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Motilal Oswal Report
After almost 4.5 years of regulatory hurdles, Lupin Ltd. received a favorable classification (Voluntary Action Indicated) for its Goa facility from the U.S. Food and Drug Administration.
This is a big relief from a compliance standpoint, given the reasonable contribution in the base business as well as double digit abbreviated new drug applications pending approval from the Goa site.
We expect 21% earnings compound annual growth rate over FY21-23E and raise our 12-month forward price/earning to 25 times (to factor Goa compliance) from 24 times earlier.
While the regulatory clearance removes a key overhang on Goa facility, we maintain our stance on Lupin as valuation leaves limited upside from current levels.
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