Natco Pharma Ltd. share price target

NATCO Pharma (NATCO) is a R&D; focussed, vertically integrated pharmaceutical company with an experienced management team and presence across multiple speciality therapeutic segments. Q1FY19 revenue grew by 28% YoY due to stronger performance from domestic (4% vs -20%)) and international formulations(~75%). EBITDA rose by 82% YoY while margin witnessed a 1320bps increase on account of lower raw material cost (RM). PAT growth of 94% YoY is led by lower cost escalations and less...

Revenue fell by 29.85% to Rs. 538.6 Cr in Q1FY19 when compared to the previous quarter. Natco Pharma Ltd Q1FY19 results Comment

Revenues grew 25.8% YoY to | 538.6 crore (I-direct estimate: | 659.6 crore) due to windfall from limited competition products (Glatiramer Acetate, Liposomal Doxorubicin and Lanthanum Carbonate) in US EBITDA margins improved 847 bps YoY to 40.4% (I-direct estimate: 50.1%) mainly due to better realisation from limited competition launches in the US. However, it was below I-direct estimates mainly due to higher employee cost and other expenditure Net profit grew 93.2% YoY to | 181.6 crore (I-direct estimate: | 248.5...

EBITDA margins improved 723 bps YoY to 50% (I-direct estimate: 57.6%) mainly due to better realisation from limited competition launches in the US. However, it was below I-direct estimates mainly due to lower gross margins (84% vs. I-direct estimate of 90%) Adjusted net profit increased 69.7% YoY to | 300 crore (I-direct...

NATCO Pharma (NATCO) is a R&D; focussed, vertically integrated pharmaceutical company with an experienced management team and presence across multiple speciality therapeutic segments. High emphasis on R&D; and complex molecules focusing on long...

Q3 sales were 16% below expectations on weak India business (down 24% YoY on weak Hep-C sales) and lower-than-expected market share in gCopaxone 40mg (14-15%). However, gross margin was strong at 88% (up 18.6 pp YoY)

Natco Pharma Ltd Q3FY18 results comment Revenue grew by 31.76% to Rs. 562.2 Cr in Q3FY18 when compared to the previous quarter. On the other hand, it decreased by 16.08% when compared with Q3FY17.

gCopaxone and gTamiflu Provide Significant Opportunity: Natco's partner Mylan launched gCopaxone both 20mg and 40mg. All patents expired for 20mg but 40mg patent litigation is ongoing, thus 40mg is an at-risk launch. The 40mgversion is protected by 5 orange book patents, claims of 4 of these patents were held invalid by District Court and litigation of the fifth patent issued in Aug 2016 was dismissed with prejudice.

Though Q2 revenue declined 9% YoY (on a high base), EBITDA and PAT grew 16% and 27% led by higher-margin limited-competition product gDoxil in US. We expect strong PAT growth of 113% in H2 driven by gCopaxone, gDoxil, gTamiflu OS.

ICICI Securities Ltd | Retail Equity Research Revenues declined 7% YoY to | 427 crore (I-direct estimate: | 496 crore). The revenues were lower than I-direct estimates mainly due to increase in competition in Hep C sales EBITDA margins improved 580 bps YoY to 28.6% (I-direct estimate: 31%) mainly due to a favourable product mix. EBITDA grew 16% to | 122 crore (I-direct estimate: | 154 crore) Adjusted net profit increased 28% YoY to | 85 crore (I-direct...

Natco Pharmaceuticals Limited (NATCO) Q2FY18: Underperformance led by pricing pressure across; exciting launches ahead.

Natco's (partner Mylan) 1st generic approval for gCopaxone 40mg (USD 2.9 bn market; possibility of 180 day exclusivity) and 2nd generic approval for gCopaxone 20mg (USD 700 mn market) demonstrate its R&D; ability to execute on complex generics with intricate chemistry and complex processes

Natcos (partner Mylan) 1st generic approval for gCopaxone 40mg (USD 2.9 bn market; possibility of 180 day exclusivity) and 2nd generic approval for gCopaxone 20mg (USD 700 mn market) demonstrate its R&D; ability to execute on complex generics with intricate chemistry and complex processes

EBITDA margins improved 801 bps YoY to 30.7% (I-direct estimate: 27.5%) mainly due to a favourable product mix. EBITDA grew 77% to | 137 crore (I-direct estimate: | 109 crore) Adjusted net profit increased 96% YoY to | 93 crore (I-direct...

Natco Pharmaceuticals Ltd (NPL) reported a topline of INR 428 crs, which is 5% higher than our estimates. The strong uptick in numbers has been primarily on account of incremental profit...

Revenue decreased by 25.91% to Rs. 428.1 Cr in Q1FY18 when compared to the previous quarter. Revenue decreased by 25.91% to Rs. 428.1 Cr in Q1FY18 when compared to the previous quarter.

Natco Pharmaceuticals Ltd (NPL) continues to deliver on near-term expectations while simultaneously building up pipeline for a sustainable future growth.

Higher gTamiflu profit share (increased market share and stronger flu season) pushed Q4FY17 EBITDA to Rs 2.4bn, up 159% YoY and 22% above our estimate (despite Rs 600mn one-time expense).

Natco Pharmaceuticals Ltd (NPL) reported a topline of INR 577 crs, which was 5% higher than our estimates of INR 550 crs. The strong uptick in numbers was primarily on account of profit...

EBITDA margins improved 1810 bps YoY to 41.7% (I-direct estimates: 38.5%) mainly due to Oseltamivir exclusivity. EBITDA grew 159% to | 241 crore (I-direct estimate: | 215 crore) Adjusted net profit increased 178% YoY to | 177 crore (I-direct...