Gland Pharma would have ~140 million unit vial/pens capacity by Mar'26 of which company intends to utilize ~20 mn in FY27 as it targets the initial GLP-1 opportunity in the form of Liraglutide and Semaglutide in emerging markets.
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Yes Securities Report
We have revised our estimates on better margin presumption and less of revenue changes across geography resulting in 6/7% upgrade to FY26/27 EPS estimates.
While we had outlined likelihood of limited scope for upgrades in our previous update, current changes reflect a narrowing in ours vs street expectations and we still remain ~7% below FY27E consensus.
With more confidence on US growth, we expand the premium to other generic plays and assign 32 times multiple to derive a revised target price Rs 2,250 (earlier Rs 1,800) and would view Gland Pharma Ltd. as a better proxy on US generics in the near term.
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