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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

    Anubhav Sahu
    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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