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Motilal Oswal Report
Jubilant Pharmova Ltd. delivered a lower-than-expected Q1 FY23 due to higher operational cost. Revival in YoY growth in the radiopharma business was more than offset by a decline in:
the contract development and manufacturing operations sterile and
the generics segment.
We cut our FY23/FY24 earnings per share estimate of Jubilant Pharmova by 27%/30% to factor in:
price erosion in the Sartan portfolio,
stabilisation issues in the CDMO sterile segment,
removal of certain products under the acceptable list by U.S. food and drug administration, and
prolonged regulatory headwinds in the generics segment, and
near term impact on the active pharma ingredient segment due to the ongoing asset replacement program.
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