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Motilal Oswal Report
Alembic Pharmaceuticals Ltd. delivered a sharp miss in its Q1 FY23 earnings due to lower U.S. sales and considerably smaller operating leverage.
Alembic Pharma's Ebitda margin will historically be the lowest in Q1 FY23. The specialty portfolio within domestic formulations witnessed robust growth in Q1 FY23.
We cut our FY23/FY24 earnings per share estimate by 49%/26%, factoring in:
an adverse impact from price erosion in the U.S. base portfolio, and
prolonged delays in achieving U.S. food and drug administration compliance at its Injectables plant.
While the scope of business remains low in the U.S. generics segment, operational cost remains steady, thereby affecting overall profitability.
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