Stocks To Buy: Dr. Reddy's, Lupin Among Axis Securities' Top Ideas From Healthcare Sector

Axis Securities Report

Lupin - Buy/ target price- Rs 2600

Recommendation Rationale

Lupin Ltd.’s strong pipeline of niche products is expected to drive double-digit growth in the U.S. market. Injectable products like Glucagon and Dalbavancin, each with a market opportunity of $500 million, are expected to launch within the next six months.

Liraglutide and Risperidone could contribute to revenue in FY27E. Lupin is also exploring biosimilar opportunities, including Ranibizumab and Aflibercept, with Tolvaptan expected to drive growth in the generic segment.

Dr Reddy’s Laboratories - Buy / target price- Rs 1,535

Several levers are expected to drive future growth. The biosimilar segment holds promise, with two biosimilars planned for launch in Europe, each with a sales potential of $40– $50 million in FY26E.

Denosumab, slated for FY27E, could contribute $50 million in revenue. The GLP-1 segment, currently a $10 billion opportunity, is anticipated to grow 5x over the next five–six years, offering significant upside potential.

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