Cadila Healthcare Q1 Review - Domestic Formulations Drive Earnings: Motilal Oswal
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Motilal Oswal Report
Cadila Healthcare Ltd.’s Q1 FY22 performance was in line with our expectations, led by strong growth in domestic formulations, owing to its Covid-19 related product portfolio, but was offset to some extent by higher than expected price erosion in the U.S.
Cadila Healthcare's in-licensing and niche product portfolio for the U.S. are shaping up well, with benefits expected to accrue from FY23.
We reduce our FY22E/FY23E earnings per share estimate by 5%/6% to reflect:
higher price erosion in the U.S.,
expected competition in Mesalamine products, and
margin expansion aided by cost optimisation.
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