Accumulate Glenmark Pharmaceuticals; target of Rs 600: Prabhudas Lilladher

Prabhudas Lilladher recommended accumulate rating on Glenmark Pharmaceuticals with a target price of Rs 600 in its research report dated November 16, 2021.

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Prabhudas Lilladher’s research report on Glenmark Pharmaceuticals

Glenmark Pharma (GNP) has been able to maintain EBITDA run-rate on a high base. Given flat R&D expense and limited capex requirements, debt will continue to fall in FY23. While, pick up in US sales will be key to drive earnings growth. We have factored in 12% EPS CAGR over FY21-24E. In the near term, any potential out-licensing deals in Ichnos will be key for any further meaningful reduction in debt. At CMP, stock is trading at 13x FY23E P/E.

Outlook

We recommend ‘Accumulate’ with TP of Rs600/share, valuing at 15x FY23E P/E.

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