Dr Reddy's Rolls Out Sputnik V COVID-19 Vaccine In India At $13.58/Dose

Dr. Reddy's Laboratories Ltd RDY said that it expects to get 36 million doses of Sputnik V COVID-19 vaccine in the next couple of months under its contract with Russia's sovereign wealth fund.
"We are in discussions with the Russian Direct Investment Fund (RDIF) to import the vaccine towards the end of May," a senior Dr. Reddy's executive said at a post-earnings press conference.
"Our total commitment contracted from RDIF is 250 million doses, of which the initial 15%-20% is expected through imports," the executive, M V Ramana, added.
The company expects to use the doses to vaccinate 125 million people in the next 8-12 months.
As of Friday, India had vaccinated just over 2.9% of its population of about 1.35 billion, according to government data.
Earlier in the day, Dr. Reddy's said the first dose of Sputnik V was administered in Hyderabad as part of a limited pilot. The vaccine will be priced at ₹995 ($13.58) per dose.
The company is also working with six local manufacturing partners to scale up production, with doses for commercial use expected from July.
RDY posted a 28% drop in Q4 net profit, falling short of analysts' estimates.
The drugmaker posted a 7% Y/Y increase in consolidated sales to ₹47.3 billion, falling short of Street expectations.
The lackluster topline output was primarily attributed to a poor showing in the North American market, which accounts for most of the company's revenue.
Sales in North America dropped 3% Y/Y to ₹17.5 billion. Sales increased by just 1% Q/Q.
Price Action: RDY shares are down 0.88% at $71.91 during the market session on the last check Friday.

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