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Motilal Oswal Report
Alembic Pharmaceuticals Ltd. delivered a miss on earnings in Q1 FY22 due to reduced profitability in the U.S. business.
Alembic Pharma exhibited strong performance in the Domestic Formulation segment on the back of a favorable demand scenario, superior execution, and due to a low base in Q1 FY21.
We have lowered our FY22E/FY23E earnings per share estimate by 23%/10% to factor in:
considerable price erosion in the U.S. base business,
delay in successful compliance at Injectable sites due to the ongoing pandemic, and
increased operational cost.
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