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Motilal Oswal Report
Alembic Pharmaceuticals Ltd. delivered a better than expected operational performance, led by better-than-industry growth in the domestic formulations segment and a one-time opportunity in U.S. generics.
Resolution of issues at Karkhadi (F3) and positive U.S. food and drug administration inspection of its Injectable unit at Panelav remains key for Alembic Pharma's better growth prospects.
We have cut our FY23/FY24 earnings estimate by ~9% each to factor in:
prolonged time required to secure U.S. FDA compliance for its injectables plants,
higher raw material and supply chain cost, and
higher operating expense on Aleor Dermaceuticals Ltd. becoming a wholly-owned subsidiary.
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