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ICICI Securities Report
Alkem Laboratories Ltd.'s stock price has recently corrected approximately 10% despite strong Q1 FY21 performance.
We believe the correction was mainly due to reported decline in secondary sales data for Q2 FY21 and dominance of acute portfolio (approximately 85% of India sales), which would take longer to recover.
In our view, this temporary situation caused by the lockdown has already been captured in the price.
There remains a probability of positive surprise considering the strong traction in trade generics and relative outperformance against the industry in top brands like Pan, Pan- D, etc.
We remain positive on the long-term outlook based on sustainable growth in the domestic market and continuous scale-up in U.S, generic business coupled with an improving margin profile.
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