY to ₹13.1 billion .
2027财年第二季度，德国收入同比下降1%，环比下降3%至39亿卢比。2027财年上半年，德国收入同比增长12%至80亿卢比。
Germany revenue declined 1% YoY and 3% QoQ to ₹3.9 billion in Q2 FY27. For H1 FY27, Germany revenue increased 12% YoY to ₹8 billion .UK revenue grew 24% YoY but declined 16% QoQ to ₹1.9 billion in Q2 FY27.
2027财年第二季度，英国收入同比增长24%，但环比下降16%至19亿卢比。2027财年上半年，收入同比增长29%至43亿卢比。
For H1 FY27, revenue rose 29% YoY to ₹4.3 billion .
2027财年第二季度，欧洲其他地区收入同比增长20%，但环比下降2%至15亿卢比。2027财年上半年，收入同比增长24%至30亿卢比。
Revenue from the rest of Europe increased 20% YoY but declined 2% QoQ to ₹1.5 billion in Q2 FY27. For H1 FY27, revenue grew 24% YoY to ₹3 billion .
公司在2027财年第二季度在欧洲推出了六款新产品，使2027财年上半年新产品总数达到30款。医药服务与活性成分2027财年第二季度，医药服务与活性成分收入同比下降12%，环比下降2%至83亿卢比。
The company launched six new products in Europe during Q2 FY27, taking the total to 30 for H1 FY27. Pharmaceutical Services and Active IngredientsPharmaceutical Services and Active Ingredients revenue declined 12% YoY and 2% QoQ to ₹8.3 billion in Q2 FY27.
2027财年上半年，营收同比下降5%至168亿卢比。原料药业务销量下降，部分被合同开发与生产组织业务两位数的增长以及有利的汇率变动所抵消。雷迪博士在2027财年第二季度全球范围内提交了28份药物主文件，使2027财年上半年的总数达到66份。毛利率2027财年第二季度毛利率为52.1%，同比下降254个基点，但环比上升562个基点。
For H1 FY27, revenue fell 5% YoY to ₹16.8 billion .Lower volume uptake in the API business was partly offset by double-digit growth in the contract development and manufacturing organisation business and favourable currency movements. Dr Reddy’s filed 28 Drug Master Files globally during Q2 FY27, taking the total to 66 for H1 FY27. Gross MarginsGross margin stood at 52.1% in Q2 FY27, down 254 basis points YoY but up 562 bps QoQ.
该毛利率由全球仿制药业务的56.2%和原料药及服务业务（PSAI）的11.8%构成。2027财年上半年，毛利率为49.4%，同比下降635个基点，其中全球仿制药业务为54%，PSAI为1.1%。9月季度和2027财年上半年毛利率下降，主要原因是北美地区来那度胺销售额下降。公司还表示，2027财年第一季度的利润率受到司美格鲁肽原料药相关影响。
The margin comprised 56.2% for Global Generics and 11.8% for PSAI. For H1 FY27, gross margin was 49.4%, down 635 bps YoY, with Global Generics at 54% and PSAI at 1.1%.The decline in gross margin for both the September quarter and the first half of FY27 was primarily due to lower lenalidomide sales in North America. The company also stated that Q1 FY27 margins were affected by the semaglutide API-related impact.
销售、一般及行政费用2027财年第二季度，销售、一般及行政费用同比增长6%至281亿卢比，但环比下降3%。2027财年第二季度，SG&A费用占营收的32.4%，而2026财年第二季度为30%，2027财年第一季度为35.7%。2027财年上半年，SG&A费用同比增长9%至569亿卢比。占营收的比例方面，2027财年上半年这些费用为34%，而2026财年上半年为30%。
Selling, General and Administrative ExpensesSelling, general and administrative expenses increased 6% YoY to ₹28.1 billion in Q2 FY27, but declined 3% QoQ. SG&A expenses accounted for 32.4% of revenue in Q2 FY27, compared with 30% in Q2 FY26 and 35.7% in Q1 FY27. For H1 FY27, SG&A expenses rose 9% YoY to ₹56.9 billion . As a percentage of revenue, these expenses stood at 34% in H1 FY27, compared with 30% in H1 FY26.
SG&A费用同比增加，主要归因于人员成本上升（包括加薪）、不利的汇率变动，以及中东危机导致供应链中断而推高的对外运费。研发费用2027财年第二季度，研发费用同比下降16%、环比下降9%至52亿卢比。研发费用占营收的6%，而2026财年第二季度为7%，2027财年第一季度为7.1%。2027财年上半年，研发费用同比下降12%至110亿卢比，占营收的6.6%，而2026财年下半年为7.2%。
The YoY increase in SG&A expenses was primarily attributable to higher personnel costs, including increments, adverse currency movements and elevated outward freight costs due to supply chain disruptions arising from the Middle East crisis. Research and Development ExpensesResearch and development expenses declined 16% YoY and 9% QoQ to ₹5.2 billion in Q2 FY27. R&D expenses accounted for 6% of revenue, compared with 7% in Q2 FY26 and 7.1% in Q1 FY27. For H1 FY27, R&D expenses fell 12% YoY to ₹11 billion , accounting for 6.6% of revenue, compared with 7.2% in H2 FY26.
公司将支出下降归因于仿制药开发支出的减少。税前利润第二财季税前利润同比下降33%，至123亿卢比，但环比增长122%。9月当季的税前利润率为14.2%，而第二财季（FY26）为20.8%，第一财季（FY27）为6.8%。上半财年（FY27），税前利润同比下降52%，至178亿卢比。税前利润占收入的百分比从上半财年（FY26）的21.6%降至10.6%。
The company attributed the lower expenditure to reduced development spending in generics. Profit Before TaxProfit before tax declined 33% YoY to ₹12.3 billion in Q2 FY27, but increased 122% QoQ. PBT margin stood at 14.2% in the September quarter, compared with 20.8% in Q2 FY26 and 6.8% in Q1 FY27. For H1 FY27, PBT declined 52% YoY to ₹17.8 billion . PBT as a percentage of revenue fell to 10.6% from 21.6% in H1 FY26.
所得税第二财季（FY27）的所得税费用为31亿卢比。所得税占税前利润的百分比为25.6%，而第二财季（FY26）为22.2%，第一财季（FY27）为21.3%。上半财年（FY27），所得税费用为43亿卢比，实际税率为24.3%，而上半年（FY26）为24.2%。公司将第二财季（FY27）实际税率上升主要归因于与去年同期相比不利的地区结构。第二财季（FY27）摊薄每股收益为11.10卢比，上半财年（FY27）为16.42卢比。
Income TaxIncome tax expense stood at ₹3.1 billion in Q2 FY27. Tax as a percentage of PBT was 25.6%, compared with 22.2% in Q2 FY26 and 21.3% in Q1 FY27. For H1 FY27, income tax expense amounted to ₹4.3 billion , with the effective tax rate at 24.3%, compared with 24.2% in H1 FY26. The company attributed the higher effective tax rate in Q2 FY27 primarily to an adverse jurisdictional mix compared with the year-ago quarter. Diluted earnings per share stood at ₹11.10 for Q2 FY27 and ₹16.42 for H1 FY27.