Aurobindo Pharma Ltd. share price target

Revenues remained flat YoY at | 3679 crore (I-direct estimate: | 3671 crore) driven by 10% growth in the Europe to | 918 crore (I-direct estimate: | 839 crore). US growth was flat at | 1695 crore (I-direct estimate: | 1661 crore) despite strong headwinds. ARV business declined 19% to | 245 crore (I-direct estimate: | 318 crore) whereas APIs declined 15% to | 625 crore EBITDA margins declined 72 bps YoY to 22.9% (I-direct estimate: 20.9%) due to higher employee and other expenditure...

Injectable Portfolio, New Launches to Drive US Biz; Maintain BUY Aurobindo Pharma (ARBP) has delivered a better performance compared to its peers in 1QFY18. Its sales, EBITDA and net profit stood at Rs36.8bn, Rs8.4bn and Rs5.3bn, respectively. Despite challenging environment, its US revenue increased by 3.5% YoY and 7.0% QoQ (in CC term), which albeit declined by 0.5% YoY in INR terms due to adverse currency. Led by weak performance in ARV (down 19.3% YoY) and API business (down 14.9% YoY), ARBP's revenue declined 2.3% YoY. Gross margin rose by 274bps YoY and 59bps QoQ to 59.3% owing to better product mix. Despite 11% QoQ rise in R&D; spend, EBITDA margin rose by 170bps QoQ due to...

Aurobindo has launched (post approval) generic version of Renvela (Sevelamer Carbonate tablets kidney ailment drug) in the US (market size of USD 1.9 bn as per IMS vs USD 745mn, in our view), following gRenvela OS^ (IMS market size of USD140mn) approval in Jun'17. Aurobindo is the first and th..

Refer to important disclosures at the end of this report US FDA shows it has a bark and a bite New US FDA commissioner acts on his promise to limit access to opioid substances by requesting Endo Pharma to withdraw opioid brand Opana ER from the market The new regime at FDA had specifically highlighted abuse of opioid medicines and faster generic approval timelines with lower backlogs as key targets for the agency Indian generic industry has limited exposure to Opioids space but with the agency showing that it is serious about pursuing its agenda, should be cause for concern for the...

the past resulting in state FDAs bypassing centre to approve combination launches FDCs account for about 45% of overall IPM and have been significantly more profitable for companies as it has allowed them to differentiate their formulations The CDSCO (Central Drug Safety Control Organization) in a recent notification appears to have taken away the powers of state FDA (Food & Drug Administration) to approve fixed dosage combination drugs or FDC's. The right to approve all FDCs will vest only with the CDSCO. This appears to be in response to a NPPA notice to several for overcharging where the price regulator also questioned whether some of the combinations had valid...

For 4QFY2017, Aurobindo Pharma (APL) posted numbers which were lower than expectations on sales, OPM & net profit fronts. On sales front, the company posted sales of `3,582cr (v/s. `4,460cr expected) v/s. `3,674cr in 4QFY2016, posting a yoy de-growth of 2.5%. On the operating front, the EBITDA margin came in at 18.5% (v/s. 23.4% expec..

Aurobindos (ARBP) revenue declined ~3% YoY to Rs 36bn in 4QFY17, EBITDA was down 17% Rs 7.2bn (margin at ~20%), and PAT was down ~5% YoY at Rs 5.3bn.

Missing ours as well as street expectations, Aurobindo Pharma (ARBP) has delivered a weak performance in 4QFY17 with its Sales, EBITDA and PAT coming in at Rs36.4bn, Rs7.7bn and Rs5.6bn, respectively. Its overall revenue declined by 2.8% YoY due to weak Europe sales (-8% YoY to Rs 7.8bn) and ARV business (-20% YoY to Rs 2.6bn). Its US business remained flat on YoY comparison at Rs16.4bn due to price erosion in oral solids. Adjusting for one-off (Rs500mn) inventory write-off (Actavis EU biz) and exceptional items in other expenses and higher employee cost, its EBITDA margin declined 195bps YoY to 21.2%. Despite 11% YoY decline in EBITDA, ARBP's adjusted PAT grew by 3.4% YoY to Rs5.6bn primarily owing to lower tax rate...

Revenue decreased by 6.82% to Rs. 3582.13 Cr in Q4FY17 when compared to the previous quarter.

ICICI Securities Ltd | Retail Equity Research Revenues declined 3.5% YoY to | 3642 crore (I-direct estimate: | 3774 crore) mainly due to an 8% decline in Europe to | 777 crore (Idirect estimate: | 848 crore) and 20% decline in ARV business to | 262 crore (I-direct estimate: | 345 crore). US growth was flat YoY at | 1643 crore (I-direct estimate: | 1634 crore) EBITDA margins fell 318 bps YoY to 19.8% (I-direct estimate: 22.5%) mainly due to one-off inventory write-off and higher employee cost Adjusted net profit fell 5% YoY to | 513 crore (I-direct estimate: | 531...