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ICICI Securities Report
Strides Pharma Science Ltd. reported another quarter of disappointing performance in Q2 FY22 with U.S. sales declining 17.1% QoQ (down 37.0% YoY) to $34 million.
Despite other segments reporting growth, high raw material and operational costs coupled with lower revenue have severely impacted Ebitda and margins.
The company has delayed its U.S. sales guidance of $220-230 million by several quarters highlighting weakness in the business.
Revenue declined 9.1% YoY to Rs 7.2 billion (our estimate: Rs 7.5 billion) and reported a negative Ebitda and profit after tax.
Strides Pharma has completed the acquisition of manufacturing facility of Endo Pharma New York for ~$24 million along with ~20 commercialised products across nasal sprays, controlled substances, hormones, etc.
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