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Motilal Oswal Report
Torrent Pharmaceuticals Ltd.’s Q3 FY22 performance missed our estimate. The U.S. generics business remains the major drag on overall performance, with a lack of new approvals and a steep price erosion in the base business.
Domestic formulation remains in good stead, with healthy better-than-industry performance. Torrent Pharma's management intends to add medical representatives to further strengthen the growth outlook in the domestic formulation segment.
We reduce our FY22E/FY23E/FY24E earnings per share estimate by ~13%/7.5%/3.5% to factor in:
a sharp reduction in the price realisation of certain products (Nebivolol/Sartans) in the U.S.,
prolonged delays in new approvals due to regulatory issues at Indrad/Dahej, and
increased competition in the German business.
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