Gland Pharma Q3 Results Review - Long Road To Recovery: Yes Securities

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .Yes Securities Report.Gland Pharma Ltd. reported a weak quarter on back of declines in U.S. and rest of world revenues YoY as lack of customer offtake, still lingering supply concern and company opting margin over market share led to revenue shortfall. Gross and Ebitda margin improved QoQ as a fallout of preference for margin vs market share; albeit management commentary of volume share being intact for top products appears out of sync with apparent preference for margin. Gland Pharma outlined several moving parts heading into Q4 and FY24 – inventory rationalisation at customer end, supply chain leading to production delays and competition leading to price erosion. While Heparin issue could get relief once second supplier is approved, price erosion could continue to manifest itself in the form of lower profit share and, eventually, revenue impact with a lag. We cut FY23 estimates as U.S. revenues continue to disappoint with a now revised expectation for a decline of 4% versus earlier forecast of ~8% growth; similarly, FY24 outlook also gets reset for U.S. and other geographies from 15/20% to 10-15% while margin at ~30-31% remains largely unchanged..Click on the attachment to read the full report:.Gland Pharma Q3 Results: Profit Falls, Misses Estimates.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Gland Pharma Q3 Results Review - Long Road To Recovery: Yes Securities

Gland Pharma reported a weak quarter on back of declines in US, RoW revenues.

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