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Gland Pharma Q3: Strong and clean play on global generic injectables; accumulate

We believe dominance of profit/royalty-sharing aspect in the business model distinguishes Gland Pharma from other contract manufacturers

January 25, 2021 / 09:35 AM IST
Gland Pharma Q3: Strong and clean play on global generic injectables; accumulate

Gland Pharma | Representative image

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Highlights - B2B business model with a profit-sharing arrangement - Strong Q3 results backed by growth in emerging markets; margins moderate - Regulatory compliance adds to elevated multiples Fosun Pharma-promoted Gland Pharma (CMP:   Rs2,284, Mcap:  Rs 37,302 crore) in its first quarterly result after the IPO posted a strong set of numbers. While this should dispel some doubts about the earnings consistency of this recently-listed entity, the street is brimming with a new set of concerns. We have taken closer look at some of these and...

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