Accumulate Glenmark Pharma; target of Rs 433: KR Choksey

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26 Aug, 2025 12:21

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KR Choksey's research report on Glenmark Pharma

Glenmark Pharmaceuticals reported a revenue decline of 6.3% YoY (-8.0% QoQ) to INR 27,773 mn, mainly due to a fall in India revenue (37.3% of operating revenue) by 15.5% YoY (+17.0% QoQ) to INR 10,352 mn and a 15.9% YoY (-10.2% QoQ) decline in the US revenue (23.9%) to INR 6,628 mn. The decline in revenue has been on account of a high base effect due to the lack of higher sales of COVID 19 products in Q1FY23. Excluding COVID 19 sales, the revenue growth would be 10.4% YoY in Q1FY23. The company has gained market in its core therapies such as Cardiac (5.2% market share) and anti-diabetic (1.8%) and continues to be the market leader with a 2 nd rank in Dermatology, 4 th in respiratory, and 5 th in Cardiovascular therapies, in India, as of Q1FY23 (vs. 2 nd in derma, 4 th in respiratory, and 6 th in Cardiac segments in India, as of FY22).

Outlook

We apply a slightly reduced multiple of 9.5x (earlier 10.0x) on FY24E EPS of INR 45.5 (earlier INR 46.2) and reduce our TP to INR 433/ share (earlier INR 462/share) As the TP indicates an upside potential of 11.3% from its CMP, we maintain our ACCUMULATE recommendation on the shares.

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Glenmark Pharma - 160822 - kr