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Motilal Oswal Report
Aurobindo Pharma Ltd. delivered a miss on Q1 FY22 earnings, led by increases in pricing pressure in the U.S. generics segment and reduced offtake of antiretroviral medicines.
It has recently allocated ~$160 million for forward integrating/enhancing product offerings in the Veterinary space and adding abbreviated new drug applications in the U.S. generics segment.
We reduce our FY22E/FY23E earnings per share estimate by 5%/6% to factor in higher competition in U.S. generics and lower other income to account for the usage of capital for acquisitions.
Aurobindo Pharma is working on building a complex product pipeline. However, timely approval remains critical for a better growth outlook over the next two to three years.
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