Prabhudas Lilladher's research report on Zydus Lifesciences
Zydus Lifesciences (ZYDUSLIF) Q3 adjusted EBITDA for one offs was below our estimate led by lower GMs and higher R&D spend. We believe the company’s steady domestic franchise, strong balance sheet and potential new launches in the US will help negate pricing pressure and likely competition in some key products like gAsacol. Moreover, ZYDUSLIF is working on a robust pipeline of complex products, including injectables, 505(b)2, transdermals, NCE, biosimilars and vaccines, which are expected to materialize over the next 2–3 years. Mgmt have guided for 2-3 high value launches over F27/28, which will keep momentum in US sales healthy.
Outlook
Our FY26/27E EPS stands broadly remains unchanged. We maintain our ‘Accumulate’ rating with TP of Rs1,050, valuing at 25x FY27E EPS.
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