Dr. Reddy’s Laboratories (RDY) has announced the launch of Fulvestrant Injection, 250 mg/5 mL (50 mg/mL) per Single-dose Syringe.
This is a therapeutic equivalent generic version of AstraZeneca’s (AZN) Faslodex (fulvestrant) Injection, 250 mg/5 mL (50 mg/mL), approved by the U.S. Food and Drug Administration (FDA).
An intramuscular injection, Faslodex is a treatment of hormone receptor positive metastatic breast cancer in postmenopausal women with disease progression following antiestrogen therapy.
According to RDY, IQVIA Health data shows that the Faslodex brand and generic market had U.S. sales of approximately $407 million MAT for the most recent twelve months ending in June 2020.
Dr. Reddy’s Fulvestrant version will be available in a carton containing two 5 mL single-dose prefilled syringes, says the company.
Shares in Dr Reddy’s have surged 45% year-to-date, but Barclays’ Balaji Prasad is sticking to the sidelines. He recently reiterated a hold rating on the stock, while ramping up his price target from $45 to $53. Given the stock’s recent rally, his new price target still indicates 10% downside potential from current levels.
Prasad noted that RDY continues to execute successfully its strategy of expanding its product portfolio across geographies.
Meanwhile AZN shares have gained 7% this year as the drugmaker joined the list of companies engaged in the development of a potential coronavirus vaccine. Looking ahead, the $90 average analyst price target puts the upside potential at a promising 68% in the coming 12 months.
Overall, the stock scores a Moderate Buy consensus from the analyst community based on 2 recent Buy ratings from Kepler Capital and Cowen & Co. (See AstraZeneca stock analysis on TipRanks).