Zydus Lifesciences Ltd. share price target

CDHs 3Q performance was unimpressive, with EBITDA margin declining ~750bps YoY to 17.1% and earnings de-growing ~35% YoY to Rs 2.8bn. This was largely on account of steep price erosion in the US base business. The top line was relatively better (~-2% YoY), supported by the sales of recently launched Asacol AG.

Q3FY17 total revenues were down 3.7% QoQ and 0.8% YoY at Rs22.5 bn missed our forecasts by 2.5% YoY. However, EBITDA margin of 15.2%, was down from 21.4% in Q2FY17 and 22.1% in Q3FY16 plus were below our forecast of 21.5%. Adjusted PAT of Rs2.8 bn, -16.6%/-34.7% QoQ/YoY, was ~20.7% lower than our forecast....

ff CDH has filed total 6 transdermal products and plans to file one (Lidocaine) in Q4FY17E. Management indicated the product pipeline of recently acquired Sentynl will be launched in next 18 months though revenue contribution would...

For 2QFY2017, Cadila Healthcare posted lower than expected results with sales at Rs2,336cr (vs. Rs2,737cr expected vs. Rs2,267cr in 2QFY2016), a yoy growth of 3.1%. On the operating front, the EBITDA margin came in at 21.4% (vs. 21.7% expected vs. 20.3% in 2QFY2016). The dip in the OPM was saved in spite of an underperformance on the sale..

ICICI Securities Ltd | Retail Equity Research YoY revenues were flat at | 2404 crore (I-direct estimate: | 2341 crore). Growth in domestic formulations and animal health segment was largely offset by a decline in the US. Domestic formulations grew 9% to | 820 crore (I-direct estimate: | 811 crore). US sales declined 2% to | 989 crore (I-direct estimate: | 902 crore) EBITDA margins declined 403 bps to 21.5% (I-direct estimate: 23.6%) on account of lower gross margins and higher employee cost....

Q2FY17 total revenues were up 5.4% QoQ and 3.1% YoY at Rs23.4 bn missed our forecasts by 3.8% YoY. However, EBITDA margin of 21.4%, +22bps QoQ, were below our forecast of 22.6%. Adjusted PAT of Rs3.4 bn, -5.3%/-29% QoQ/YoY, was ~12% lower than our forecast....

growth was +6% yoy (vs estimated 8%). EBITDA margin at 21.9% was 120bps below our estimates of 23.1%. The PAT (adjusted forforex gain ofRs448mn) declined 14% yoyto Rs 3.21bn(implying20%/17%misstoour/consensusestimates).InQ1FY17,CDHhasremoved JVsalesfromconsolidatedsalesandbookedtheshareofprofitfromJVsasperINDAS.Ifwe...

ICICI Securities Ltd | Retail Equity Research Revenues declined 4.0% YoY to | 2287.1 crore (I-direct estimate: | 2607.7 crore) due to 14% YoY de-growth in the US to | 848.3 crore (I-direct estimate: | 1092.5 crore). Domestic formulations grew 6.2% YoY to | 786.2 crore (I-direct estimate: | 778.7 crore) EBITDA margins declined 134 bps to 22.9% (I-direct estimate: 23.9%) on account of higher employee cost. EBITDA declined 9.3% YoY to | 523.9 crore (I-direct estimate: | 622.3 crore)...

1QFY17 sales disappoint; margins continue to remain robust Motilal Oswal values your support in the Asiamoney Brokers Poll 2016 for...

ff Filings & ANDA Approvals: Management expects to make over 35 filings mostly from Baddi, SEZ & Nesher plant and very few from Moraiya in FY17E. It also expects to launch of 12-15 ANDAs in the US by Dec'16. CDH looks forward to...