Alivus Life Sciences Ltd. share price target

MSIL: Steady performance, but steep valuations; downgrade to HOLD. HUVR: Subdued performance; expect gradual recovery. BAF: Obstacles for a powerful player on a protracted journey. SBILIFE: Expect market dominance to continue. SI: In-line Q4FY24; pipe volume guided to grow at healthy rate in FY25. DALBHARA: Disappointments all over; but paving the way for growth. UTIAM: Core profit in line; maintain HOLD. GLS: Weak quarter; maintain HOLD

Q2 revenue in line at Rs 6bn but EBITDA/PAT 3%/6% below our estimates due to higher opex and a product mix change

Strong Q1 with EBITDA/PAT beat of 10%/6% despite slight miss on revenue

Q4 revenue of Rs 6.2bn (+21% YoY) beat our estimate by 14% driven by recovery in CDMO and growth in API

Q3 revenue up 6% QoQ to Rs 5.4bn supported by sequential recovery in API business to parent and PLI benefits

Glenmark Pharma’s (Glenmark) Q2FY23 performance was a strong beat on our estimates, largely driven by Rs1.6bn out-licensing income.

Q2 revenue fell 9% YoY led by a 10% decline in API business owing to lower sales to parent Glenmark Pharma (-33% YoY)

Pure-play API company with robust market share in key high-value, low-volume chronic therapies, alongside budding CDMO business

We believe the company is well poised to maintain consistent service quality as well as assure supply chain availability with its 1) leading manufacturing capabilities in key APIs, 2) strong relationship with global clients, 3) cost...

Glenmark Life Sciences Limited IPO Note Issue Open: July 27 July 29 2021 Price Band: Rs. 695 720 *Issue Size: 21,022,222 eq shares (Fresh Issue of Rs.1060 cr + Offer for sale of 6,300,000 eq sh) Issue Size: Rs.1497.8-1513.6 cr Reservation for: QIB Upto 50% eq sh Non Institutional atleast 15% eq sh Retail atleast 35% eq sh

Glenmark Life Sciences Limited (GLS) was incorporated on 23rd June, 2011. GLS is a wholly-owned subsidiary of the Promoter, Glenmark Pharmaceuticals Ltd. GLS operates two business lines Generic APIs (generics and complex APIs) and CDMO (including specialty). GLS is a leading developer and manufacturer of select high value, non-commoditized active pharmaceutical ingredients (APIs) in

20 Equity Shares and in multiples thereof. Public issue of 21,022,222 Equity shares of Face value Rs. 2 each, (Comprising of fresh issue of 14,722,222 Equity Shares* (Rs. 1060 cr.) and Offer for Sale of...

Glenmark Life Sciences (GLS) is a leading developer and manufacturer of select high value, non-commoditized active pharmaceutical ingredients (APIs) in chronic therapeutic areas, including cardiovascular disease (CVS), central nervous system disease (CNS), pain management and diabetes. It also manufactures and sells Active Pharmaceutical Ingridients (APIs) for gastro-intestinal disorders, antiinfectives and other therapeutic areas. As of March 2021, GLS had a portfolio of 120 molecules globally and sold APIs in India and exported APIs to multiple countries in Europe, North America, Latin America,...

IPO NOTE

Leadership in select APIs, strong relation with large companies GLS is a leading developer, manufacturer of select high value, noncommoditised APIs in chronic therapeutic areas, including CVS, CNS & pain management, diabetes and continue to branch into other APIs. It has strong market share in select specialised APIs like Telmisartan (anti-hypertensive), Atovaquone (anti-parasitic), Perindopril (anti-hypertensive), Teneligliptin (diabetes), Zonisamide (CNS) and Adapalene (dermatology). Total market size in sales terms for GLS' portfolio of 120 molecules globally was estimated at ~US$142 billion in 2020 and is expected to grow ~6.8% in the...