Prabhudas Lilladher's research report on Zydus Lifesciences
Zydus Lifesciences (ZYDUSLIF) Q2 EBITDA of Rs10.6bn (up 55% YoY) was largely in line with our estimate aided by healthy margins despite negligible gRevlimid sales. We believe that company’s steady domestic franchise, strong balance sheet and potential new launches in US will help negate pricing pressure and likely competition in some key products like gAsacol. Moreover, ZYDUSLIF is also working on robust pipeline of complex products including injectables, transdermals, NCE, biosimilars and vaccines which are expected to materialize over next 2–3 years. Our FY24/25E EPS stands increased by ~7%.
Outlook
We maintain our ‘Accumulate’ rating with revised TP of Rs670 (Rs650 earlier), valuing at 23x (unchanged) Sept 2025E earnings plus Rs25/share for gRevlimid.
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