Sharekhan is bullish on Glenmark Pharma and has recommended buy rating on the stock with a target of Rs 670 in its May 09, 2014 research report.
"Glenmark Pharmaceuticals (Glenmark) reported a healthy operating performance for Q4FY2014 as its net revenues and operating profit grew by 25.9 percent and 31.7 percent respectively on the back of a 117-BPS rise in the OPM in the quarter. However, exceptional expenses of Rs217.5 crore affected the bottom line. The adjusted net profit jumped by 43.7 percent during the quarter. The key geographies like the USA and India saw a moderate growth during the quarter but the overall growth was mainly driven by the API business (up 63 percent) and the formulation business in the emerging markets (up 49 percent), Latin America (up 34 percent) and Europe ( up 29.5 percent)."
"The management has guided for a revenue growth of 16-18 percent and operating profit of Rs1,500-1,525 crore (which implies a 170-BPS expansion in the core operating profit) in FY2015. The US business is unlikely to see a strong revival until Q2FY2015, when some key products are likely to get approved. However, there was a disappointment on the R&D fronts as its novel molecule GRC 15300 failed to meet the target and got stalled. We fine-tune our estimates for FY2015 and FY2016 but maintain our price target of Rs670 (which includes Rs55 for the R&D pipeline) and Buy recommendation," says Sharekhan research report.
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