Alkem Laboratories’ (Alkem) Q3FY23 performance beats our estimates on all fronts. Revenue grew 16.1% YoY to Rs30.4bn (I-Sec: Rs28.6bn) driven by US business. US revenue was up 26% QoQ, led by strong flu season sales. India business grew 9.7% YoY (-10.1% QoQ) to Rs.19.9bn.