Glenmark Pharmaceuticals Ltd. share price target

Strong revenue growth across India, EU and RoW markets: Revenue grew 14% YoY to Rs31.7bn vs our est of Rs31bn. During Q3, Ichnos entered into an exclusive licensing agreement with Almirall SA and received upfront payment of EURO20.8mn. Adjusted for this revenue growth was 7% YoY. India formulations grew strongly by 14%. US growth was flat QoQ to US$101mn. LATAM sales declined by 9% YoY due to pandemic challenges in Brazil. Robust growth in RoW of 24% YoY, aided by strong traction in Ryaltris. EU...

Innovation new company (ICHNOS) to focus on discovery and development of novel, firstinclass treatments in the therapeutic areas of immunology, oncology and pain encompassing both NBEs as well as NCEs Q3FY22 Results: Glenmark reported strong numbers in India, Europe and RoW...

Glenmark Pharma Ltd (GNP) is an India-based pharmaceutical company with commercial presence in more than 80 countries across the globe. GNP is primarily focused on generics, specialty and OTC businesses. The company has strong regional/country-specific presence in diabetes,...

Ryaltris to be major growth driver in FY23. Glenmark Pharma (GNP) has been able to maintain EBITDA run-rate on a high base. Given flat R&D expense and limited capex requirements, debt will continue to fall in FY23. While, pick up in US sales will be key to drive earnings growth. We have factored in 12% EPS CAGR over FY21-24E. In the near term, any potential out-licensing deals in Ichnos will be key for any further meaningful reduction in debt. At CMP, stock is trading at 13x FY23E P/E. We...

Glenmark Pharma (GNP) delivered an in-line 2QFY22 operational performance. Strong traction in ROW markets was offset by deceleration in the Domestic Formulation (DF) / US Generics segment. A change in the...

In India, it is the market leader in dermatology and improving its presence in respiratory, CVS, anti-infectives and anti-diabetics, in particular. It has also forayed into consumer health segment focusing on Rx-OTC switch products (~| 150 crore) led by two brands, Candid and Scalpe+ Progress on the margins front amid cost rationalisation measures and decline in R&D expenses as percentage of sales...

in US derma portfolio (35% of US revenue) due to intense competition 2) thin US product pipeline of generics (47 pending ANDAs) with no major outlicensed deal from NCE portfolio, 3) 60-65% of R&D; spends towards uncertain specialty products, 4) insignificant EBITDA contribution from new Monroe facility even with qualitative approvals (due to higher operating cost), 5) appreciating USD to likely increase debt (current net debt Rs35.5bn) and 6) muted growth in CORE India formulations. GNP guided to receive benefits from launch of few key US generics in short term. We believe those short term opportunities are factored in current price....

In-line 1QFY22; DF drives overall earnings growth Motilal Oswal values your support in the Asiamoney Brokers Poll 2021 for India Research, Sales, Corporate Access and...

What should investors do? Glenmark's share price has de-grown by ~0.7x over the past five years (from ~| 856 in July 2016 to ~| 607 levels in July 2021). In India, it is the market leader in dermatology and improving its presence in respiratory, CVS, anti-infectives and anti-diabetics, in particular. It has also forayed into consumer health segment focusing on Rx-OTC switch products...