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Motilal Oswal Report
We largely maintain our estimates for FY25/FY26/FY27. We value Glenmark Pharmaceuticals Ltd. at 27x 12 months forward earnings to arrive at a target price of Rs 1,820. We estimate a CAGR of 11%/16%/21% in revenue/Ebitda/PAT over FY25-27.
Glenmark Pharma is expanding its product pipeline in US markets in the respiratory/injectable segment. Further, it is also enhancing its differentiated offering in the branded generic space. Also, it has re-calibrated its spending on innovative research and development. It continues to make in-roads into newer markets for Ryaltris, in addition to improved traction in 41 markets. Compared to earnings decline over FY22-24, Glenmark Pharma has made a strong comeback in FY25, thanks to improved execution and the sale of its API business.
The earnings growth momentum is expected to strengthen over the next three years. Accordingly, we maintain Buy on the stock.
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