Torrent Pharmaceuticals Ltd. share price target

Revenues declined 11% YoY to | 1374 crore (I-direct estimate: | 1421 crore) mainly due to high base of gAbilify exclusivity in the US. US revenue declined 37% YoY to | 272 crore (I-direct estimate: | 261 crore). Domestic revenue declined 9% YoY to | 464 crore (Idirect estimate: | 428 crore) mainly due to GST transition EBITDA margins declined to 21.6% (I-direct estimate: 20.0%) against 28.3% in Q1FY17. EBITDA fell 32% YoY to | 297 crore Net profit fell 36% YoY to | 188 crore (I-direct estimate: | 164 crore) mainly on account of lower operational performance...

Q1FY18 revenues were down 10.9% YoY lower than our forecast by 4.6%. EBITDA margin of 20.1% were lower than our estimates of 20.5%, mainly on the back of increased staff and other expenses. However, PAT of Rs1.88bn, -35.6% YoY, was 8.5% lower than our estimates given higher tax rate. India business traction a little slower owing to GST and slower-than-expected pickup from Novartis brands, 8-10 launches in US and volume growth in Brazil to...

US contribution continues to reduce owing to the pricing pressure in the base business and lower FTF launches. In FY17, TRP filed 17 ANDAs of which 6 were FTFs. Focus on filings in specialty segments like dermatology, oncology and ophthalmology will help sustain EBIDTA. About 5-6 pending launches and with 10-12 launches every year in FY18/19E we estimate US...

Revenue fell by 2.26% to Rs. 1381.0 Cr in Q4FY17 when compared to the previous quarter.

Significantly low contribution from gAbilify, pricing pressure in Nexium and some older products, led to 45% YoY decline in Torrent Pharma?s (TRP) US sales in 4QFY17. This resulted in a low EBITDA margin of 20.6% and PAT decline of ~28% to ~Rs 2bn. However, TRP has filed six more ANDAs in 4QFY17, totalling 17 in FY17. Notably, these include two in derma and six FTFs. TRP?s pipeline build-up programme is likely to gain further momentum in FY18/FY19.

ICICI Securities Ltd | Retail Equity Research Revenues declined 5% YoY to | 1434 crore (I-direct estimate: | 1483 crore) due to 45% de-growth in the US to | 281 crore (I-direct estimate: | 323 crore) led by a higher base. Brazil grew 82% to | 216 crore (I-direct estimate: | 165 crore) and Germany grew to | 235 crore (I-direct estimate: | 187 crore). Domestic formulations grew 4% YoY to | 467 crore (I-direct estimate: | 500 crore) EBITDA margins declined to 20.6% (I-direct estimate: 23%) against...

Revenue grew by 0.5% to Rs. 1413.0 Cr in Q3FY17 when compared to the previous quarter. On the other hand, it decreased by 6.92% when compared with Q3FY16.

With 4 more filings in 3QFY17, TRP has now filed 10 ANDAs in the US on YTD basis and is on track to meet its earlier guidance of 15 filings in FY17. Notably, these filings include 2 derma and 2 FTFs. TRP?s pipeline build up program is likely to gain more momentum in FY18/FY19 with 40-45 filings over two years.

ICICI Securities Ltd | Retail Equity Research Revenues declined 6% YoY to | 1443 crore (I-direct estimate: | 1483 crore) mainly due to 44% de-growth in the US to | 310 crore (I-direct estimate: | 323 crore) led by higher base on account of of gAbilify exclusivity in Q3FY16. Domestic revenue grew 13% YoY to | 503 crore (I-direct estimate: | 500 crore)...

Total revenues for Q3FY17 were down 6.9% YoY while EBITDA margins declined from 39.1% in Q3FY16 to 20.2% in current quarter mainly attributable to US business (declined 44.4% YoY) which dipped on account of increased competition in limited competition drug and...