NDTV Profit'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 NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
JB Chemicals and Pharmaceuticals Ltd. is licensing ophthalmic brands from Novartis, marking its foray in this therapy. It will make a cumulative payment of Rs 10.89 billion for in-licensing the 10 brands of Novartis for three years, post which it will get a perpetual license for those brands. Key acquired brands like Vigamax, Nevanac, Travatan are the market leaders in molecule category.
As per IQVIA, sales from these 10 brands have registered a compound annual growth rate of 8% in the last two years. Management aims to grow the acquired portfolio at 15% in coming years by launching line extensions and adding 30- 40 MRs. We raise our FY25E earnings by 1% to factor in the impact of this deal.
We maintain our 'Hold' rating on the stock but raise target price to Rs 1,595, valuing the company at 20 times FY26E enterprise value/Ebitda (earlier 20 times FY25E).
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. NDTV Profit 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 NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
.jpg?im=FeatureCrop,algorithm=dnn,width=350)
