Neutral Glenmark Pharma; target of Rs 560: Motilal Oswal

Motilal Oswal recommended Neutral rating on Glenmark Pharma with a target price of Rs 560 in its research report dated November 15, 2021.

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Motilal Oswal’s research report on Glenmark Pharma

Glenmark Pharma (GNP) delivered an in-line 2QFY22 operational performance. Strong traction in ROW markets was offset by deceleration in the Domestic Formulation (DF) / US Generics segment. A change in the product mix and higher other operational costs (ex-R&D) led to flat earnings on YoY basis. We decrease our EPS estimate for FY22 and FY23 by 4% each, factoring in delays in niche launches in the US, coupled with higher price erosion in the base portfolio. We value GNP at 13x 12M forward earnings to arrive at Target Price of INR560. We maintain Neutral given the moderate 11% YoY growth in earnings over FY21–23 and that the valuation adequately factors in this potential upside in earnings.

Outlook

We value GNP at 13x 12M forward earnings to arrive at TP of INR560. We maintain Neutral on a limited upside from current levels.

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