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International markets and lower RM cost drive earnings Bioscience off-take at a healthy pace * Alkem Laboratories (ALKEM) delivered better-than-expected 1QFY24 performance, fueled by superior traction in international markets. ALKEM’s business growth was broad-based within international markets including the US, Chile, the UK, Kazakhstan and the Philippines. * We cut our earnings estimates by 7%/1% for FY24/FY25, factoring in: a) unfavorable seasonality effect in domestic formu...
Neutral Alkem Laboratories Ltd For Target3,810 - Motilal Oswal Financial Services
Alkem Laboratories Ltd. We have coverage on Alkem Laboratories Ltd with a BUY rating on stock. Since our report, the stock has posted a high of Rs.4,206 today. With the recent run-up in the share price (20% return), we are now changing our rating on the stock to Neutral and recommend our investors to start booking profits. To Read Complete Report & Disclaimer Click Here Please refer disclaimer at https://www.sushilfinance.com/Disclamier/disclaimer ...
Buy Alkem Labs Ltd For Target Rs.4,242 - Sushil Finance Ltd
Slower domestic growth, US rise not a healthy mix; D/G to SELL Result Synopsis Alkem reported beat on topline though the driver was sharp jump in US and ROW markets while domestic lagged at +7% YoY. We note company lagged IPM in key covered therapies like gastro and vitamins in Q1. Notably, July is off to a weak start and company has downgraded domestic growth to 7-8% vs double digit earlier. US growth appeared high but only because Q1 FY23 had a low base eroded by severe price erosion;...
Sell Alkem Labs Ltd For Target Rs. 3,500 - Yes Securities
Alkem Laboratories Limited We have coverage on Alkem Laboratories Ltd with a BUY rating on stock. Since our report, the stock has posted a high of Rs.4,206 today. With the recent run-up in the share price (20% return), we are now changing our rating on the stock to Neutral and recommend our investors to start booking profits. To Read Complete Report & Disclaimer Click Here Please refer disclaimer at https://www.religareonline.com/disclaimer ...
Buy Alkem Laboratories Limited For Target Rs. 4,242 - Reliance Securities
Alkem Laboratories manufactures formulations as well as API, has a strong foothold in India and is one of the leading player in the US market. It has 19 manufacturing facilities and 6 R&D centers in India and US. Market leader in various therapeutic areas Alkem has a strong presence in India across various therapeutic areas. It has maintained its leadership position in anti-infectives for the last 15 years and is among the Top 3 players in gastro as well as the Pain division, throug...
Buy Alkem Labs Ltd For Target Rs.4,242 - Sushil Finance Ltd
Seasonality drives revenue, price cut hits margin Alkem Laboratories’ (Alkem) Q4FY23 India growth of 17% YoY was driven mainly by better demand for flu-related products while traction in its chronic portfolio too was healthy. However, mandated price cuts in India dented gross margins by 170bps. Discontinuation of St. Louis plant will aid cost savings of Rs700mn- 800mn (60-70bps margin benefit) and help bring about a nominal 200bps improvement in overall FY24 EBITDA margin. ...
ADD Alkem Laboratories Ltd For Target Rs.3,750 - ICICI Securities
Alkem Laboratories is currently trading at Rs. 3369.05, up by 8.05 points or 0.24% from its previous closing of Rs. 3361.00 on the BSE. The scrip opened at Rs. 3346.55 and has touched a high and low of Rs. 3373.65 and Rs. 3346.55 respectively. So far 42 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 3624.80 on 09-May-2023 and a 52 week low of Rs. 2835.05 on 02-Mar-2023. Last one week high and low of the scrip s...
Alkem Laboratories inches up on launching Cetuxa
Steady performer on growth, margin Result Synopsis Alkem reported an all-round beat with US business springing a surprise on back of better seasonal trends in anti-infectives. India business performed largely in line with 10% YoY while ROW markets sustained their momentum YoY. OPM benefited from less of price erosion impact in US as also deferment of expenses to Q4. Company expects US business to return to Q2 kind of range as Q3 is clearly an aberration. Domestic business is largely fir...
Add Alkem Labs Ltd For Target Rs.3,750 - Yes Securities
Strong operating leverage drives earnings growth On track to implement cost rationalization measures * Alkem Lab (ALKEM) delivered a strong beat in 3QFY23 as EBITDA/PAT exceeded our estimates by 26%/22%, led by controlled costs and a higher off-take of seasonal products in the US generics segment. The execution was superior in the domestic formulation (DF) segment, with a healthy outperformance compared to the industry. * We raise our FY23E EPS by 3% and maintain FY24E/FY25E EPS. We con...
Neutral Alkem Laboratories Ltd For Target3,530 - Motilal Oswal Financial Services
Alkem Laboratories is currently trading at Rs. 3257.05, down by 41.00 points or 1.24 % from its previous closing of Rs. 3298.05 on the BSE. The scrip opened at Rs. 3300.00 and has touched a high and low of Rs. 3305.00 and Rs. 3194.15 respectively. So far 4147 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 3720.00 on 30-Mar-2022 and a 52 week low of Rs. 2835.00 on 16-May-2022. Last one week high and low of the s...
Alkem Laboratories declines on reporting 14% fall in Q3 consolidated net profit
Steps underway to mitigate cost pressures * ALKEM delivered an inline operational performance in 2QFY23. It delivered a stronger and better than industry growth in the Domestic Formulation (DF) segment. However, price erosion in the US dragged profitability in 2QFY23. * We have reduced our FY23/FY24 earnings estimate by 3% to factor in: a) steep competition in US Generics, and b) higher operational cost. We value ALKEM at 21x 12M forward earnings to arrive at our TP of INR3,300. * We...
Neutral Alkem Laboratories Ltd For Target Rs.3,300 - Motilal Oswal Financial Services
Presumptive margin recovery baked in; D/G to ADD Result Synopsis Alkem gross margin came in at lowest across historical 2Q periods as US price erosion led to 470bps decline in gross margin YoY. Price hikes in domestic business and 9% QoQA rise in US business saved further damage on a sequential basis. Domestic business up 13% YoY while ROW sales up 15% YoY Alkem reported healthy growth in domestic business on what was an elevated base of last year from sale of anti-infectives and mul...
Add Alkem Labs Ltd For Target Rs. 3,450 - Yes Securities
Looking beyond near term margin weakness Result Synopsis Alkem margin came in lower than estimate on higher input costs (gross margin had one off in base quarter) and steep price erosion in US. PAT was suppressed due to additional tax provision arising from a court judgement coupled with Rs150mn investment write off in US business. Alkem guided to gross margin pressure especially in the busy H1 FY23 – we reckon a tug of war between price hikes in NLEM/non NLEM portfolio and liq...
Buy Alkem Labs Ltd For Target Rs. 3,900 - Yes Securities
India focused play and encouraging outlook bodes well Given the turmoil on the international front, the branded Domestic Formulation segment (DF) remains well protected. It is also on the growth path, with the easing of COVID-related restrictions. ALKEM, which garners maximum sales from the DF segment (70% of total sales), is well-placed to reap better business prospects as compared to its peers. It also has multiple levers to outperform the India Pharma market (IPM) in the near to medi...
Buy Alkem Laboratories Ltd For Target Rs.3,870 - Motilal Oswal
Domestic Formulation/non-US segment drives earnings growth Posts market beating growth in Acute/Chronic therapies in the DF segment * ALKEM delivered an in line 2QFY22 earnings, led by a strong showing in the Domestic Formulations (DF) segment, but excluding the international US segment. Like its peers, ALKEM also exhibited subdued performance in the US segment, impacted by high single-digit price erosion in the base business. * We lower our FY22E/FY23E earnings estimate by 3% e...
Buy Alkem Laboratories Ltd For Target Rs.4,150 - Motilal Oswal
US rebound key to earnings Our view Alkem lowered US growth expectation and now expects a flat FY22 vs earlier indication of 15% growth; price erosion seems to have a played a role as US sales would now disappoint for 2 consecutive years. Our base case remains for gradual decline in pricing pressure leading to rebound in US aided by new launches. Meanwhile, US weakness to be partly offset by ~18% growth in domestic business in FY22 which would also be supportive of gross margin. We do n...
Buy Alkem Laboratories Ltd For Target Rs.3,950 - Yes Securities
All round beat Alkem Laboratories’ (Alkem) reported Q1FY22 performance materially above estimates led by strong growth across the businesses. Revenue growth stood at 36.3% YoY to Rs27.3bn (I-Sec: Rs22.1bn) driven by strong increase in India sales (+65.3% YoY, +29.6% QoQ). India business contributed ~70% to the revenues and we believe it continue as the key value driver for Alkem. EBITDA margin stood at 21.7% above estimated 19.8% despite higher personnel costs and rise in input pr...
Buy Alkem Laboratories Ltd For Target Rs.4,126 - ICICI Securities
DF outshines for the quarter; US to follow suit shortly Biosimilars in buildup mode * Alkem Lab (ALKEM) delivered a strong beat on expectations in its 1QFY22 performance, led by superior execution in the Domestic Formulations (DF) segment and International (ex-US) segment. While the US business witnessed higher price erosion in 1QFY22, upcoming niche launches would offset this and drive double-digit growth in the US. * We raise our EPS estimate by 4%/2% for FY22/FY23, factoring in a)...
Buy Alkem Laboratories Ltd For Target Rs.4,030 - Motilal Oswal
Beneficiary of strong recovery in acute portfolio Alkem Laboratories’ (Alkem) has seen strong growth recovery in its acute portfolio during Q1FY22 as per AIOCD (secondary sales) data and its better than industry growth. The anti-infectives and gastro-intestinal, the two largest therapeutic segments for Alkem, have witnessed healthy ramp-up. Additionally, we believe the growth in FY22E may show positive surprise considering the low base of FY21 and if the momentum of this sharp recove...
Buy Alkem Laboratories Ltd For Target Rs.3,945 - ICICI Securities
Our view Alkem’s domestic business is set to sustain healthy growth looking beyond the COVID‐ led surge in vitamins as key segments like anti‐infectives, trade generics and chronic drive expansion. With the onboarding of ~2k MRs, productivity improvement in chronic would support domestic margin. US business to rebound on back of decent launches like Famotidine + Ibuprofen & Mesalamine after a lackluster FY21 and expect a 14% compounded growth over next few years. Q2 ma...
Buy Alkem Labs Ltd For Target Rs. 4,200 - Yes Securities
Below is quote on Alkem Laboratories by Mr. Yash Gupta, Equity Research Associate, Angel Broking Ltd Alkem Launches Ibuprofen and Famotidine Tablets in the United States. Alkem Laboratories Ltd. announced that the company has launch Ibuprofen and Famotidine Tablets (800 mg) in the United States, company has earlier received the approval from the United States Food and Drug Administration (US FDA). Ibuprofen and Famotidine Tablets...
Quote on Alkem Laboratories by Mr. Yash Gupta, Angel Broking Ltd
On growth path despite high base of past year * ALKEM is well-placed to benefit from a medium term recovery in the Domestic Formulation (DF) business. * It had a positive impact of higher offtake of COVID-19 associated drugs in the recent past. The reduction in COVID-19 cases, coinciding with seasonal change, bodes well for a pick-up in the performance of Acute therapies. * Bunched-up ANDA launches over the next 12-15 months are expected to improve sales growth as well as profitabili...
Buy Alkem Laboratories Ltd For Target Rs.3,730 - Motilal Oswal
Strong India growth; margins weak Alkem Laboratories’ (Alkem) reported Q4FY21 performance was below estimate due to lower US sales, higher S,G&A expenses and also inventory provisioning of Rs800mn. Revenue growth stood at 7.0% YoY to Rs21.9bn (I-Sec: Rs22.4bn) driven by strong 17.1% increase in India sales. India business contributed ~67% to the revenues and we believe it would be the key value driver for Alkem. Adjusted EBITDA margin improved 210bps YoY to 16.9% largely benefiti...
Buy Alkem Laboratories Ltd For Target Rs. 3,560 - ICICI Securities
Strong momentum in Domestic Formulations drives earnings New launches to improve US growth prospects * ALKEM delivered better-than-expected 4QFY21 performance, led by superior execution in the domestic formulations (DF) segment. While the US business faced headwinds in 4QFY21, it expects healthy launches to deliver better YoY growth in FY22. * We maintain our FY22E/FY23E EPS estimate. We continue to value ALKEM at 23x 12-month forward earnings to arrive at our TP of INR3,500. We rema...
Buy Alkem Laboraties Ltd For Target Rs. 3,500 - Motilal Oswal
Below are Quote on Alkem Laboratories reported below the market expectation for Q4FY21 by Mr. Yash Gupta Equity Research Associate, Angel Broking Ltd Alkem Laboratories reported below the market expectation for Q4FY21. Alkem Laboratories limited reported total revenue from operations at ₹2192 crores up by 7% YoY from ₹2049 crores in Q4FY20. Domestic business has done well for the company up by 17.1% at ₹1473 Crores while Export bus...
Alkem Laboratories reported below the market expectation for Q4FY21 By Mr. Yash Gupta, Angel Broking Ltd
Result Highlights * Q4 revenues increased by 7% YoY driven by robust India sales (+17% YoY, trade generic business reported good growth), US business de‐grew by 10% YoY which was due lower acute sales, pre‐buying in last March * Gross margins expanded by 63bps YoY, but declined QoQ on Rs800mn inventory provision in US business; higher staff cost and decline in US sales led to margin contraction of 150 bps YoY * Company guided to a strong Q1 FY22 on back of surge in vitami...
Buy Alkem Laboratories Ltd For Target Rs.3,600 - Yes Securities
Alkem Laboratories is currently trading at Rs. 2714.00, up by 64.90 points or 2.45% from its previous closing of Rs. 2649.10 on the BSE. The scrip opened at Rs. 2650.00 and has touched a high and low of Rs. 2722.40 and Rs. 2650.00 respectively. So far 4645 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 3150.00 on 27-Jan-2021 and a 52 week low of Rs. 2223.55 on 27-May-2020. Last one week high and low of the scri...
Alkem Laboratories shines on agreeing to subscribe to partnership interest in ABCD Technologies LLP
Alkem Laboratories is currently trading at Rs. 2647.75, up by 73.45 points or 2.85% from its previous closing of Rs. 2574.30 on the BSE. The scrip opened at Rs. 2620.00 and has touched a high and low of Rs. 2650.00 and Rs. 2586.10 respectively. So far 3901 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 3150.00 on 27-Jan-2021 and a 52 week low of Rs. 2156.00 on 25-Mar-2020. Last one week high and low of the scri...
Alkem Laboratories jumps on the bourses
Increased opex leads to earnings miss Outlook better for DF as well as US * Alkem Lab (ALKEM) delivered a 3QFY21 performance below our expectation, weighed by considerable return of operational cost in the Domestic Formulations (DF) segment. The US Generics segment sales run-rate is expected to pick up, led by new launches, in the near term. * We reduce our EPS estimate by 3%/5%/2%, factoring in an increase in marketing and promotional spend with the easing of the lockdown in the D...
Buy Alkem Laboratoies Ltd For Target Rs.3,430 - Motilal Oswal
Q3 FY21 call highlights * Healthy traction in chronic and market share growth in acute seen as sustainable trends * Marketing cost optimization to offset natural rebound in expenses as domestic sales revive from in FY22 * Raise FY21 estimates by 6% on better than expected Q3 margin which effectively defers costs to FY22 leaving EPS for FY22/23 largely unchanged * Believe stock trading at attractive 18x FY23 EPS; BUY stays on unchanged target PE of 22x FY23 EPS, at a moderate disc...
Buy Alkem Laboratories Ltd For Target Rs.2,930 - Yes Securities
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