Glenmark Pharma’s Better Business Mix, Operating Leverage Drive Q3 Earnings: Motilal Oswal
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Motilal Oswal Report
Glenmark Pharmaceuticals Ltd. delivered in-line sales for Q3 FY21. However, earnings were better than expected, led by the domestic formulation/active pharmaceutical ingredient segment and controlled opex.
The company is confident of sustaining the profitability over the next 12-24 months, led by a better outlook in DF/U.S./API and an ongoing cost rationalisation exercise.
We raise our earnings per share estimate for FY21/FY22/FY23 by 4%/8%/6%, factoring in -
- new launches in DF/U.S.,
- stable price erosion in the U.S. base business,
- an improved outlook in the API segment, and
- benefits from higher operating leverage.
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