Laurus Labs (CMP: Rs 500; Market Cap: Rs 26,857 crore) has posted a weak set of numbers in the recent quarterly results, dragged by channel de-stocking in the ARV (antiretroviral) business. Since the ARV business still constitutes the bulk of sales, the obvious investor concern will be whether the company would be able to meet the target of $1 billion revenue in FY23. Further, COVID opportunity has moderated. The Molnupiravir (Innovator: Merck) opportunity is also not seen as a material one...
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