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Motilal Oswal Report
Alembic Pharmaceuticals Ltd. delivered in-line Q2 FY22 earnings. Subdued performance in U.S./active pharma ingredient was offset by a better-than-expected show in the domestic formulation segment.
The YoY declining trend in the U.S. business has reached a trough with the limited impact of price erosion and an increased pace of launches going forward.
We lower our FY22E/FY23E earnings per share estimate of Alembic Pharma by 7.5%/5.8%, factoring in:
a delay in successful compliance at injectables sites,
gradual revival in U.S. sales, and
higher raw material/logistics costs
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