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Motilal Oswal Report
Alembic Pharmaceuticals Ltd.’s Q4 FY21 operational performance was marginally below estimates, largely due to lower traction in U.S./domestic formulation sales.
The company awaits feedback from the U.S. food and drug administration on the resolution of observations at the recently inspected injectables unit (F3).
Revenues were up 6.1% YoY to Rs 12.8 billion (our estimate Rs 13.3 billion), led by 77% YoY growth in Non-U.S. export sales (Rs 2.3 billion; 18% of sales) and 38% YoY growth in active pharmaceutical ingredient sales (Rs 2.1 billion; 17% of sales).
We tweak our estimates for FY22/FY23, factoring in -
- a slowdown in U.S. sales and
- lower expensing of operational cost related to newer facilities.
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