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ICICI Securities Report
Esperion has recently received U.S. Food and Drug Administration approval for label expansion for its bempedoic acid and it includes indications for primary hyperlipidemia, alone or in combination with a statin, and is the only LDL-C lowering non-statin drug indicated for primary prevention patients.
Blue Jet Healthcare Ltd. expects label expansion to increase treatable population to 70 million patient from 10 million currently. It expects acceleration from Q2 CY24. BlueJet has a multi-year contract to supply n2 intermediate for producing bempedoic acid; therefore, the company may also benefit from acceleration in adoption of the medication.
We have assumed revenue of Rs 2 billion from intermediate in FY26E while it has created capacity with peak revenue of Rs 5 billion.
We maintain our estimates and target price of Rs 450 (26 times FY26E earnings per share). Maintain Buy.
Risks
High concentration of one key product and one key customer. Any unfavorable development can materially harm prospects for BlueJet.
Two out of three new products of BlueJet have exposure to new chemical entity where market development for these products is critical for sale of intermediates for Blue Jet.
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